Brokers project neutral outlooks for the Thai stock market on Friday, citing limited catalysts and continued external volatility. Investors are also watching policy-related pressure on refinery stocks and the latest corporate earnings signals.
Land and Houses Securities expects the Thai benchmark to trade sideways within range, with a potential for technical rebound after the previous session’s steep decline. However, the firm noted that overseas market conditions remain unsettled, particularly as expectations for firmer Federal Reserve interest rates continue to influence sentiment.
Domestically, the brokerage said investors should monitor the effect of fuel price restructuring on the refining sector.
The securities firm set a support level for the index at 1,540 points, and a resistance level at 1,570 points.
Daol Securities also anticipates the Thai bourse to move sideways, tracking weakness in U.S. equities, especially the Nasdaq. The decline followed third-quarter results from some companies that came in below market expectations.
The analyst also cited persistent foreign investor selling, policy risk affecting refinery stocks and selling pressure in electronics shares. With no fresh positive driver to improve confidence, Daol said market participants are likely to focus mainly on listed companies’ earnings reports.
Yesterday, Thailand’s SET Index closed at 1,544.60 points, decreasing by 21.50 points or 1.37%, with a trading value of THB 68.97 billion.
