The Baht hit a 19-month high while the SET closed above 1,400 points on the back of domestic factors

•    The SET closed higher for the fourth consecutive week and hit its 8-month high at the end of the week.
        The Thai stock market moved within a narrow range early to mid-week due to the lack of new supporting factors and sell-off pressure on energy stocks following falling global oil prices. Foreign investors remained in net-selling position while the market closely monitored domestic political issues.
        Later, the SET surged above 1,400 points amid foreign investors’ purchases, mainly driven by the clarity on the cabinet formation and the subscription of Vayupak Fund. These domestic positive factors boosted the purchases of stocks across all sectors. The SET continued to rise until the end of the week and hit its 8-month high at 1,431.24 points. Additionally, trading volume at the end of the week was high, exceeding THB100,000 million and hitting the highest daily trading value in almost 1 year and 7 months.
•    On Friday, September 6, 2024, the SET closed at 1,427.64 points, up 5.05% over-week. The average daily trading value was THB60,737.96 million, up 32.35% over-week. The mai closed at 344.66 points, up 5.25% over-week.
•    September 9-13, 2024, KSecurities expects the SET to have support at 1,415 and 1,400 points, but resistance at 1,440 and 1,455 points, respectively. KResearch views that key matters to watch include the delivery of government’s policy statement to parliament and foreign fund flows. The US economic data that warrant close monitoring include August CPI and PPI, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming ECB meeting, Japan’s GDP report for 2Q-2024, China’s August CPI and PPI, plus Japan’s and Eurozone’s July Industrial Production.