Asian shares extend rally sparked by Fed

RECAP: Asian shares extended their rally yesterday in the afterglow of an outsized US interest rate cut, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.
The SET index moved in a range of 1,423.20 and 1,462.35 points this week, before closing yesterday at 1,451.69, up 1.9% from the previous week, with solid daily turnover averaging 63.75 billion baht.
Foreign investors were net buyers of 4.47 billion baht, followed by brokerage firms at 1.09 billion. Retail investors were net sellers of 3.68 billion baht, followed by institutional investors at 1.88 billion.
NEWSMAKERS: The Fed’s decision to slash interest rates this week is a “very positive sign” about the health of the world’s biggest economy, US Treasury Secretary Janet Yellen said on Thursday.
COMING UP: On Monday, the US will release manufacturing and services purchasing managers’ index updates and the UK will report composite PMI. On Tuesday, the Reserve Bank of Australia will hold a rate meeting, the US will update consumer confidence and Japan will report service producer prices.
STOCKS TO WATCH: Trinity Securities recommends domestic plays with a low connection to the global economy. These include retail stocks CPALL, CRC, HMPRO, BJC, GLOBAL and COM7; real estate (AWC and CPN) and finance (KTC and SAWAD).
TECHNICAL VIEW: Finansia Syrus sees support at 1,440 points and resistance at 1,480. DBS Vickers Securities sees support at 1,430 and resistance at 1,480.