Thai Stock Market Rebounds After Strong Correction

The Stock Exchange of Thailand (SET) closed today at 1,421.58 points, a 0.44% increase from the previous day, with a trading value of 47,509.74 million baht.

The market rebounded after a strong correction, with the highest point reaching 1,429.45 points and the lowest point at 1,419.94 points.

In terms of securities, 298 securities increased, 180 securities decreased, and 187 securities remained unchanged.

Market Analysis

According to Therdsak Thaweethiratham, Deputy Managing Director of the Research Division at Asia Plus Securities, the Thai stock market rebounded today after a significant retreat. This was supported by stock buybacks in the banking, communications, and DELTA sectors, as well as the market’s perception that US CPI inflation numbers for August were lower than expected.

This has led to increased confidence that the Federal Reserve (Fed) will cut interest rates by 0.25% at this month’s meeting, supporting the sentiment of other stock markets in Asia, which have collectively increased.

The Thai stock market is also receiving support from foreign currency that continues to flow in.

Market Outlook

Tomorrow’s trend is expected to be sideways, within the range on the last business day of the week. The market will be waiting for important factors next week, such as the first Cabinet meeting and the Fed meeting.

The resistance level is 1,430 points, and the support level is 1,415 points.

Top 5 Securities by Trading Value

• KBANK: trading value of 2,944.83 million baht, closed at 158.00 baht, an increase of 2.00 baht.
• BDMS: trading value of 2,025.40 million baht, closed at 29.50 baht, an increase of 0.50 baht.
• ADVANC: trading value of 1,747.34 million baht, closed at 259.00 baht, unchanged.
• CPALL: trading value of 1,643.66 million baht, closed at 64.50 baht, down 0.25 baht.
• DELTA: trading value of 1,575.19 million baht, closed at 104.00 baht, an increase of 2.50 baht.

By Sasithorn Simaporn