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6 Nov 2023

Financial Markets

The Baht and the SET rose over-week


        The Thai stock market closed above 1,400 points again. The SET moved within a narrow range early to mid-week amid sell-offs of foreign investors as there were no new supporting factors ahead of the FOMC meeting results and prolonged Israel-Hamas conflict. However, the SET rebounded during the remainder of the week after the Fed held interest rates steady as market anticipated. Market participants interpreted the Fed’s action as a signal towards the end of its rate hike cycle. As a result, stocks in all sectors closed higher this week, led by the finance and technology sectors (which were additionally boosted by the better-than-expected Q32023 performance results of a large electronics manufacturing company).       
        On Friday, November 3, 2023, the SET closed at 1,419.76 points, up 2.27% over-week. The average daily trading value was THB40,508.75 million, down 10.39% over-week. The mai closed at 407.19 points, up 1.82% over-week.
        November 6-10, 2023, KSecurities expects the SET to have support at 1,400 and 1,385 points, but resistance at 1,430 and 1,450 points, respectively. KResearch views that key matters to watch include Thailand’s October CPI, foreign fund flows and listed companies’ performance results for 3Q2023. The US economic data that warrant close monitoring include September Imports and Exports, plus Weekly Jobless Claims. Close attention must also be paid to Japan’s and Eurozone’s October Services PMI, UK’s GDP report for 3Q2023, plus China’s October economic data such as CPI and PPI.

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Financial Markets