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