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INDECISION

Last week, the market recorded a record decline on March 9, 2026 amid global concerns that the conflict between the U.S. and Iran could persist, pushing oil prices well above the USD 100 per barrel level. This development revived inflation concerns and raised worries about the global growth outlook. However, the market then staged several consecutive recovery sessions with a strong increase in liquidity, indicating the return of fresh buying flows as the index traded at more attractive valuation levels. Nevertheless, this recovery failed to maintain momentum as the index recorded two declining sessions toward the end of the week.
Although the losses were not significant in terms of points, the development has raised doubts that the recent rebound may only be a technical recovery, as the pace of the rebound has slowed and the index has yet to reclaim the previous support level at 1,775. Therefore, in the coming week, the market may retest the nearest support zone around the lowest level recorded on March 9, 2026, near 1,650. Meanwhile, to re-establish an upward trend, the index needs to move back above the 1,775 level.