Early Tuesday trading saw Thai shares rebound from the previous session’s steep drop, as the markets had already reflected in the Federal Reserve’s hawkish stance at the Jackson Hole symposium.
As of 12:30 Thai time, the SET index gained 11.00 points, or 0.68%, to 1,637.52, with a trading value of THB37,317 million.
The brokerage firm Asia Plus Securities forecasted that the SET index would trade between supportive range of 1,610-1,617 points today, with resistance at 1,650 points; it also predicted that the market would be in a panic selling mode for no more than two trading days, suggesting that fund inflow would continue. Top picks are BLA and KBANK.
ASPS stated global stock markets are volatile due to U.S. interest rate hikes amid economic saturation and recession. Nonetheless, the Thai stock market continues to entice foreign investors, thus the SET Index should experience less volatility than other markets.
ASPS recommend big-cap stocks with good immunity to U.S. market fluctuation. Top picks are KBANK (big-cap benefiting from fund inflow and interest rate hike) and BLA (stocks benefiting from the minimum wage and the interest rate hike).
