Thai Stocks Jump 18pts, following Gains in Regional Markets

The SET index in Thailand rebounded from Monday’s steep drop, in line with the rest of the region, as weak US manufacturing data dampened expectations of more aggressive Fed rate hikes.

As of 11.28 a.m. Thai time on Tuesday, the index had soared 12.57 points, or 0.81%, to 1,570.62, after having risen more than 18 points earlier in the day.

According to Finansia Syrus Securities (FSS), today’s rebound in the Thai stock market was spurred by gains seen in other Asian markets. It was deemed a technical rebound after the SET entered the oversold area. The 10-year US bond yield fell to 3.65% from 4% last week, causing capital inflows into risk assets.

The SET is expected to move and test 1,570 – 1,560 support.