Close at 7.06 points, Support Cover Short – MPC keeps interest rates to slow down weak baht – Digital wallets are clear.

InfoQuest News Agency (April 10, 2024)

The stock market closed today at 1,408.17 points, an increase of 7.06 points (+0.50%), with a trading value of 44,404.99 million baht. It indicates that the Thai stock market continues to rise today, better than the region. This is because the short cover was made after SET revealed information about short sales that had not yet been bought back. Including support after the Monetary Policy Committee decided to maintain interest rates. This has slowed the depreciation of the baht and the inflow of foreign funds again. At the same time, the announcement of the digital wallet project was weakly positive for the market as the project implementation period was slower than the market expected and there were restrictions on its use. Tomorrow's market trend expects the index to rise only slightly. Be careful of fluctuations ahead of the long Songkran holiday. The support level is 1400 points and the resistance level is 1415 points.

The stock market closed today at 1,408.17 points, an increase of 7.06 points (+0.50%), with a trading value of 44,404.99 million baht.

Trading stocks today, the index continues to recover, and the index recorded the highest point at 1,411.46 points, and the lowest point at 1,402.89 points.

As for securities, today's change increased by 366 securities, decreased by 119 securities, and remained unchanged by 179 securities.

Today, the Thai stock market continues to recover better than regional markets, said Mr. Narongdit Chandrapaisarn, Director of Securities Analysis at AIRA Securities. This is because there is a short cover from the Stock Exchange of Thailand (SET) that discloses information on short sales that have not yet been bought back (outstanding short positions), including support from the Monetary Policy Committee (MPC)…) decides to maintain interest rates. This led to a decrease in the value of the baht. Money from foreign countries is flowing in again

While the details of the digital wallet project have been announced and it is clear about the source of the project, however, there are negative factors such as the implementation period of the project falls in the fourth quarter of 2024, which is slower than market expectations and there are restrictions on the use of funds, such as limiting the use in small stores. Including the fact that the market has already recognized the problem, its positive impact on the market is weak.

Tomorrow's Thai stock market outlook is expected to see a limited rise in the index. Be careful of fluctuations before entering the long Songkran holiday period.

The support level is 1400 points and the resistance level is 1415 points.

The securities with the highest trading value are 5 securities

CPALL's trading value reached 2,181.06 million baht, closing at 57.25 baht, an increase of 1.00 baht.

ADVANC had a trading value of 1,927.34 million baht, closing at 204.00 baht, down 3.00 baht.

PTTEP's trading value reached 1,687.15 million baht, closing at 159.00 baht, down 1.00 baht.

KBANK's trading value reached 1,596.44 million baht, closing at 126.00 baht, an increase of 0.50 baht.

SABUY's trading value reached 1,594.35 million baht, closing at 2.72 baht, an increase of 0.50 baht.

By Warrenthon Sirenok/Ratchada Kongkhonthian