Thailand’s SET Index Nearly Breaks 1,400 Support Level amid Bearish Sentiment in Global Markets

Thailand’s stock market fell to a new low of this down cycle on Friday, nearly breaking the 1,400 resistance levels as global markets showed concerns after the Fed’s comments on policy rates and the tension between Israel and Hamas.

The SET Index dropped 20.35 points or 1.43% to 1,402.69 points in the morning session on October 20, 2023. Yesterday, the US Federal Reserve Jerome Powell spoke at the Economic Club of New York, saying that inflation is still too high and the Fed cannot yet know how long these lower readings will persist.

“A few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” said Powell.

The chairman did not give directions of the Fed’s monetary policy path moving forward, but Powell did comment that he does not think the rate is too high now.

Meanwhile, the conflict in Israel and Gaza Strip continues to be tense as nations are calling for a humanitarian corridor. The EU parliament concluded yesterday as they all on Egypt and Israel to cooperate with the international community to establish humanitarian corridors to the Gaza Strip.