The stock market yesterday rose a slight 0.6 per cent to close at 721.37 points, reflecting positive market sentiment regarding the court ruling on ousted prime minister Thaksin Shinawatra’s Bt76-billion frozen-assets case.
“The rise in the Stock exchange of Thailand Index reflected investors’ confidence there would be no violence,” said Thanachart Securities executive vice president Pichai Lertsupongkit.
The SET Index yesterday traded between 714.89 and 723.63 points with volume of Bt19.7 billion, led by the energy, banking and petrochemical sectors.
Tisco Securities reiterated in a recent report on market sentiment that a clearer picture on the political situation would emerge next week.
“Good news would be a time to sell and bad news a time to buy,” Tisco Securities said, adding that “good news” meant a partial seizure of Thaksin's assets and “bad news” a total seizure.
If it is “good news”, the SET Index will climb to test the resistance level at 732 points, which would be a good time to sell.
On the other hand, the “bad news” scenario could cause the SET Index to test the lowest point at 665, which would be a good time to buy, Tisco said.