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13 Feb 2023

Financial Markets

The Baht tumbled while the SET dropped sharply over-week


        The Thai stock market tumbled throughout the week after facing continued sell-offs by foreign investors but remained above 1,600 points. The SET was mainly pressured by concerns over the US interest rate trend due to the better-than-expected January US Non-farm Payrolls plus Fed officials’ remarks that support the continued interest rate hikes to tame inflation. In addition, the latest performance results of some listed companies such as electronics manufacturers and refinery companies that came out disappointing put pressure on the Thai stock market.      
        On Friday, February 10, 2023, the SET closed at 1,664.57 points, down 1.41% over-week. The average daily trading value was THB58,467.07 million, down 9.21% over-week. The mai closed at 606.55 points, down 1.09% over-week.
        February 13-17, 2023, KSecurities expects the SET to have support at 1,650 and 1,635 points, but resistance at 1,680 and 1,700 points, respectively. KResearch views that key matters to watch include Thailand’s GDP report for 4Q2022, Fed officials’ remarks, Thai listed companies’ 4Q2022 performance results, and foreign fund flows. The US economic data that warrant close monitoring include January CPI, PPI, Retail Sales, Industrial Production, Housing Starts, plus Weekly Jobless Claims. Close attention must also be paid to Eurozone’s and Japan’s GDP report for 4Q2022, plus Eurozone’s and Japan’s December Industrial Production.

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Financial Markets