Market Roars Back to Life: 6.17-Point Surge Sparks Optimism as Big Caps Lead the Charge and Fed Rate Cut Hopes Soar
Thai Stock Market Rebounds on Strong Buying of Large Cap Stocks
InfoQuest News Agency (12 Sep ’24)
The Thai stock market rebounded today, with the SET closing at 1,421.58 points, an increase of 6.17 points (+0.44%), and a trading value of 47,509.74 million baht.
The market’s rebound was driven by strong buying of large cap stocks, particularly in the banking, communications, and DELTA groups. This was supported by the market’s perception of lower-than-expected inflation figures in the United States, which increased confidence in the Federal Reserve (Fed) cutting interest rates by 0.25% at this month’s meeting.
According to Mr. Therdsak Thaweethiratham, Deputy Managing Director, Research Division, Asia Plus Securities, the Thai stock market’s rebound was also supported by foreign currency inflows. He noted that the market’s trend is expected to swing sideways within the range on the last business day of the week, with resistance at 1,430 points and support at 1,415 points.
Top 5 Securities by Trading Value
- KBANK: trading value 2,944.83 million baht, closed at 158.00 baht, an increase of 2.00 baht.
- BDMS: trading value 2,025.40 million baht, closed at 29.50 baht, an increase of 0.50 baht.
- ADVANC: trading value 1,747.34 million baht, closed at 259.00 baht, unchanged.
- CPALL: trading value 1,643.66 million baht, closed at 64.50 baht, down 0.25 baht.
- DELTA: trading value 1,575.19 million baht, closed at 104.00 baht, an increase of 2.50 baht.
By Sasithorn Simaporn