Thai Stock Market Roundup on September 29, 2021

– SET Index closed at 1,616.98 points, increased 0.48 points or 0.03% with a trading value of 93 billion baht. The analyst stated that the Thai stock market rebounded from a plummet at the opening and closed higher, following the increase in European markets and Dow Jones Futures.

The banking sector, especially KBANK, boosted the market, while seeing positive momentum for domestic factors. SCB continued to slow down due to its sudden surge last week.

The sentiment in the country improved after the Monetary Policy Committee voted unanimously to maintain policy rates at 0.50%, giving stability in the baht currency after a depreciation in recent weeks.

In addition, the analyst expected the Thai stock market tomorrow to move in sideways-up trends after dropping to a support level of 1,600 points today, giving a support level at 1,610 points and a resistance level at 1,630 points.

– A net buy of 2.2 billion baht from Foreign Investors and Individuals buoyed SET Index to close slightly above the flat level.

– JPMorgan Chase is preparing for the possibility of the United States defaulting in October, though expects policymakers to shake hands in the end.

– Chain Evergrande Group to divest majority of its equity interest in Shengjing Bank Co. (2066 HK) under mounting pressure to meet the company’s massive debt obligation. The company announced to sell its stake worth about 9.9 billion yuan ($1.5 billion) which is 1.75 billion shares reducing Evergrande stake from 34.5% to 14.75%.

– MBKET believes the partial reopening plan in November should help Thai tourism to recover, raising AOT as top pick for the sector.

– BGSR Consortium (BTS, GULF, STEC and RATCH) announced that the group has officially signed the PPP agreement on the O&M contract with the Department of Highways for the Intercity Motorway No. 6 (Bang Pa-In – Nakhon Ratchasima) Project (M6) and the Intercity Motorway No. 81 (Bang Yai – Kanchanaburi) Project (M81) covering 30 years. Both motorway projects are expected to commence operations in 2023.

 

Top 10 Most Impact Shares on September 29, 2021