Major stock markets in Asia traded higher on Wednesday, led by Hong Kong’s Hang Seng Index as Wall Street closed higher last night from a surge in tech stocks.
Thailand’s SET Index opened at 1,690.11 points, increased 5.88 points or 0.35%.
As of 10:06 local time in Thailand, Nikkei rose 0.90%, SSEC gained 0.08%, Hang Seng Index jumped 1.69%, ASX 200 increased 0.39% and IDX Composite advanced 0.29%.
Wall Street closed higher on Tuesday, shaking off its slow start of the week as investors rotated to technology and financial stocks amid rising bond yield. Dow Jones gained 1.06% to 35,462.78 points, S&P 500 increased 0.84% and Nasdaq hiked 1.28%.
The U.S. 10-year Treasury note just hit a new high in more than two years at 1.97% on Tuesday, a level not seen since November 2019.
The U.S. inflation data for January will be reported this Thursday.
Mr. Chaiyot Jiwangkul, Assistant Director of Krungsri Securities (KSS), through “Kaohoon Jor Talad Program” on February 9, 2022, stated that the positive sessions in Asian markets are expected to be due to the easing situation between U.S. and Russia after both parties had held a phone call, and Russia said that there will be no advancement or movement from its troop in upcoming days.
Meanwhile, inflation and rising bond yield should be a must watched indicator, even though the stock markets are trading positively.
Mr. Jiwangkul noted that recent inflow to the Thai stock market is due to a rotation from already surging western markets that is currently pressured by the rate hikes and inflation, while the inflation in Thailand is still at an acceptable level and economists project that the Thai central bank would not push on hiking interest rate.
