KTZmico Expects a Technical Rebound, while Overall Outlook Remains Negative

Krungthai Zmico Securities expected SET Index to rebound in today’s session with a limited upside, following the recovery in the U.S. and Europe yesterday that fell earlier due to concerns over rising Covid-19 cases.

However, the analyst estimated that the Thai stock market would continue to fall after a technical rebound as the vaccination rate is still on a lower side.

In the meantime, the banking sector 2Q21 earnings came out better than expected and the report of signing a contract to purchase Pfizer’s Covid-19 vaccine could show some support to the market.

The analyst gave a support level at 1,530-1,515 points and a resistance level at 1,550 points.