On Friday, Tisco Securities expects the Thai market to trade sideways-down due to concerns over the escalating trade war, as recently, U.S. President Donald Trump threatened 200% tariffs on European Union (EU) alcoholic beverages, in response to the EU 50% tariff on U.S. whiskey. This highlights uncertainty surrounding the trade war, and its increasing risk toward the economy.
Meanwhile, the U.S. has released producer price index on Thursday, which came out lower-than-expected. As such, the Fed is expected to maintain its interest rate in the next policy meeting. However, the securities company suggests investors should closely monitor the U.S. personal consumption expenditures price index, which is set to release later this month.
Furthermore, the Thai market still lacks any new supporting factors, combined with previous days weakening oil prices. These conditions may lead to a decline in listed companies with existing downside.
The firm set a resistance level for the SET Index at 1,180-1,190 points and a support level at 1,150 points.
Yesterday, Thailand’s SET Index closed at 1,159.64 points, decreased 0.42 points or 0.04% with a trading value of THB 32.46 billion.
