Brokers project neutral outlooks for the Thai stock market on Friday, as investors await signals from the Jackson Hole symposium tonight, which is a key factor for the short-term market direction. Market participants continue to digest several positive catalysts such as domestic economic data and global markets’ movement.
Kasikorn Securities expects the Thai benchmark to trade sideways, while investors monitor the speech of the Federal Reserve Chairman at the Jackson Hole meeting.
Domestically, Thailand’s better-than-expected export figures also supported the investment atmosphere. The product groups playing a prominent role in the figures include electronics, rubber, and pet food, which are forecasted to bolster related stocks’ attractiveness for speculative play in the short-term
The securities firm set a support level for the SET Index at 1,590 points, and a resistance level at 1,610 points
Meanwhile, Daol Securities estimated that the Thai bourse would move sideways, as market participants await Fed Chair Kevin Warsh’s speech at the Jackson Hole symposium. At the same time, positive sentiment from global technology stocks is expected to benefit local electronics names.
Domestically, Daol sees no new supporting factors, noting that today is the final day of the Thailand Focus forum. For next week, the analyst expects positive responses from investors.
Yesterday, Thailand’s SET Index closed at 1,600.70 points, decreasing by 1.22 points or 0.08%, with a trading value of THB 65.27 billion.
