Thai shares prices are expected to trade within a tight range on selective buying this week amid a lack of fresh leads to spur the market forward, dealers said. "The index will continue to move sideways because we do not have any new factors," Pichai Lertsupongkit, head of sales at Prudent Siam Securities said. This became evident with the corporate earnings season.
"Most of the first quarter earnings of real sector companies were either in line or lower than the market expected." Pichai forecast the index will find a support level at the 675 point mark and resistance at around 700 points.
He said overseas factors would play a significant role in the Thai market, such as world oil prices and any movement in the US dollar.
"Market sentiment will be very positive if the world oil price drops to 47 dollars per barrel," he said.
Sukit Udomsirikul, an analyst with Capital Nomura Securities, echoed Pichai's prediction of lacklustre trade for another week, pointing out that if the index breaks 700 points, it would led by banking stocks.
"Banking stocks are very outstanding now," Sukit said.
"They're leading the market trading."
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