Thai stocks closed 7.65 points lower this morning as selling pressure from major companies weighed on the risk of a change in the prime minister, fearing the impact on the economy: InfoQuest

The stock market closed this morning at 1,285.04 points, down 7.65 points (-0.59%), with a trading value of about 22,070 million baht. The Thai stock market revealed its decline this morning due to concerns about the political situation from the change of the prime minister, which may affect the implementation of government policies and projects. It is only affected by economic stimulus policies such as digital wallets if the prime minister is not from the Pheu Thai party. Therefore, there is heavy selling pressure in the retail sector. Including banking groups. The downtrend is expected to continue in the afternoon, with support at 1,280-1,275 points and resistance at 1,292 points.

• The stock exchange closed this morning at 1,285.04 points, down 7.65 points (-0.59%), with a trading value of nearly 22,070 million baht.

• Morning trading the index is strongly adjusted and recorded a low of 1279.34 points and a high of 1293.10 points.

Mr. Kitphon Praipaisankit, Director of Analysis and Strategy, UOB Kay Hian Securities (Thailand), said that the mood of the Thai stock market this morning was not good. Deepening more than 10 points due to concerns about the political situation and in particular, the change of Prime Minister brings the risk of possible changes in government policies and projects. Especially if another party takes over the Prime Minister's office instead of the Pheu Thai Party. Cancellation of the project or reduction of the size of economic stimulus programs

Therefore, there is selling pressure in retail groups that previously expected to benefit from economic stimulus policies and digital wallets. The market showed signs of caution and moved down, resulting in a loss of momentum. Because they are concerned that the policy changes will lead to a decline in consumption and spending. Including digital wallets may disappear. You will notice a decline in shares in department stores and building materials groups.

As for the banking group, its prices have been revised down due to uncertainty about the momentum of the economic recovery. As for the hospital group, there are expensive valuations, but for stocks with inexpensive valuations, there are many stocks today that can be positive.

The trend is likely to continue in the afternoon session to the downside. Due to the selling pressure from both Thai and foreign investors, they have reduced their investment weight in Thai stocks that do not have Catalyst and remain risky. In particular, investors see the issue of the Constitutional Court issuing a majority decision to end Mr. Sita Thavisin’s term as Prime Minister as a difficult issue to understand.

Ready for support at 1,280-1,275 points, and resistance at 1,292 points.

The securities with the highest trading value are 5 securities.

• CPALL The trading value reached 1,984.24 million baht, and closed at 56.00 baht, up 0.75 baht.

• BDMS The trading value was 1,188.19 million baht, and it closed at 26.25 baht, down 0.75 baht.

• Key Bank The trading value was 697.79 million baht, and it closed at 129.00 baht, down 2.00 baht.

• com7 The trading value was 621.80 million baht, and it closed at 22.00 baht, up 1.90 baht.

• bosnia and herzegovina The trading value was 558.69 million baht, and it closed at 239.00 baht, down 6.00 baht.

By InfoQuest News Agency (August 15, 2024)

Tags: group, group index, Kitphon Praipaisalkit, Thai stock market, Thai stocks