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20 Feb 2023

Financial Markets

The Baht weakened further while the SET continued to drop over-week


        The Thai stock market continued to drop over-week. The SET moved within a narrow range before dropping sharply later amid concerns that the Fed would raise interest rates at least twice more in coming months after the US January inflation came out higher than expected. However, the SET rebounded briefly during the week on the purchases of shares of a major electronics manufacturer due to stock split and better-than-expected performance results. As a result, stocks in all sectors, except technology, underperformed this week. Nonetheless, the SET tumbled again at the end of the week as the Thai GDP  for 2022 grew lower than expected.      
        On Friday, February 17, 2022, the SET closed at 1,651.67 points, down 0.77% over-week. The average daily trading value was THB70,974.88 million, up 21.39% over-week. The mai closed at 569.48 points, down 6.11% over-week.
        February 20-24, 2023, KSecurities expects the SET to have support at 1,640 and 1,630 points, but resistance at 1,665 and 1,675 points, respectively. KResearch views that key matters to watch include the FOMC minutes (January 31 – February 1) and foreign fund flows. The US economic data that warrant close monitoring include February PMI (Flash), January New Home Sales, Existing Home Sales, PCE/Core PCE Price Index, Personal Income and Outlays, plus GDP report for 4Q2022. Close attention must also be paid to China’s February LPR, Eurozone’s January CPI, plus February PMI (Flash) of Japan, Eurozone and UK.

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Financial Markets