Market on Edge: Will Tomorrow’s Sell-Off Confirm the Fed Meeting Fallout

Market on Edge: Will Tomorrow’s Sell-Off Confirm the Fed Meeting Fallout

September 19, 2024 Catherine Williams - Chief Editor Business

Thai Stock Market Closes at 1,435.77 ⁤Points, Down 0.06%

InfoQuest News Agency (18 Sep ’24)

The‍ Thai stock market closed today ⁤at 1,435.77 points, down 0.83 points (-0.06%), with a trading value of 56,568.28 million baht. The market fluctuated within ‌a narrow range, similar to⁣ other⁢ Asian markets, as investors await the results⁤ of the Federal Reserve (Fed) meeting.

Market ⁢Performance

The ⁣SET index varied within a narrow ⁢range, with the highest point at 1,446.52 points and the lowest point at⁢ 1,432.91 points.

There were 238 ⁣securities⁢ that increased, 253 securities that decreased, and 175 securities that remained unchanged.

Expert Analysis

Mr. Wathan Jitsomnuk, Director of Strategic⁣ Analysis at Phai Securities, stated that the ⁢Thai stock⁤ market is waiting for the Fed meeting ‌results, which may lead to an interest rate cut for the first time in 4 years. However, it is unclear whether the rate cut will‍ be 0.25% or 0.50%.

For tomorrow’s market trends, there is a possibility of an adjustment downward to sell on fact ​after hearing the Fed news. If the‍ Fed cuts interest rates by 0.50%, the market may not react positively, as it could be a sign of a significant slowdown in the US economy. On the other hand, if the rate cut is 0.25%, there may be selling pressure to take⁤ short-term profits, confirming that the ⁤US economy is not slowing down significantly.

Support and Resistance Levels

The support level is at 1,420 points, and the resistance level is at 1,445 points.

Top 5 Securities by Trading Value

  • EA: trading value of 4,790.74 million ​baht, closed at 9.45 baht, up 0.15 baht
  • KBANK: trading value of 3,199.78 million baht, closed at 157.00 baht, down 1.00 baht
  • BBL: trading value of 2,898.76 million baht, closed ​at 155.00 baht, down 3.50 baht
  • CPALL: trading value of 2,126.99 million baht, closed at 63.75 baht, down 1.50 baht
  • AOT: trading value of 2,089.85 million baht, closed at 64.25 baht, down 0.50 baht

By Phacharathorn Phumikham/Ratchada Kongkhunthian