SET afternoon outlook cautious on selling pressure, BOI draws investment relocation to Thailand

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Summary · why it matters

Asia Plus Securities expects the SET Index this afternoon to remain capped by resistance at 1,640 to 1,642 points, with caution warranted against profit-taking as the market is at the tail end of wave b. The chance of a sustained breakout above resistance at 1,642 to 1,645 points and 1,657 points is low. The firm recommends finding opportunities to sell into strength. It also outlines a strategy for S50U26, having shorted on 15 July at 1,075 to 1,082 points and waiting to add shorts at 1,095 to 1,100 points, with a stop-loss if the index breaks above 1,105 points. Meanwhile, the Board of Investment is pushing to attract Xiaomi, Changan, Innolight, and Eoptolink to expand investments in Thailand, covering the EV, AIOT, AI data centre, and photonics technology industries. This will support investment in Thai supply chains and increase the chance of relocating AI and electronics production bases to Thailand. Stocks expected to benefit include industrial estate groups such as AMATA, WHA, ROJNA, and PIN, electronics groups such as DELTA, HANA, KCE, and CCET, and data centre and energy groups such as GULF and GPSC. Additionally, the escalation of military operations between the United States and Iran is supporting a weaker baht, with a target of 33.80 to 34.00 baht per dollar, while caution is needed over potential capital outflows, as indicated by the VIX Index recovering as expected in a double bottom and descending triangle pattern with a breakout at 18 percent and a target of 24 to 32 percent.

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