Market on Edge: Will Tomorrow's Sell-Off Confirm the Fed Meeting Fallout - News Directory 3

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

September 19, 2024 Catherine Williams Business
News Context
At a glance
  • 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 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.
Original source: infoquest.co.th

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