“Ngern Tid Lor” Leads Losses among Finance Stocks as Rate Hikes Weigh on Sentiment

Share prices of finance stocks in the Thai market after digesting information from the Fed’s meeting last night that resolved to keep rates unchanged, but also signalled for a possible hike in the future.

Ngern Tid Lor Public Company Limited (SET: TIDLOR) led the finance and hire purchase group in a loss on Thursday, plunging THB1.75 or 6.48% to THB25.25 per share at the closing of the morning session.

Muangthai Capital Public Company Limited (SET: MTC) lost THB1.50 or 3.59% to close the morning session at THB40.25 per share.

Srisawad Corporation Public Company Limited (SET: SAWAD) fell THB2.75 or 5.02% to THB52.00 per share.

Saksiam Leasing Public Company Limited (SET: SAK) dipped THB0.10 or 1.74% to THB5.65 per share.

Ratchthani Leasing Public Company Limited (SET: THANI) dropped THB0.04 or 1.21% to THB3.26 per share.


DBS Vickers Securities (DBSVS) noted that the signal by the Fed yesterday posted negative sentiment to finance stocks, including SAWAD, MTC, TIDLOR and hire-purchase stocks. The market is now expecting terminal rates at 5.6% by the end of this year, implying for two more hikes for 25bps each. The U.S. central bank would start cutting rates in 2024 to 4.6% by the end of the year and to 3.4% by year-end 2025.