Thai stocks today fluctuate in a narrow range, waiting for the Fed meeting to send a signal - following the MPC this afternoon.

Thai stocks today, 21 Aug. Analysts expect them to fluctuate within a narrow range. Waiting for the Fed meeting in Jackson Hole to see the Fed Chairman's signal to cut interest rates more clearly. Follow the MPC meeting this afternoon to see what the votes and announcements will be like.

Mr. Terdsak Taweethiratham, Deputy Managing Director of Research at Asia Plus Securities, stated that the Thai stock market is expected to fluctuate within a range today. The market is still awaiting the Federal Reserve (Fed) meeting at Jackson Hole, particularly the Fed chairman's speech, with expectations of clearer signals from the Fed regarding interest rate cuts. However, there may be some pressure on energy stocks following the decline in oil prices.

While other Asian stock markets opened mostly slightly lower this morning, domestically, attention is focused on the Monetary Policy Committee (MPC) meeting this afternoon, particularly the voting results and the MPC's statement.

The resistance level is 1,340 points and the support level is 1,320 points.

InnovateX Securities expects the SET Index to weaken, pressured by the energy sector following selling pressure in the US stock market after oil prices hit a two-week low. Buying activity is also expected to slow as investors await the Federal Reserve's Jackson Hole meeting on Friday. Support levels are seen at 1,310 and 1,300 points, while upside is limited by resistance at 1,335 points. The key event to watch today is the Bank of Thailand's Monetary Policy Committee meeting.

In the short term, the SET is expected to remain volatile while waiting for the formation of a new government to learn about the country's economic and administrative policies. However, the support point for buying is estimated to be around 1280 points, while the EU and US August PMI numbers that will be announced are expected to be weak, which will cause the market to look at the Fed's interest rate cut. Consistent with the minutes of the Fed meeting

This week, the Monetary Policy Committee (MPC) is expected to maintain the policy interest rate at 2.5%. The market anticipates Thailand's Q2 67 GDP growth at 2.4% YoY (our forecast is 2.1%), accelerating from the 1.5% growth in Q1 67. Therefore, our investment strategy recommends a "Selective Buy".

Kasikorn Securities expects the SET index to consolidate today, after yesterday's expected rise but failing to break through the previous resistance level of around 1,330 points. This suggests a potential correction is possible today, especially after the index has risen continuously by almost 50 points from its low at the end of last week, following the Constitutional Court's ruling removing Setha Thavisin as Prime Minister, which was around 1,280 points.

However, the main trend of the index is believed to be recovery, rising in line with the view that the Thai economy has passed its lowest point. A short-term consolidation phase may occur to build a base and await new factors. Today, the index is expected to fluctuate within the range of 1,310-1,330 points.

A key factor to watch today is the outcome of the Monetary Policy Committee (MPC) meeting. The MPC is expected to maintain the policy interest rate at 2.50%. However, the post-meeting statement should be considered to analyze the direction of monetary policy in the coming period.

This is with the Thai policy interest rate expected to remain stable. While the US policy interest rate There is a tendency to decrease. As a result, the dollar has a tendency to depreciate compared to the baht. Especially amidst foreign fund flows that have begun to return to net buying Thai stocks.

Daily recommended stocks include BA, SYNEX.

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