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Thursday, March 28, 2024

Bourse dips on hint of Fed rate hike

The Thai stock market slid on Monday after the Federal Reserve (Fed) chairman’s mention of a half-percentage point interest rate hike at the May meeting sent global stocks tumbling.

The SET Index dropped 15.26 points or 0.9% to close at 1,675.33 points with trading worth 71.4 billion baht.

Analysts recommend export-oriented stocks as the baht’s depreciation will boost demand for Thai goods.

Stocks related to the country’s reopening will continue to recover but hospital stocks will continue to follow a downtrend following a decline in daily cases of Covid-19, analysts said.

Kobsak Pootrakool, senior executive vice-president of Bangkok Bank, said Jerome Powell, chairman of the Fed, said on April 21 a 0.5% policy rate hike is “on the table” at its early May meeting in a seminar with the governor of the European Central Bank (ECB) and managing director of…

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