Thai stock market overview
SET Index closed at 1,653.03 points, decreased 23.76 points or 1.42% with a trading value of 106 billion baht. The analyst stated that the Thai stock market moved in the same direction as other stock markets due to the release of Fed’s minutes on the reduction of balance sheet. The analyst expected the market to continue moving downward tomorrow, but with a limited downside, giving a support level at 1,645-1,650 points and a resistance level at 1,665-1,670 points.
Local institutions and foreign investors made a 7.3 billion baht of net sell in today’s session, plunging SET Index by nearly 24 points.
Fed signalled for faster-than-expected rate hikes and balance sheet reduction
Federal Reserve officials said a stronger economic recovery and higher inflation could lead to earlier than expected and faster interest-rate increases than previously expected, with some policy makers also favoring starting to shrink the balance sheet soon after. The market is now pricing in an 80% possibility of a rate hike in March.
Thailand imposes a 3-month ban for pork exports amid supply shortage
Thailand has imposed a measure to curb rising pork prices by banning exports from January 6 to April 5, 2022, amid shortage of meat as the Lunar New Year celebrations are right around the corner. Pork prices in Thailand from an average of 150 baht have risen to 250 baht in some areas and could reach 300 baht, according to estimates from the Swine Raisers Association of Thailand.
Healthcare stocks edged higher as Covid-19 cases accelerated
The majority of Thai healthcare equities opened higher on Thursday, despite the market crash, as COVID-19 active cases in the country spiked again. IMH soared 16.79%, BCH jumped 6.63%, CHG gained 3.89%, EKH rose 2.63%, and RJH increased 1.52%.
Electronics stocks closed lower, following tech selloff in Wall Street
Thai electronic equities in the Thai stock market fell sharply on Thursday, following a sell-off in US tech stocks by 3.3% last night due to market rotation. KCE fell 5.08%, HANA dropped 4.62% and DELTA dipped 1.99%.
