Kasikorn Securities predicted today’s SET Index to range between 1,415-1,445 – expecting Sideway. Electronic, Healthcare and REITs saw adequate improvement while Commerce and Transportation pressured the market. Following the FOMC decision, stocks with supporting factors like AAV and those benefiting from the rate cut such as GPSC are recommended.
Daol Securities (Thailand) expected a consult in the SET Index, but should maintain in a positive territory with Support at 1,425-1,430 and Resistant at 1,444-1,451.
CBOT grain contracts increased across the board, led by soybean which increased by 0.80% or ¢8, closed at $10.1400/bu; corn +0.06% or ¢0.25, closed at $4.1275/bu; and wheat +0.04% or ¢0.25, closed at $5.7600/bu. Reuters reported the soybean price jump is due to Short Covering following a concern about climate conditions in Brazil.
On September 20, MBK PCL. (SET: MBK) will be offering its RO at the price of THB 2.7895 for the conversion of MBK-W3 to 194,952 ordinary shares, and THB 2.8727 for the conversion of MBK-W4 to 842,264 ordinary shares. On the other hand, PP Prime PCL. (SET: PPPM) will offer its RO at the price of THB 0.22 for the conversion of PPPM-W6 to 152,240 ordinary shares.
Following the 11-to-1 vote by the FOMC, The US Fed executed an extraordinary 50 bps cut on interest rate to thwart the impeded labor market and inflation. Consequently, the rate of federal funds ranges from 4.75 to 5 percent.
Global price of sugar decreased from ¢27/lb to ¢19-20/lb due to increased volume of water, benefitting the food and beverage sector. Thailand, as the fifth largest sugar producer and second largest exporter, would likely see its production increase by 13%, while the recent flood has not affected sugarcane production in Thailand but sugar supply.
Africa has nominated the Nairobi Expressway, built by China in Kenya, for the “Best Technological Innovation in Transport” at the Afrika Mashariki Transport Awards 2024.
Another wave of explosion rocked Lebanon when over 100 walkie-talkies simultaneously detonated, killing 20 and injuring more than 450. At the same time, Icom, a US subsidiary of the Japanese maker declared that the exploding communicators were knockoffs not made by Icom.
