Thai Stocks Bounce Back: 8.96-Point Surge as US Tech Rebound Boosts Confidence in Fed Rate Cut
- The morning session of the Thai stock market closed at 1,424.37 points, an increase of 8.96 points (+0.63%), with a trading value of approximately 26,367 million baht.
- The index rebounded slightly during the morning session, with the lowest level at 1,419.94 points and the highest at 1,429.45 points.
- Watan Jitsomnuek, Director of Strategic Analysis at Phai Securities, the Thai stock market rebounded in response to positive sentiment from overseas markets, supported by the improvement in US...
Thai Stock Market Rebounds in Morning Session
The morning session of the Thai stock market closed at 1,424.37 points, an increase of 8.96 points (+0.63%), with a trading value of approximately 26,367 million baht.
The index rebounded slightly during the morning session, with the lowest level at 1,419.94 points and the highest at 1,429.45 points.
According to Mr. Watan Jitsomnuek, Director of Strategic Analysis at Phai Securities, the Thai stock market rebounded in response to positive sentiment from overseas markets, supported by the improvement in US tech stocks and the slightly higher-than-expected US inflation numbers. This has led to confidence that the US Federal Reserve (Fed) will cut interest rates by 0.25% at next week’s meeting.
Additionally, the continued inflow of foreign capital has also contributed to the market’s rebound. As of yesterday, foreign investors bought a net of approximately 2,700 million baht.
The market is expected to move within a narrow range in the afternoon, with investors waiting for new factors to emerge. Key events to watch include the announcement of government policy today, the first meeting of the Cabinet on 17 September, and the meeting of the Federal Reserve (Fed) on 18 September 2024.
Support is set at 1,415 points, while resistance is at 1,430 points.
The top five securities with the highest trading value were:
- KBANK, with a trading value of 1,690.16 million baht, closed at 157.00 baht, an increase of 1.00 baht.
- DELTA, with a trading value of 1,316.39 million baht, closed at 105.00 baht, an increase of 3.50 baht.
- BDMS, with a trading value of 1,220.24 million baht, closed at 29.50 baht, an increase of 0.50 baht.
- PTT, with a trading value of 924.43 million baht, closed at 33.25 baht, an increase of 0.25 baht.
- CPALL, with a trading value of 835.11 million baht, closed at 65.00 baht, an increase of 0.25 baht.
By InfoQuest News Agency (12 September 2024)
Tags: SET, SET Index, Stock Market, Thai Stock Market, Thai Stocks