SET Index
Thailand’s SET closed today at 1,270.04 points, down by 10.03 points or 0.78%, with a trading value of 29,343.32 million baht. The analyst revealed that the Thai stock market declined due to selling pressure in large-cap stocks, especially DELTA, which were dragged down by the declining US tech stocks.
Moreover, there are still no new supporting factors for the market. The trend for the Thai stock market tomorrow is expected to move sideways, with a resistance level at 1,280 points and a support level at 1,260 points.
New Stimulus for Merchants
The Thai Cabinet has approved the “Upskill” and “Reskill” knowledge and skills development project for merchants participating in the “Half-Half Plus” scheme, under the theme “Increase Sales, Reduce Costs, Enhance Skills.”
The project aims to upgrade the skills of approximately 400,000 merchants in the “Tung Ngern” program. The government will also provide financial support equal to 20% of sales generated from participation in the activities, capped at THB 2,000 per merchant. To be eligible for the support, merchants must have a minimum of five purchase orders within the specified period.
Wedbush’s Bullish View on Nvidia
Wedbush anticipates Nvidia will deliver results that significantly beat consensus forecasts. On average, Wall Street expects Nvidia to post a 55.7% year-over-year surge in revenue to $54.26 billion, with earnings per share climbing from $0.81 to $1.24.
With a bullish view, Wedbush believed that Nvidia will easily surpass Street expectations, backed by positive signals from our Asian supply chain checks and extraordinary cap-ex figures among the major technology players.
Central Banks Buying Gold
Amid a renewed surge in global gold buying, China added an estimated 15 tonnes of the precious metal to its foreign exchange reserves in September, far outpacing the official figure of 1.24 tonnes reported by Beijing, according to Goldman Sachs Group.
Goldman analysts estimate that central banks worldwide bought 64 tonnes of gold in September, a sharp jump from just 21 tonnes in August.
Analysts note that the robust purchasing momentum likely extended into November, as central banks continue to diversify their holdings to safeguard against geopolitical and financial risks. This accumulation has been a key catalyst for gold’s rally over the past three years, which propelled the metal to record highs of above US$4,380 per ounce in October before a recent pullback.
