This morning stocks fell by 0.35 points Thailand stock market shows a narrow range swing, selling pressure on AOT, DELTA, CPALL, CPAXT due to specific factors pushing the index down 5 points, reversing and supporting buying pressure from oil, power plants and financial groups. That’s afternoon help, waiting for results. The MPC expects interest rates to be maintained. Market trend is stable in positive territory.
Director of Securities Analysis at Yuanta Securities (Thailand) Mr. Nattapon Kamthakruya said the Thai stock market was trading in a narrow range this morning. Selling pressure from the retail sector is putting pressure on the market, particularly CPALL and CPAXT shares, responding to news of illegal hog seizures as negative sentiment creates concern. There is also sales pressure for AOT and Delta, which have a large market share due to unique factors. Selling pressure in all 4 stocks pushed the overall index up around 5 points.
However, there is still buying power in the oil, power generation and financial sectors, which helps support the index. In response to positive factors, US government bond yields continued to decline. And crude oil prices rose to support the market. Meanwhile, Asian stock markets also moved within a narrow range.
In the afternoon, wait for the results of the Monetary Policy Committee (MPC) meeting. The market expects the MPC to keep interest rates at 2.50%, but comments on the direction of the Thai economy in 2024 should follow.
As for the Thai stock market, the half-day trade ended at 1,401.07 points in the morning, a change of 0.35 points or -0.02%, with a trade value of approximately 25,968 million baht.
The market is expected to remain stable on favorable terrain for investment trends in the afternoon. Looking at the direction of interest rates, it will be clear with support at 1,395 points and resistance at 1,405 points.
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