Thai stock market recovered the deficit from the morning session on Monday with a surge in positive territory by 5 points.
As of 15:45 local time in Bangkok on March 2, 2020, the SET Index rose 5.17 points or 0.39% to 1,345.69 points with a trading value of 61 billion baht. The market recovered from a 10 point deficit in the morning session as fears over the spreading of coronavirus remained.
However, as investors digested information of the possibility of the world’s big central banks would introduce stimulus packages to lessen the impact from the virus outbreak that sent the world’s economy to near recession.
European markets also opened the day with strong surges. DAX gained 1.67%, FTSE jumped 2.67%, FTSE MIB edged 0.48% higher, CAC rose 1.98% and STOXX 600 hiked 2.12%.
Bill Nelson, chief economist at the Bank Policy Institute who worked on the Fed’s responses to the 2007-2008 financial crisis, expected the U.S.’ Fed to make an early move for a rate cut by 0.50 percentage point before its actual meeting on 17-18 March.
Nelson also noted that the interest rate cut from central bank and maybe stimulus package would be announced on Wednesday before the New York Stock Market opens.