SET Jumps 15pts, Breaking 1,580 Resistance Level as Fed Maintain Policy Rates Near Zero

SET Index jumped 15 points at the open on Thursday, following the rising in Asia stock markets after the Fed voted to maintain policy rates near zero and expected no hikes through 2023.

 

As of 10:18 local time in Thailand on Thursday, SET Index rose 14.85 points or 0.95% to 1,581.61 points with a trading value of 15.6 billion baht.

Krungsri Securities (KSS) stated that SET could rebound to test 1,575 – 1,580 resistance today. The market might react positively to the Fed’s decision to hold the rate near zero and maintain QE volume. The FOMC also raised US GDP growth forecast and signaled it will stand pat on rate until 2023 when they expect to reach their employment and price stability targets. However, there might be selling to mitigate risks of FTSE rebalancing which would reduce the weighting of Thai shares from 2.3% to 2.25% effective tomorrow.