The Thai stock market closed near last week’s level. The SET surged early in the week amid hopes towards US debt ceiling talks before gradually dropping, dragged by Thai exports that fell more than expected in April, uncertainty surrounding domestic politics, plus foreign investors’ continued selling of Thai stocks. However, the SET rebounded at the end of the week in line with other stock markets after the US passed a bill to raise its debt ceiling. The technology sector (boosted by large cap stock buyback) and banking sector (benefited from rising interest rates) outperformed other sectors during this week.
On Friday, June 2, 2023, the SET closed at 1,531.20 points, up 0.02% over-week. The average daily trading value was THB53,168.16 million, up 12.04% over-week. The mai closed at 486.80 points, up 0.50% over-week.
June 5-9, 2023, KSecurities expects the SET to have support at 1,520 and 1,500 points, but resistance at 1,545 and 1,555 points, respectively. KResearch views that key matters to watch include Thailand’s May Inflation, foreign fund flows, and domestic political issues. The US economic data that warrant close monitoring include May Services PMI, April Exports and Imports, plus Weekly Jobless Claims. Close attention must also be paid to Japan’s and Eurozone’s May Services PMI, Japan’s and Eurozone’s GDP report for Q12023 and China’s May economic data such as Services PMI, CPI and PPI.