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2 May 2023

Financial Markets

The Baht strengthened while the SET continued to drop over-week


        The Thai stock market fluctuated downwardly throughout the week. The SET faced sell-offs almost throughout the week amid concerns about Thailand’s economic outlook after the NESDC made a downward revision of Thai GDP from 3.8% to 3.6%. The market was also dragged by investors’ risk-off sentiment ahead of long holidays and the FOMC meeting next week. Tec stocks dropped the most this week, dragged by a major electronics manufacturing company’s lower-than-expected 1Q2023 performance results, while energy stocks remained under pressure from falling global oil prices.      
        On Friday, April 28, 2023, the SET closed at 1,529.12 points, down 1.88% over-week. The average daily trading value was THB42,611.43 million, down 17.02% over-week. The mai closed at 501.99 points, down 3.32% over-week.
        May 1-5, 2023, KSecurities expects the SET to have support at 1,515 and 1,500 points, but resistance at 1,540 and 1,555 points, respectively. KResearch views that key matters to watch include the upcoming FOMC meeting (May 2-3), Thailand’s April Inflation, foreign fund flows, and Thai listed companies’ 1Q2023 performance results. The US economic data that warrant close monitoring include April PMI, ADP Employment Report, Non-farm Payrolls and Unemployment Rate. Close attention must also be paid to the upcoming ECB meeting, Eurozone’s April CPI (Flash) and March PPI, plus China’s April PMI.

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Financial Markets