The Stock Exchange of Thailand Index or SET Index was moving sharply higher this afternoon (24 Jan '24) as of 3:00 PM. The index stood at 1,375.73 points, up 19.19 points or +1.41% from the previous day. The investment climate in Asia is bright.
Meanwhile, the political factors in the country began to decline. List of MPs and former leader of the Progressive Party after the state court ruling in Pita Limjaroenrath case, a shareholder of ITV Public Company Limited, ITV was not engaged in public relations business on the date of candidates contesting elections.
Director of Securities Analysis at Yuanta Securities (Thailand) Co., Ltd., Nattaphon Kamthagruya, told “Thairath Money” that the Thai stock market index rose this afternoon, mainly due to the situation of investment outside the country. Especially bright Asian stock markets like the Hong Kong stock market. And the Chinese stock market has improved strongly after China considered releasing measures to set up a fund to support stocks, which left positive sentiment on the Thai stock market.
As for the domestic factor, this would eliminate concerns about political conflicts. The stock market is creating an image of short-covering after the Constitutional Court ruled in the case of “Pita Limsaroenrut” who owns ITV shares that he no longer runs a media business.
However, we still have to follow the judgment of the Constitutional Court on January 31 in the Kaew Khlai Party case using Article 112 to campaign in violation of the Constitution. If it turns out not to be wrong, it is believed that the picture of the stock market will be as positive as it is today. But if it turns out to be the other way around it can cause more tension.
Also, the Thai stock market index is estimated to move within 1,380 points and the support level at 1,370 points, suggesting that this is an opportunity for investors. “Short-term speculation” on stocks expecting good 4Q23 results like CPALL, SAWAD and stocks whose prices fell deeply in the previous period like KBANK.
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