Brokers project neutral-to-positive outlooks for the Thai stock market on Thursday, as blockbuster earnings from U.S. chipmaker Nvidia elevate technology-related shares. While fresh domestic catalysts remain limited, positive sentiment from an ongoing local investment forum is helping counter persistent worries over elevated global bond yields.
Asia Plus Securities expects the Thai benchmark to trade sideways-up, as market confidence received a significant boost from Nvidia’s latest quarterly performance and revenue guidance, which topped analyst projections and catalyzed a rally across tech-related assets.
However, global macroeconomic concerns continue to cap broader market gains. The newly released U.S. Personal Consumption Expenditures (PCE) price index met forecasts, signaling that inflationary pressures are not subsiding rapidly and keeping bond yields elevated.
The securities firm set a support level for the SET Index at 1,590 – 1,595 points, and a resistance level at 1,610 – 1,615 points.
Daol Securities also anticipates the Thai bourse to move sideways-up, as Nvidia’s robust earnings result and guidance bolstered the tech sector. Going forward, market participants are closely monitoring global developments, particularly Federal Reserve Chair Kevin Warsh’s upcoming speech at the Jackson Hole symposium.
On the domestic front, the “Thailand Focus” event, running from August 26 to 28, is expected to provide ongoing support, with historical trends showing a positive market impact that frequently extends beyond the event’s conclusion.
Yesterday, Thailand’s SET Index closed at 1,601.92 points, increasing by 5.91 points or 0.37%, with a trading value of THB 71.66 billion.
