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7 Mar 2023

Financial Markets

The Baht fluctuated while the SET dropped for four consecutive weeks


        The Thai stock closed at its lowest level in more than 2 months. The SET dropped throughout the week amid foreign investors’ sell-offs, dragged mainly by concerns that the Fed would aggressively raise rates after the US January PCE Price Index came out higher than market expected and steady contraction seen in Thai exports in January 202, causing the JSCCIB to downgrade Thailand’s export outlook this year in line with the global economic slowdown. However, technology stocks outperformed other those in other sectors this week, supported by the bright business outlook of a major electronics manufacturing company and a telecommunication company on its corporate merger.       
        On Friday, March 3, 2023, the SET closed at 1,606.88 points, down 1.66% over-week. The average daily trading value was THB63,810.96 million, up 7.08% over-week. The mai closed at 557.36 points, down 1.17% over-week.
        March 6-10, 2023, KSecurities expects the SET to have support at 1,600 and 1,575 points, but resistance at 1,620 and 1,630 points, respectively. KResearch views that key matters to watch include Thailand’s February Inflation, Fed Chairman’s testimony, domestic political issue and foreign fund flows. The US economic data that warrant close monitoring include January Exports, February ADP Employment Report, Non-farm Payrolls and Unemployment Rate, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming meeting of BOJ, Eurozone’s and Japan’s GDP report for 4Q2022, plus China’s February economic data such as CPI and PPI.

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Financial Markets