As of 10:48 BKK time on Tuesday, Thailand’s SET Index rebounded 13.43 points or 1.16% to 1,171.52 points.
The Thai market during the morning session has rebounded more than 10 points after yesterday’s earthquake panic-sell subsided. Meanwhile, the climbing oil prices are bolstering energy stocks.
On Monday, Globlex Securities expects a short-term rebound in the Thai stock market, after it has plunged due to the March 28 earthquake. The Thai market was shored up by the buying force of energy stocks, aided by rising oil prices.
Maybank Securities expects the Thai market to rebound due to supporting factors from rising oil prices, after U.S. President Donald Trump threatened to attack Iran, and decided to impose tariffs on countries that purchase Russian oil.
Meanwhile, investors are closely monitoring the U.S. reciprocal tariff, which is set to be in effect on April 2.
Domestically, the securities company believes that the panic sell from the earthquake is subsiding, after the SET Index plunged 1.5% to near 2004 Tsunami level, which fell 1-2%.
The firms set a resistance level for the SET Index at 1,170 points and a support level at 1,150 points.
