Thailand Stocks See Slight Uptick: Will Next Week’s Fed Meeting Be the Catalyst for a Breakout
Thai Stock Market Closes at 1,424.39 Points, Awaits Fed Meeting and Cabinet Decision
InfoQuest News Agency (13 Sep ’24)
The Thai stock market closed today at 1,424.39 points, a 0.20% increase from the previous day, with a trading value of 53,803.23 million baht. The market fluctuated in a narrow range, responding to various factors and awaiting the outcome of the Federal Reserve (Fed) meeting and the Cabinet decision on economic stimulus measures.
The SET index rebounded after a strong correction, reaching a high of 1,433.66 points and a low of 1,421.47 points. A total of 289 securities increased, 204 decreased, and 175 remained unchanged.
According to Mr. Wathan Jitsomnuk, Director of Strategic Analysis at Pye Securities, the Thai stock market’s narrow swing was due to positive news, including the US Producer Price Index (PPI) numbers, which exceeded expectations and reinforced confidence in the Fed’s decision to cut interest rates by 0.25% at the meeting on September 17-18.
Next week, the market will closely follow the Fed meeting, particularly the Fed Chairman’s statement on monetary policy, which will determine the direction of investment. The Cabinet meeting on Tuesday will also be closely watched for measures to stimulate the economy.
The market trend for next week is expected to remain within the range, with support at 1,410 points and resistance at 1,430 points.
Top 5 Securities by Trading Value
- EA: 4,729.00 million baht, closed at 8.10 baht, an increase of 0.90 baht
- BBL: 3,441.25 million baht, closed at 159.00 baht, an increase of 4.00 baht
- KTB: 3,229.40 million baht, closed at 20.50 baht, unchanged
- SCB: 2,739.52 million baht, closed at 112.00 baht, down 1.00 baht
- KBANK: 2,505.31 million baht, closed at 157.50 baht, decreased 0.50 baht
By Sasithorn Simaporn/Ratchada Kongkhunthian