Thai electronic equities fell sharply on Thursday, following a sell-off in US tech stocks due to market rotation.
As of 12.25 hrs. local time in Thailand, the share price of KCE Electronics Public Company Limited (SET: KCE) dropped THB4.00/share or 4.52% to THB84.50/share, with a trading value of THB1,861 million.
The share price of Hana Microelectronics Public Company Limited (SET: HANA) dropped THB4.00/share or 4.62% to THB82.50/share, with a trading value of THB655 million.
The share price of Delta Electronics (Thailand) Public Company Limited (SET: DELTA) dropped THB5.00/share or 1.24% to THB397.0/share, with a trading value of THB315 million.
The technology-heavy Nasdaq Composite index finished 3.3% lower on Wednesday, its lowest level since February 2021.
Concerns over rising interest rates in the United States prompted investors to sell shares in many technology companies that had previously gained from the pandemic. As a result, they shifted their focus to sectors more tightly linked to economic recovery.
Kasikorn Securities (KS) stated that the decline in electronic stocks was a result of market rotation in the United States, as traders switched their portfolios to stocks more tightly linked to economic recovery. KS sees a buying opportunity in electronic stocks, recommending “BUY” on KCE with a target price of THB108.00.
