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20 Nov 2023

Financial Markets

The Baht strengthened in line with the rising SET


        The Thai stock market closed above 1,400 points again as investors were less concerned over the trend of US interest rates. The SET moved within a narrow range early in the week before surging during midweek following other stock markets after the lower-than-expected US CPI in October prompted the market to see lesser chance of the Fed’s further rate hikes. However, the SET moved within a narrow range again during the rest of the week, as market focus was shifted to naked short selling which affected the confidence of individual investors. Banking stocks fell this week in contrary to overall market on sell-offs of shares of a major bank.       
        On Friday, November 17, 2023, the SET closed at 1,415.78 points, up 1.89% over-week. The average daily trading value was THB49,231.92 million, up 11.28% over-week. The mai closed at 402.44 points, up 2.20% over-week.
        November 20-24, 2023, KSecurities expects the SET to have support at 1,405 and 1,390 points, but resistance at 1,430 and 1,455 points, respectively. KResearch views that key matters to watch include Thailand’s GDP report for 3Q2023, foreign fund flows and individual investors’ concerns over naked short selling. The US economic data that warrant close monitoring include October Existing Home Sales, Durable Goods Orders, November PMI (Flash), FOMC minutes, plus Weekly Jobless Claims. Close attention must also be paid to Eurozone’s and Japan’s November PMI (Flash), and China’s November LPR.

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Financial Markets