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11 Jul 2023

Financial Markets

The Baht was volatile while the SET dropped for the third consecutive week


        The Thai stock market closed below 1,500 points after rising early in the week due to the purchase of institutional investors following the endorsement of the Speaker of the House of Representatives. However, the SET tumbled during the rest of the week in line with other stock markets amid concerns about the Fed’s rate hikes, as the latest FOMC minutes showed that a majority of Fed officials support additional rate hikes ahead while private sector jobs surged more than anticipated. Additionally, investors became more cautious towards the development of domestic politics. Foreign investors’ net selling orders throughout the week also put pressure on the SET.       
        On Friday, July 7, 2023, the SET closed at 1,490.51 points, down 0.84% over-week. The average daily trading value was THB39,313.94 million, down 15.81% over-week. The mai closed at 458.09 points, down 0.37% over-week.
        July 10-14, 2023, KSecurities expects the SET to have support at 1,475 and 1,460 points, but resistance at 1,520 and 1,545 points, respectively. KResearch views that key matters to watch include Fed officials’ remarks, foreign fund flows, plus domestic political issues. The US economic data that warrant close monitoring include June CPI, PPI, Fed’s Beige Book, and Weekly Jobless Claims. Close attention must also be paid to Eurozone’s and Japan’s May Industrial Production, plus China’s June economic data such as CPI, PPI, Exports and Imports.

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Financial Markets