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9 Jan 2023

Financial Markets

The Baht hit a 10-month high while the SET pared gains at the end of the week


        The Thai stock market pared gains somewhat at the end of the week. The SET surged early in the week in alignment with  other stock markets on hopes that the Fed would cut the size of its rate hikes. Additionally, there were  continued purchases of Thai stocks, , especially finance, banking and technology stocks by foreign investors. However, the SET pared gains during the rest of the week after having responded to positive factors for a while such as the US interest rate trend and China’s reopening. Moreover, the SET was pressured by the sell-offs of domestic institutional investors, partly due to the profit-taking of matured tax-deductible funds.      
        On Friday, January 13, 2023, the SET closed at 1,681.73 points, up 0.47% over-week. The average daily trading value was THB78,526.62 million, up 4.53% over-week. The mai closed at 589.66 points, up 2.41% over-week.
        January 16-20, 2023, KSecurities expects the SET to have support at 1,670 and 1,650 points, but resistance at 1,700 and 1,710 points, respectively. KResearch views that key matters to watch include the gradual release of Thai listed companies’ 4Q2022 performance results especially those in the banking sector, foreign fund flows, and COVID-19 in China. The US economic data that warrant close monitoring include December PPI, Retail Sales, Industrial Production, Housing Starts and Existing Home Sales, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming BOJ meeting, Japan’s December CPI and PPI, Eurozone’s December CPI, plus China’s GDP report for 4Q2022 and December economic data such as Industrial Production, Retail Sales and Fixed Asset Investment.

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Financial Markets