The Baht strengthened while the SET pared gains at the end of the week along with foreign stock markets

• The SET rose almost throughout the week before paring gains somewhat at the end of the week.

        The Thai stock market rose from the beginning of the week, boosted primarily by expectations towards the Fed’s cut rate at its September meeting, the revision of TESG funds to boost Thai stock market and purchases of technology and energy stocks due to the better-than-expected 2Q-2024 performance results of a major electronics manufacturing company and energy company. The SET continued to rise after the FOMC meeting, although the Fed held rates steady but signaled to cut rates at its September meeting as market expected.
        However, the SET pared gains somewhat at the end of the week in line with foreign stock markets, which dropped on concerns about the US economic outlook. Nonetheless, the SET still outperformed other regional stock markets and remained above 1,300 points.

• On Friday, August 2, 2024, the SET closed at 1,313.08 points, up 0.45% over-week. The average daily trading value was THB39,969.37 million, up 10.73% over-week. The mai closed at 322.56 points, down 1.71% over-week.
• August 5-9, 2024, KSecurities expects the SET to have support at 1,300 and 1,290 points, but resistance at 1,325 and 1,335 points, respectively. KResearch views that key matters to watch include Thailand’s July Inflation, Fed officials’ remarks, Thai listed companies’ performance results for 2Q-2024, and foreign fund flows. The US economic data that warrant close monitoring include June Exports and Imports, July Services ISM/PMI, plus Weekly Jobless Claims. Close attention must also be paid to July Services PMI of China, Japan, Eurozone and UK, Eurozone’s June PPI and Retail Sales, plus China’s July economic data such as PPI, CPI and Exports.