SET poised to sweep past 1,600 points Friday, says Tisco
Tisco Financial Group has forecast the Stock Exchange of Thailand (SET) Index reaching 1,605 points on Friday (January 7) thanks to a positive outlook for global stocks, the crude oil price and domestic factors.
At 1.52pm, SET index reach 1,601.61 point.
Investors expect the government to further stimulate spending after approving the budget for fiscal year 2020 this month.
Tisco advises investors to monitor Bank of Thailand announcements on the budget and its guidelines issued to commercial banks regarding budget reserves, a new accounting measure being used in the first quarter.
SET index support on Friday was predicted to be around 1,585-1,590 points and its resistance 1,605 or 1,615-1,620 points.
Global stocks rose on Thursday, with US markets hitting record levels after Washington announced financial results and other economic information.
Meanwhile, the price of WTI crude oil rebounded by 1.2 per cent, conforming to approval from the US Senate for the revamped US-Mexico-Canada free-trade pact.
America’s rising economic strength is also bolstering global demand for oil.
Tisco named Friday’s outstanding stocks as BBL, KTB, SCB, CK, STEC, PYLON, EASTW and CPALL.