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27 Feb 2023

Financial Markets

The Baht faced sell-offs while the SET dropped for three consecutive weeks


        The Thai stock dropped for three consecutive weeks. The SET surged early in the week, driven by the purchases of financing and banking stocks, plus clarity regarding political issues as Thai Prime Minister announced the dissolution of the parliament early next month so the general election can be held. However, the SET tumbled during the rest of the week in line with other regional stock markets, as investors were concerned about the Fed’s rate hikes, while the latest FOMC minutes suggested the needs to continue raising rates in order to curb inflation. In addition, the SET was dragged by the lower-than-expected performance results of listed companies.       
        On Friday, February 24, 2022, the SET closed at 1,634.02 points, down 1.07% over-week. The average daily trading value was THB59,594.55 million, down 16.03% over-week. The mai closed at 563.95 points, down 0.97% over-week.
        February 27 – March 3, 2023, KSecurities expects the SET to have support at 1,620 and 1,595 points, but resistance at 1,645 and 1,670 points, respectively. KResearch views that key matters to watch include Thailand’s January Exports, domestic political issue and foreign fund flows. The US economic data that warrant close monitoring include January Durable Goods Orders, February ISM/PMI, Weekly Jobless Claims. Close attention must also be paid to Japan’s January Industrial Production, Eurozone’s February CPI (Flash), plus February PMI of Japan, China and Eurozone.

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Financial Markets