Mr. Vathan Jitsomnuk, Director of Strategy Analysis at Pi Securities, stated that the Stock Exchange of Thailand (SET) Index closed the morning session lower by 0.80%, or 10.57 points, at 1,315.05 points, in line with global asset markets, which have experienced short-term volatility following the nomination of the new US Federal Reserve (Fed) Chairman, Mr. Kevin Warsh.
Mr. Warsh has a hawkish tone on monetary policy, while noting that the use of quantitative easing (QE) distorts the market. This has put pressure on global assets, including stock markets and gold.
In addition, the United States reported producer inflation (Producer Price Index) expanding more than expected, which could put pressure on interest rate directions and U.S. technology stocks, resulting in a decline in Thailand’s DELTA as well. However, this morning, domestic stocks, including tourism and telecommunications sectors, still moved in the positive territory.
For the afternoon outlook, the market is expected to continue fluctuating in the negative territory. This week, it is recommended to monitor U.S. labor data as well as listed companies’ earnings releases. Domestically, focus should be on the final stretch before the election. The support range is set at 1,310 points and the resistance range at 1,325 points.
The top five securities by trading value in the morning session are as follows:
- Delta Electronics (Thailand) PCL (SET: DELTA): Trading value THB 1.62 billion, closed at THB 198.50 per share, down THB 6.50 or 3.17%.
- Advanced Info Service PCL (SET: ADVANC): Trading value THB 1.56 billion, closed at THB 355.00 per share, up THB 6.00 or 1.72%.
- PTT Exploration and Production PCL (SET: PTTEP): Trading value THB 1.41 billion, closed at THB 121.50 per share, down THB 1.00 or 0.82%.
- Kasikornbank PCL (SET: KBANK): Trading value THB 1.22 billion, closed at THB 188.00 per share, unchanged.
- True Corporation PCL (SET: TRUE): Trading value THB 1.16 billion, closed at THB 11.60 per share, unchanged.
