Thailand’s SET Index closed at 1,427.64 points, up by 23.36 points or 1.66% with a trading value of 107 billion baht. The analyst stated that the Thai stock market today received fund flows focusing on buying bank stocks, shifting away from technology stocks to invest in value stocks. Investors are advised to keep an eye on the US non-farm payroll and unemployment rate, which would indicate future trends for next week. The resistance level is at 1,460 points, while the support level is at 1,410 points.
Energy Absolute Public Company Limited (SET: EA) is aiming to secure up to 15 billion baht ($446 million) through the issuance of new shares to bolster its financial position and rebuild investor trust following a fraud investigation that caused the Thai renewable energy firm’s stock to plummet to unprecedented levels, according to the report from Bloomberg.
In a proactive move, Energy Absolute is devising an alternate strategy to raise funds by establishing an infrastructure fund, which would solicit investments from the public to acquire the company’s renewable energy ventures, including solar and wind power installations.
CLSA Securities (Thailand) stated that the recent surge in foreign net buying, reaching levels unseen since the end of December 2022, has reinvigorated the market sentiment in Thailand.
The SET index exhibited a robust 2.8% increase on 5 September, emerging as the leading performer in Asia. Key drivers behind this upswing include the anticipated timeline for the new Prime Minister’s policy statement to the House, the rollout of cash handouts, the initiation of Vayupak Fund unit sales, and lower-than-expected August inflation, signaling a potential rate cut by year-end.
With the market rallying in anticipation of the Vayupak Fund launch, investment focus is likely to center on sectors such as small banks, consumer finance, and property, projected to benefit from a potential rate cut.
