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8 Jan 2024

Financial Markets

The Baht hit a 2-week low while the SET rose in the first week of 2024


        The Thai stock market still stood above 1,400 points in the first week of 2024. The SET surged during the first trading day of the year on the news regarding a permanent visa exemption scheme between Thailand and China, which helped boost the purchases of tourism-related stocks especially those of an airport operator. However, the SET moved within a volatile range during the rest of the week after having responded to the above positive factor. Additionally, the latest FOMC minutes, which signaled uncertainty over rate cuts, put pressure on the SET. Electronics components stocks tumbled this week following the downgrade of a large US tech company.
        On Friday, January 5, 2024, the SET closed at 1,427.96 points, up 0.86% over-week. The average daily trading value was THB46,832.14 million, up 31.09% over-week. The mai closed at 419.50 points, up 1.92% over-week.
        January 8-12, 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 foreign fund flows and the listed companies’ performance results for 4Q2023. The US economic data that warrant close monitoring include November Exports and Imports, December CPI and PPI, plus Weekly Jobless Claims. Close attention must also be paid to Eurozone’s November Retail Sales, plus China’s December CPI and PPI.

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Financial Markets