Brokers project positive outlooks for the Thai stock market on Tuesday, supported by firmer overseas markets and improving investor confidence. Brokerages pointed to expectations for a meeting between the U.S. and Chinese presidents this week as a potential easing factor for trade and geopolitical concerns.
Asia Plus Securities expects the Thai benchmark to move sideways-up, benefiting from a more positive global market tone. The brokerage noted that the meeting between the U.S. President Donald Trump and Chinese President Xi Jinping this week may potentially reduce global trade and geopolitical tension, a positive catalyst for equity markets’ sentiment.
The recovery of overseas technology shares also provided support for related stocks listed in Thailand.
The securities firm set a resistance level for the SET Index at 1,620 points, and a support level at 1,580 points.
Daol Securities estimated that the Thai bourse may potentially stay above the 1,600 threshold, helped by buying interest in electronics stocks. However, the analyst noted that weaker oil prices could create selling pressure in energy shares.
Nevertheless, the brokerage expects the overall trading atmosphere to be positive, while investors continue to monitor the Trump-Xi summit.
Yesterday, Thailand’s SET Index closed at 1,598.03 points, increasing by 13.88 points or 0.88%, with a trading value of THB 68.45 billion.
