US Election Jitters: SET Plunges 19 Points as Investors Flock Back to Asia - News Directory 3

US Election Jitters: SET Plunges 19 Points as Investors Flock Back to Asia

November 5, 2024 Catherine Williams Business
News Context
At a glance
  • Sarawut Techochawalit, Senior Director of Securities Analysis Department at RHB Securities (Thailand), the Thai stock market has shown significant recovery, aligning with the regional market's direction.
  • The US presidential election has also impacted market expectations, with Democratic candidate Kamala Harris leading Republican Donald Trump by 1 percentage point.
  • The Federal Reserve (Fed) meeting on November 6-7 is expected to result in a 0.25% interest rate cut.
Original source: kaohoon.com

Thai Stock Market Recovery and Global Market Trends

According to Mr. Sarawut Techochawalit, Senior Director of Securities Analysis Department at RHB Securities (Thailand), the Thai stock market has shown significant recovery, aligning with the regional market’s direction. This upward trend is particularly influenced by the Chinese and Hong Kong stock markets, which have risen over 2% due to expectations of the National People’s Congress (NPC) Standing Committee meeting. The meeting, scheduled for November 4-8, is anticipated to announce additional economic stimulus measures and address real estate sector issues.

The US presidential election has also impacted market expectations, with Democratic candidate Kamala Harris leading Republican Donald Trump by 1 percentage point. Betting sites have increased their odds of a Harris victory, which is seen as positive for Asian stock markets due to her policies’ similarity to those of President Biden, including the absence of tariffs and trade wars.

The Federal Reserve (Fed) meeting on November 6-7 is expected to result in a 0.25% interest rate cut. Domestically, the market is awaiting government measures to stimulate the economy.

Market trends for the next day are expected to swing sideways, with a potential upward movement. However, the outcome of the presidential election will be a crucial factor in determining the market’s direction. A Harris victory is likely to encourage the market to continue rising, while a Trump victory may push the stock market down. Key resistance and support levels are at 1,494 points and 1,460 points, respectively.

Top 5 Securities by Trading Value

  • DELTA: Trading value of 4,812.21 million baht, closing at 148.50 baht with a 9.00 baht increase.
  • PTTEP: Trading value of 2,000.27 million baht, closing at 131.00 baht with a 4.00 baht increase.
  • BDMS: Trading value of 1,665.85 million baht, closing at 27.25 baht with a 0.25 baht decrease.
  • GULF: Trading value of 1,573.77 million baht, closing at 66.25 baht with a 0.25 baht decrease.
  • ADVANC: Trading value of 1,411.22 million baht, closing at 278.00 baht with a 6.00 baht increase.