Stock market will likely move according to the BOT’s new GDP forecast


BANGKOK,, 14 June 2015, Kasikorn Asset Management Co. Ltd. (K-Assets) expects that the stock market’s direction will be determined by the new Gross Domestic Product (GDP) forecast made by the Bank of Thailand, scheduled to be released on June 19th.

K-Asset said the resistance level would likely be in the range of 1,520 – 1,535 points, while the support level should be between 1,400 and 1,480 points.

Investors this week should also closely follow the meeting results of the the Federal Open Markets Committee (FOMC) in the U.S., and the negotiations between Greece and the International Monetary Fund on the nation’s massive debt repayments.

Various U.S. economic indexes and a meeting of the Bank of Japan would likely have an impact on the local stock market as well.

K-Asset noted that the SET last week moved in a short range on Monday with weak trading, before being adjusted down on Tuesday, but picking up pace in the middle of the week after the Monetary Policy Committee decided to maintain the benchmark rate at 1.5 percent. Increased fuel prices also helped freshen up the exchange market scene. However the market adjusted downwards again on Friday when some investors sold their stocks to make a short term profit.