Market Surges 11.14 Points: Hopes for Fed Rate Cut and China’s Economic Boost
Thai Stock Market Rises on Expectations of Fed Interest Rate Cut
InfoQuest News Agency (16 Sep ’24)
The Thai stock market closed at 1,435.53 points, an increase of 11.14 points (+0.78%), with a trading value of 61,118.04 million baht. This increase is in line with the Asian stock market, which also saw a rise in response to the expected interest rate cut by the Federal Reserve (Fed) this week.
The market’s upward trend is also supported by China’s plan to announce a major economic stimulus package. Additionally, the Vayupak Fund, which opened for subscription on the first day, received a positive response from investors.
Market Analysis
Mr. Narongdet Chanthapaisarn, Director of Securities Analysis at AIRA Securities, stated that the Thai stock market’s rise is a result of the expected interest rate cut by the Fed, which is expected to be at least 0.25%. This move is seen as a positive sign for risky assets.
Furthermore, the Asian stock market is also receiving support from China’s economic stimulus measures. The Vayupak Fund’s successful subscription is also a contributing factor to the market’s positive trend.
Market Outlook
Tomorrow’s market trend is expected to continue its upward momentum, with a support level at 1,423 points and a resistance level at 1,444 points.
Top-Traded Securities
- EA: Trading value of 8,248.46 million baht, closed at 10.50 baht, with an increase of 2.40 baht.
- IVL: Trading value of 2,821.28 million baht, closed at 23.90 baht, with an increase of 2.40 baht.
- CPALL: Trading value of 2,167.21 million baht, closed at 65.50 baht, with an increase of 0.75 baht.
- KBANK: Trading value of 1,718.19 million baht, closed at 157.50 baht, with no change in price.
- TTB: Trading value of 1,618.62 million baht, closed at 1.96 baht, with a decrease of 0.60 baht.
By Jirayut Chansongsakul/Sasithorn Simaporn