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7 Oct 2024

Financial Markets

The Baht weakened while the SET tumbled on concerns about Middle East tensions

คะแนนเฉลี่ย

  • The SET continued to move in a volatile range from the previous week. It surged early in the week on positive domestic factors before falling later in response to negative international factors.
        The Thai stock market moved in a narrow range early in the week before surging on October 1, the first day that the Vayupak Fund began to invest in the Thai stock market. Such positive factor helped boost the purchases of various stocks, led by banking and technology stocks. In addition, the SET was boosted by the news that a large US technology company announced a relatively large investment in Thailand.   
        The SET reversed its gains around midweek in line with other stock markets due to concerns about tensions in the Middle East, particularly between Iran and Israel, leading to risk-off sentiment among investors. However, the SET recovered somewhat at the end of the week, boosted by energy stocks (which benefited from rising global oil prices) and technology stocks (boosted by news of merger between a telecommunication company and an energy company)
  • On Friday, October 4, 2024, the SET closed at 1,444.25 points, down 0.41% over-week. The average daily trading value was THB56,991.12 million, down 0.66% over-week. The mai closed at 343.54 points, down 3.10% over-week.
  • October 7-11, 2024, KSecurities expects the SET to have support at 1,425 and 1,400 points, but resistance at 1,460 and 1,475 points, respectively. KResearch views that key factors to watch out for include Thailand’s September CPI, remarks of Fed officials, and foreign fund flows. The US economic data that warrant close monitoring include September CPI and PPI, August Exports and Imports, FOMC minutes (September 17-18), plus Weekly Jobless Claims. Close attention must also be paid to Japan’s September PPI and Eurozone’s August Retail Sales.

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