Chipmaker stocks rose on Tuesday after the Nasdaq Composite had its greatest daily performance since July.
The share price of KCE Electronics Pcl. (SET: KCE) gained THB2.25/share, or 5.49%, to THB43.25/share, with a trading value of THB301 million.
The share price of Hana Microelectronics Pcl. (SET: HANA) gained THB2.00/share, or 5.84%, to THB36.25/share, with a trading value of THB301 million.
The share price of Delta Electronics (Thailand) Pcl. (SET: DELTA) gained THB14.00/share, or 2.10%, to THB680.00/share, with a trading value of THB1,050 million.
The Nasdaq surged 3.43% on Tuesday morning as tech stocks rebounded, led by names such as Amazon, Meta Platforms and Microsoft. The tech heavy index had its best day since July 27.
According to Asia Plus Securities, the rally in chipmaker stocks followed a rise in US Wall Street, with the Nasdaq Composite having its highest day of trading since July. Coupled with the prices of chipmaker stocks dropping quite a lot for a while, making the valuation of those stocks attractive, and baht continued to decline, with the last trading at 38.00 baht/dollar.
ASPS has given KCE a “BUY” recommendation and set a price target of THB63.00 for the stock. The continued depreciation of the baht and KCE’s increased size should result in higher profits and earnings for the company in 3Q22.