Yesterday's market: The SET continued to hit new high. Specifically, the index increased to above 1550 before there was selling that pressured it to swing wildly in positive territory all day and ended slightly off its daily peak. Moreover, foreign investors continued to be key buyer.
Today's outlook: Foreign equity markets were volatile and retreated. Although European stock markets ended strongly higher after investors continued to have bullish view about U.S. economic outlook and were confident about the BOE's additional stimulus, Wall Street continued to swing wildly within narrow range. Moreover, there was selling that pressured U.S. equity markets to ease and end only slightly up. Given that, most regional stock markets were able to move only in narrow range this morning. Their movement was mixed with some edging up and some inching down. In Thailand, the SET has sharply and quickly increased in the last few days, while global crude began to rise at a slower rate. As a result, FSS expects the Thai index to turn to fall again, as we have anticipated.
Strategy: FSS continues to see the SET in a positive light, expecting the index to climb to 1650 or close before end-2016. However, investors need to be cautious over a near-term retreat, which will serve as opportunity to accumulate.
Support: 1545-1542 , 1538-1532
Resistance: 1550-1552 , 1555-1560
Source: fnsyrus.com / settrade.com
