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5 Dec 2022

Financial Markets

The Baht was volatile while the SET dropped over-week


        The Thai stock market dropped over-week. The SET index dropped at the beginning of the week in line with other stock markets, pressured by a number of factors. Among these include concerns over the global economic outlook, the postponement of deliberation on domestic economic stimulus measures, plus foreign and institutional investors’ sell-offs before a long holiday and the FOMC meeting scheduled for next week. However, the SET pared losses somewhat at the end of the week in alignment with other stock markets. For this week, the SET index was mainly dragged by technology, banking and energy stocks. It was also pressured by falling global oil prices.      
        On Friday, December 9, 2022, the SET closed at 1,623.13 points, down 1.13% over-week. The average daily trading value was THB52,970.99 million, down 13.15% over-week. The mai closed at 581.37 points, down 0.18% over-week.
        December 12-16, 2022, KSecurities expects the SET to have support at 1,610 and 1,600 points, but resistance at 1,640 and 1,650 points, respectively. KResearch views that key matters to watch include the upcoming FOMC meeting (December 13-14), the deliberation of stimulus measures as New Year’s gifts, plus foreign fund flows. The US economic data that warrant close monitoring include November CPI, Retail Sales, Industrial Production, December PMI (Flash). Close attention must also be paid to the upcoming ECB and BOE meetings, Japan’s November PPI, Eurozone’s October Industrial Production and November CPI, December PMI (Flash) for Japan and Eurozone, plus China’s November economic data such as Industrial Production, Retail Sales and Fixed Asset Investment.

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Financial Markets