Asia Plus warns SET at risk of breaking below 1,573 points, citing head and shoulders signal

HoonVision··THTW·Read original
2▲3 ▼1Impact / 5
Summary · why it matters

Asia Plus Securities said foreign fund flows continue to exit the Thai stock market, with foreign investors holding a cumulative short position of 48,269 contracts over the past five days and net selling Thai equities for three consecutive trading days totaling more than 5.2 billion baht. On the technical side, the SET index is forming a head and shoulders pattern, a bearish signal, with the decisive neckline at 1,573 points. A break below that level would confirm a downtrend and risk a deeper correction to test support at 1,560 points, with a technical target of 1,520 points. If the index holds, however, there is still a chance of a rebound, though it must first break through resistance at 1,610 points to confirm a reversal. The market also faces an overhang from Delta Taiwan's announcement of a convertible bond issue worth 1.5 billion US dollars, 2.86 times larger than the previous round and at a lower premium. Deals of this kind have previously sent Delta Thai shares tumbling as much as 6% intraday and 14.4% by T+3. Every 1 baht decline in Delta's share price drags the SET index down by about 1 point. Amid heavy market volatility, Asia Plus selected standout stocks with specific positive catalysts: BBL, which benefits from a prolonged high interest rate environment and remains cheap at a price-to-book value of 0.6 times, below the sector; ERW, a tourism stock benefiting from the weak baht and government stimulus programs such as Thai Tiew Thai Plus; and SCC, which has speculative interest over progress in its olefins business merger with PTTGC within this month.

Impact on assets 5

Robotics & Physical AI▼ · 1 stocks
Delta Electronics Inc
2308
▼ NegativeCapitalrelevance

Delta Taiwan's $1.5bn convertible bond issue, 2.86x larger and at a lower premium, has previously sent Delta Thai shares tumbling up to 14.4% by T+3.

Digital Finance & Tokenization▲ · 1 stocks
Bangkok Bank PCL
BBL
▲ PositiveMonetaryrelevance

Asia Plus highlights BBL as a standout benefiting from a prolonged high interest rate environment and trading cheap at 0.6x P/B.

Consumer Discretionary▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
Materials▲ · 1 stocks
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