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30 Oct 2023

Financial Markets

The Baht rose slightly but the SET continued to drop over-week


        The Thai stock market rebounded somewhat at the end of the week after dropping sharply during the week. Overall, the SET fell  amid concerns about the unrest in Israel, rising US bond yields, Fed’s ‘higher for longer’ interest rate stance, plus the fact that domestic economic stimulus scheme has not reached a conclusion yet. However, the SET rebounded somewhat at the end of the week in line with other regional stock markets and on the back of repurchase of large-cap stocks. This week, the SET was mainly dragged by technology stocks in line with US technology stocks and banking stocks after the release of performance results for 3Q2023.      
        On Friday, October 27, 2023, the SET closed at 1,388.23 points, down 0.79% over-week. The average daily trading value was THB45,203.82 million, down 4.69% over-week. The mai closed at 399.90 points, down 1.96% over-week.
        October 30 – November 3, 2023, KSecurities expects the SET to have support at 1,360 and 1,350 points, but resistance at 1,400 and 1,420 points, respectively. KResearch views that key matters to watch include the upcoming FOMC meeting (October 31 – November 1), foreign fund flows and listed companies’ performance results for 3Q2023. The US economic data that warrant close monitoring include October ADP Employment Report, Non-farm Payrolls, Unemployment, Manufacturing ISM/PMI, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming BOJ and BOE meetings, Eurozone’s GDP report for 3Q2023 and October CPI (Flash), plus October Manufacturing PMI of Japan, China and Eurozone.

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Financial Markets