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19 Dec 2022

Financial Markets

The Baht weakened while gains on the SET were capped at the end of the week


        The SET closed near last week’s level. The SET index faced sell-offs early in the week in line with  other stock markets despite being boosted by domestic economic stimulus measures. Markets were concerned about the mounting global economic risks as central banks across the world continued to signal the implementation of their tightening monetary policy, while the BOJ recently increased its band for the 10-year bond yield. However, the SET gradually recovered during the rest of the week, boosted by banking  and energy stocks, plus those of a major electronics manufacturer (which was selected to be included in the calculation of SET50 Index and SET100 Index). The gains on the SET were capped at the end of the week as the market was worried about the Fed’s rate hikes.       
        On Friday, December 23, 2022, the SET closed at 1,617.55 points, down 0.09% over-week. The average daily trading value was THB47,240.56 million, down 20.37% over-week. The mai closed at 561.40 points, down 1.69% over-week.
        December 26-30, 2022, KSecurities expects the SET to have support at 1,600 and 1,590 points, but resistance at 1,625 and 1,635 points, respectively. KResearch views that key matters to watch include foreign fund flows, COVID-19 in China, and year-end window dressing. The US economic data that warrant close monitoring include November Pending Home Sales, October House Price Index and Weekly Jobless Claims. Close attention must also be paid to China’s November Industrial Profits and Japan’s Retail Sales and Industrial Production.

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Financial Markets