Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways-down trend within the range of 1,370-1,384 points, pressured by negative sentiment overseas, following the US job openings and factory orders that were higher than expected. This resulted in the market anticipating that the Fed could push its rate cut further into 2H24, from an earlier expected in June.
Rising crude oil prices and the war in Ukraine could raise inflation, while bond yield and the Dollar Index remain high.
An earthquake of 7.2 magnitude jolted the capital city of Taipei on Wednesday morning, causing power outages in various areas and prompting a tsunami alert for the southern Japanese islands and the Philippines. Reports from Taiwan showed collapsed buildings in Hualien county, close to the quake’s center, with individuals reportedly trapped therein.
The tremor, which occurred at 07:58 a.m. (2358 GMT) at a depth of 15.5km (9.6 miles) off Taiwan’s east coast, marked the most powerful quake to hit the region in 25 years, according to state media. Consequently, Japan issued evacuation advisories for its southern Okinawa coastal regions, with the Japan Meteorological Agency projecting tsunami waves up to 3 meters (10 feet) along significant parts of the southwestern coast, attributing a magnitude of 7.5 to the quake.
TSMC shares dropped by about 1.5% in an early trading session on Wednesday as the company and other tech companies evacuated factory areas after the biggest earthquake in 25 years hit the island this morning.
United Microelectronics Corp., TSMC’s rival, halted operations at some plants and evacuated certain facilities at its hubs of Hsinchu and Tainan. Its share price also dropped about 1%.
