Krungsri Securities (KSS) expected Thailand’s SET Index to slightly higher but on a weak side to the resistance level of 1,385-1,390 points, following a positive sentiment in the market after the China’s central bank cut Reserve Ratio Requirements (RRR) by 50 basis points to stimulate its economy.
Crude oil prices also edged higher after the report of lower US inventory by 9.2 million barrels. However, the analyst noted that concerns over the Fed’s rate cut still pressure the market after US PMI in January rose to its 7-month high.
US S&P Global PMI in January largely beat expectations, rising to 50.3 vs 47.6 expected and 47.9 in December. Meanwhile, Service PMI was at 52.9 vs 51.5 expected and 51.4 in December. Also, Composite PMI was at 52.3 vs 51.0 expected and 50.9 in December.
Expansion in PMI was driven by providers as manufacturers continued to see a drop in production due to supply issues.
Tesla plunged 6% in an after-hour trading session as the financial results from the company missed both top and bottom line, but margin beat expectations.
EPS (GAAP) was $2.27 vs $0.59 expected. Meanwhile, revenue for the year was $25.17 billion, up 3% YoY, but slightly lower than $25.87 billion expected.
Its full year vehicle delivery number increased 38% to 1.81 million, slightly lower than expectations.
