Early Thursday trading saw Thai stocks rise by over 10 points, tracking regional market gains ahead of U.S. Fed’s Jackson Hole Symposium on Friday.
As of 10:56 a.m., Thailand’s SET Index rose 11.11 points, or 0.68%, to 1,642.66, with a trading value of THB19,844 million.
The Federal Reserve’s annual monetary policy conference at Jackson Hole, Wyoming, is set to begin on Friday.
According to Tapas Strickland, NAB’s economics director, investors now expect the Fed Funds rate to peak at 3.80% in March 2023, up from 3.62% a short while ago.
The “hawkish reaction” seen by Fed officials in recent weeks “is consistent with market moves at least,” he added.
Krungsri Securities expected the SET Index to move in a range of 1,620 – 1,640 today. There could be a boost from recovering crude price amid lower US crude inventory and uncertainty over Iran nuke talks, as well as persistent inflows. However, lingering fears of a global recession as central banks lift rates to curb inflation could trigger intraday weakness.
At the same time, Maybank Securities (Thailand) predicted an upward swing in the index as investors awaited the kick-off of the Jackson Hole event. The firm forecasted an uptick in the SET today between 1,620 and 1,640. Focus on stocks with strong earnings growth potential. ATO picks are “COM7” and “CRC”.