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17 Apr 2023

Financial Markets

The Baht fell before paring losses somewhat ahead of a long holiday while the SET rose over-week


        The Thai stock market rose over week but faced sell-offs before a long holiday. The SET surged early in the week on purchases of large-cap stocks in various sectors after falling sharply earlier, particularly banking stocks prior to the release of 1Q2023 performance results and ex-dividend date, plus energy stocks, boosted by of the rising global oil prices. However, the Thai stock market pared gains around midweek before a domestic long holiday, while trading volume was thin. Foreign investors registered net buying position this week after selling Thai stocks for the past consecutive weeks.      
        On Wednesday, April 12, 2023, the SET closed at 1,592.67 points, up 0.99% over-week. The average daily trading value was THB39,071.41 million, down 8.81% over-week. The mai closed at 545.22 points, up 3.71% over-week.
        April 17-21, 2023, KSecurities expects the SET to have support at 1,575 and 1,550 points, but resistance at 1,600 and 1,630 points, respectively. KResearch views that key matters to watch include foreign fund flows, and 1Q2023 performance results of Thai listed companies, especially those in the banking sector. The US economic data that warrant close monitoring include March Housing Starts, Existing Home Sales, April PMI (Flash), and weekly jobless claims. Close attention must also be paid to March CPI and April PMI (Flash) of Eurozone and Japan, plus China’s GDP report for 1Q2023 and March economic data such as Industrial Production and Retail Sales.

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Financial Markets