Brokers project neutral-to-positive outlooks for the Thai stock market on Monday, tracking a broader recovery in the Asian markets, as global equity market sentiment continues to be shaped by a significant political development in the United States.
Krungthai XSpring Securities expects the Thai benchmark to rebound along with regional markets’ trend. However, the analyst cautioned that the move is likely to be short-lived, as no new major catalyst has emerged after the market’s steep decline late last week.
Kungthai also noted that investors are still focused on listed-company earnings reports and upcoming U.S. economic data, which remain key inputs for market direction.
The securities firm set a resistance level for the SET Index at 1,480 points, and a support level at 1,450 points.
Daol Securities estimated that the Thai bourse will trade between a support level at 1,420 – 1,440 points and a resistance level at 1,483 – 1,505 points this week. The firm said the market appears to have largely digested U.S. political developments after the Democratic Party’s midterm-election victory, which may allow some buying interest to return.
Still, Daol said investors should monitor CoreWeave’s results to assess risks linked to debt-funded investment and its ability to generate revenue. U.S. consumer inflation data also remains important as it could influence expectations for the Federal Reserve’s interest-rate decision in December.
The brokerage remarked that if global risk appetite improves, Thai stocks may recover part of their recent losses on renewed buying.
Last Friday, Thailand’s SET Index closed at 1,465.70 points, decreasing by 32.29 points or 2.16%, with a trading value of THB 79.43 billion.
