The Thai stock market rebounded at the end of the week. The SET dropped early in the week amid sell-offs of foreign investors ahead of the FOMC meeting, with banking and energy stocks being sold the most. Energy stocks were also under pressure from falling global oil prices. However, the SET surged around midweek on hopes that the Fed would make smaller rate hikes before dropping slightly after having responded to such positive factors and the FOMC meeting results came out as expected. The SET rebounded at the end of the week, supported by purchases of stocks of electronics producers prior to the release of their performance results and due to the reduction of minimum stock purchase of some companies.
On Friday, February 3, 2023, the SET closed at 1,688.36 points, up 0.42% over-week. The average daily trading value was THB64,393.20 million, up 8.33% over-week. The mai closed at 613.24 points, up 1.77% over-week.
February 6-10, 2023, KSecurities expects the SET to have support at 1,670 and 1,650 points, but resistance at 1,700 and 1,720 points, respectively. KResearch views that key matters to watch include Thailand’s January Inflation, Thai listed companies’ 4Q2022 performance results, and foreign fund flows. The US economic data that warrant close monitoring include December Exports and Imports, February Consumer Sentiment (Prel), plus Weekly Jobless Claims. Close attention must also be paid to Eurozone’s December Retail Sales, Japan’s January PPI, plus China’s January CPI and PPI.
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