Thailand’s SET slips 12pts. as traders look ahead to US inflation report, Fed’s rate hike

Thai stocks sank further in the afternoon session as traders mulled over the Federal Reserve’s aggressive rate hike and upcoming US inflation reports, while China reimposed Covid-19 curbs in many cities after the detection of a new Omicron subvariant.

The SET Index dropped 0.74%, or 11.55 points, to 1,545.85 as of 15.09 hrs. local time in Thailand.

Analysts at Finansia Syrus Securities stated that a deeper drop in Thailand’s stock index in the afternoon session was triggered by markets’ fears over the Federal Reserve’s interest rate hike, as well as traders awaiting the release of US inflation data on Wednesday. Also, due to the Thai stock market being closed tomorrow, a mass sell-off is underway in an effort to minimize the risk. There are also worries regarding China’s fresh COVID-19 curbs.

The brokerage set support and resistance levels at 1,530-1,540 and 1,550-1,560, respectively.