Summary · why it matters
The US Federal Reserve raised its policy rate by 0.25% as expected, and signalled it may hike once more late this year. The Thai stock market had already priced in the news, and once it was confirmed, shares bounced in response and also on technical factors. Still, some analysts warn investors to brace for another correction in the Thai market, saying the index's earlier slide to around 1,560 points is not yet the bottom and further declines are likely. Meanwhile, bank stocks led by KBANK, KTB, SCB, BBL and TTB remain defiantly strong, reflecting that foreign investors parking money in bank shares are choosing to keep holding, and buying more on dips. TTB rose to around 3.14 baht per share, the same level as its previous resistance at 3.16-3.18 baht, which it has not yet broken through. The latest highest target price is 3.50 baht, from Krungsri Securities, followed by 3.30 baht from Tisco Securities, but the average, or consensus, target is 2.95 baht, below the board price, so caution may be warranted when speculating while the price holds above 3.00 baht. As for GULF, it is putting up a notable fight against the wall to avoid falling below 60.00 baht. Yesterday it fell to a low of 60.25 baht, then rallied in the afternoon to hold the price and return to 61 baht, but the chart and technical signals suggest it wants to drop below 60 baht, with the next support at 58.50 baht and the deepest support at 56.00-54.50 baht. On 15 September, the Supreme Administrative Court upheld the Central Administrative Court's ruling revoking the SEC's order suspending Chayanee Pokhanngern, a capital market professional who is now a senior executive at Kingsford Securities, from duty for one year, ruling that the order was unlawful. The case stemmed from the SEC's view that Chayanee gave false statements during an investigation into insider trading in BSEC shares, leading to the suspension order from 4 August 2017 to 3 August 2018. The next issue to watch is whether she will sue the SEC back, because there are whispers that if she does, damages could reach as much as 300 million baht.
TMBThanachart Bank Public Company Limited
Kasikornbank Public Company Limited
Krung Thai Bank Public Company Limited
TISCO Financial Group Public Company Limited
Bangkok Bank PCL
SCB X Public Company Limited
Gulf Energy Development Public Company Limited