Thailand Stocks Teeter on the Brink: Will the Fed Meeting Spark a Breakout
Thai Stock Market Rebounds After Strong Correction
The Stock Exchange of Thailand (SET) 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 rebounded after a strong correction, with the highest point reaching 1,433.66 points and the lowest point at 1,421.47 points.
In terms of securities, 289 securities increased, 204 decreased, and 175 remained unchanged.
Market Analysis
According to Mr. Wathan Jitsomnuk, Director of Strategic Analysis at Pye Securities, the Thai stock market had a narrow swing today in response to positive news. The US Producer Price Index (PPI) numbers were higher than expected, reinforcing confidence that the Federal Reserve (Fed) will cut interest rates by 0.25% at the meeting on September 17-18.
Domestic factors, such as the government’s policy announcement, were not considered new issues, as investors were already aware of the information beforehand.
Outlook for Next Week
Next week, the market will be closely watching the Fed meeting, particularly the Fed Chairman’s statement regarding monetary policy going forward. This will determine the direction of investment and whether there will be measures to stimulate the economy at the Cabinet meeting next Tuesday.
The market trend for next week is expected to fluctuate within a range, waiting for new factors, with support at 1,410 points and resistance at 1,430 points.
Top 5 Securities by Trading Value
- EA: trading value of 4,729.00 million baht, closed at 8.10 baht, an increase of 0.90 baht.
- BBL: trading value of 3,441.25 million baht, closed at 159.00 baht, an increase of 4.00 baht.
- KTB: trading value of 3,229.40 million baht, closed at 20.50 baht, unchanged.
- SCB: trading value of 2,739.52 million baht, closed at 112.00 baht, down 1.00 baht.
- KBANK: trading value of 2,505.31 million baht, closed at 157.50 baht, decreased 0.50 baht.
By Sasithorn Simaporn/Ratchada Kongkhunthian