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28 Aug 2023

Financial Markets

The Baht strengthened while the SET surged over-week


        The Thai stock market rose throughout the week amid hopes towards the formation of a new government. During the week, the parliament elected Thailand’s new prime minister, resulting in the purchase of stocks in all sectors, especially the finance sector on expected benefits from the government’s measures. Meanwhile, foreign investors resumed net purchases of Thai stocks after recording net sales for several consecutive weeks. However, the gains were capped at the end of the week after having responded to domestic political issues, and regional stock markets that fell ahead of Fed Chairman’s speech at Jackson Hole Economic Policy Symposium.      
        On Friday, August 25, 2023, the SET closed at 1,560.20 points, up 2.70% over-week. The average daily trading value was THB62,794.95 million, up 15.25% over-week. The mai closed at 487.29 points, up 6.24% over-week.
        August 28 – September 1, 2023, KSecurities expects the SET to have support at 1,540 and 1,515 points, but resistance at 1,565 and 1,580 points, respectively. KResearch views that key matters to watch include domestic political issues and foreign fund flows. The US economic data that warrant close monitoring include August ADP Employment Report, Non-farm Payrolls, Unemployment Rate and Manufacturing ISM/PMI, July Personal Income and Outlays and PCE/Core PCE Price Index, plus GDP report for 2Q2023. Close attention must also be paid to Eurozone’s August CPI (Flash), and August Manufacturing PMI of Japan, China and Eurozone.  

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Financial Markets