The Stock Exchange of Thailand (SET) is on the rebound along with other Asian bourses as the US Federal Reserve announced unprecedented measures to buy as much government-backed debt as needed.
Most Asian exchanges traded up by 2-6 per cent on Tuesday morning following the Fed’s surprise move. The move led to the depreciation of the US dollar and increasing oil prices, which should support energy shares within the SET.
At the same time, the US is also anticipating another relief package worth around US$2 trillion, which is being debated in the US Senate.
Domestically, the cabinet meeting will be the main focal point on Tuesday as the Thai government is expecting to come up with more relief measures. There are now also talks of an emergency decree and a curfew.
CGS-CIMB Securities expect the SET to be trading in the range of 1000-1070. The index already traded up by 30.41 points, or 2.97 per cent, to 1054.87 from the opening of 1024.46. Kasikorn Securities also expects the SET to rebound in the range of 950-1100.