The Thai stock market dropped more than 10 points to start the new week, mirroring the decline seen in the US market after a robust jobs report fueled expectations for more aggressive interest rate hikes from the Federal Reserve.
As of 10.01 a.m. Thai time, the SET index was 13.42 points lower, or 0.85%, to 1,566.24.
According to Finansia Syrus Securities (FSS), the morning drop in the Thai stock market was in line with global sentiment after a strong US job report reinforced more tightening monetary policy.
The US unemployment rate dropped to 3.5% in September from 3.7% in August, pointing to a tight labor market which kept the Federal Reserve on its aggressive monetary policy tightening campaign for a while.
In September, the unemployment rate in the United States fell to 3.5% from 3.7% in August, indicating a tight labor market that has kept the Federal Reserve on its aggressive monetary policy tightening campaign. Meanwhile, nonfarm payrolls increased by 263,000 jobs last month, the Labor Department said on Friday.
FSS has set a support level of 1,556-1,570 and a resistance level of 1,580.
