The SET Index rebounded on Wednesday as traders’ sentiment was boosted by a report that Ukraine is no longer interested in NATO membership.
At 15.45 hrs. local time in Thailand, the SET Index rose 20.83 points or 1.29 percent to 1,639.93 points, with a trading value of THB92,844 million.
Kingsford Securities anticipates the index to recover today (March 9, 2022) on reports that Ukraine will no longer pursue NATO membership. Establishing the support level at 1,610, and resistance level at 1,640. – 1,655. Recommend buying KBANK, SCB, AOT, CPALL, ADVANC, TIDLOR, OSP, and PSL.
Krungsri Securities also expects the index to rebound and test 1,630 – 1,635 resistance levels on easing geopolitical tension after Ukraine accepted one of Russia’s four conditions – to not join NATO. Meanwhile, high crude prices will continue to bolster energy plays. However, mounting worries over escalating inflation and slowing economic growth prospects due to prolonged conflicts could trigger intraday weakness.
