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10 Apr 2023

Financial Markets

The Baht broke the THB34.00/USD level before paring gains later in the week while the SET dropped below 1,600 points


        The Thai stock market dropped almost throughout the week. The SET tumbled from early in the week, mainly pressured by the sell-offs of shares of a major electronics producer to reduce its risk position, as the Stock Exchange of Thailand announced cash balance measure to supervise such company after its stock price rallied recently. However, the SET recovered somewhat at the end of the week in line with other regional stock markets and purchases of stocks after their prices tumbled earlier. Nonetheless, energy stocks surged early in the week, boosted by rising global oil prices after OPEC+ announced further oil output cuts of around 1.16 million barrels per day, while banking stocks rose before the release of 1Q2023 performance results.        
        On Friday, April 7, 2023, the SET closed at 1,577.07 points, down 1.99% over-week. The average daily trading value was THB42,845.55 million, down 2.36% over-week. The mai closed at 525.74 points, down 2.30% over-week.
        April 10-14, 2023, KSecurities expects the SET to have support at 1,565 and 1,550 points, but resistance at 1,595 and 1,615 points, respectively. KResearch views that key matters to watch include foreign fund flows, global oil price movement and investors’ position adjustment prior to the release of Thai listed companies’ 1Q2023 performance results. The US economic data that warrant close monitoring include March CPI, PPI, Retail Sales, Industrial Production, FOMC meeting minutes (March 21-22), and weekly jobless claims. Close attention must also be paid to Eurozone’s February Industrial Production and Retail Sales, plus China’s March economic data such as CPI and PPI.

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Financial Markets