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4 Sep 2023

Financial Markets

The Baht strengthened while the SET closed near last week’s level


        The Thai stock hit more than 4-month high of 1,579.43 points around midweek before dropping and closing near last week’s level. The SET rose early to mid-week amid hopes towards the new government’s economic stimulus measures, and expectations that the Fed may hold policy rates steady after recent US economic data came out weaker than expected. However, the SET pared gains during the remainder of the week amid foreign investors’ sell-offs, particularly in the energy sector. In addition, the news regarding debenture repayment problems of listed companies also put pressure on stock trading at the end of the week.        
        On Friday, September 1, 2023, the SET closed at 1,561.51 points, up 0.08% over-week. The average daily trading value was THB60,542.49 million, down 3.59% over-week. The mai closed at 484.59 points, down 0.55% over-week.
        September 4-8, 2023, KSecurities expects the SET to have support at 1,550 and 1,540 points, but resistance at 1,580 and 1,600 points, respectively. KResearch views that key matters to watch include Thailand’s August Inflation, domestic political issues and foreign fund flows. The US economic data that warrant close monitoring include August Service ISM/PMI, July Exports, Fed Beige Book, plus Weekly Jobless Claims. Close attention must also be paid to August Service PMI of Japan, China and Eurozone, Japan’s GDP report for 2Q23, plus China’s August Exports.

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Financial Markets