Mr. Weerawat Wirojphoka, Senior Director of FSS International Investment Advisory Securities (FSSIA), stated that the Stock Exchange of Thailand (SET) Index opened lower this morning by 1.45%, or 18.57 points, to 1,263.24 points, following negative sentiment across the region. Concerns persist over the valuation of tech stocks, despite Nvidia’s earnings beating expectations.
Tech stocks and U.S. equities have continuously risen, with the S&P 500 rebounding from its April low of 4,800 points to a peak of 6,900 points—an increase of 40%—and is currently at 6,500 points, still delivering a return of about 30%. Therefore, this is considered a good opportunity to take profits.
In addition, the U.S. nonfarm payroll data for September came out strong, even though the unemployment rate remains high. The probability of a Federal Reserve interest rate cut has been revised up to over 40% from 30%.
However, most market participants still expect the Fed will maintain rates at its December 9-10 meeting. Meanwhile, the U.S. Department of Labor is scheduled to release total nonfarm payroll data for November on December 16. Thus, the market estimates the Fed may cut rates in January – February 2026.
For domestic factors, uncertainty remains regarding political developments, particularly the potential dissolution of parliament. The investment trend in the afternoon is expected to remain flat to negative, as there are no new driving factors. Caution is advised if the SET Index drops below 1,260 points, as this would be a negative signal. The support level is at 1,260 points, with resistance at 1,270 points.
The five stocks with the highest trading value:
- Delta Electronics (Thailand) PCL (SET: DELTA): Trading value THB 1.59 billion, closed at THB 206.00 per share, down THB 10.00.
- TMBThanachart Bank PCL (SET: TTB): Trading value THB 1.03 billion, closed at THB 1.92 per share, up THB 0.02.
- Kasikornbank PCL (SET: KBANK): Trading value THB 923.81 million, closed at THB 186.50 per share, down THB 0.50.
- Advanced Info Service PCL (SET: ADVANC): Trading value THB 713.02 million, closed at THB 311.00 per share, down THB 4.00.
- Gulf Development PCL (SET: GULF): Trading value THB 673.93 million, closed at THB 41.00 per share, down THB 0.75.
