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8 May 2023

Financial Markets

The Baht hit an over 3-week high ahead of the FOMC meeting while the SET rose over-week


        The SET index fell to its lowest level in nearly two years at 1,507.22 points before rebounding ahead of long holidays. The SET was under pressure early in the week on concerns over the US banking issues due to the news reports of another bank collapse, while falling global oil prices continued to put pressure on energy stocks. However, the SET recovered on purchases of banking, finance and construction material stocks before domestic long holidays, and on hopes that the Fed may signal the end to the rate hike cycle at the upcoming meeting.       
        On Wednesday, May 3, 2023, the SET closed at 1,533.30 points, up 0.27% over-week. The average daily trading value was THB47,481.82 million, up 11.43% over-week. The mai closed at 499.36 points, down 0.52% over-week.
        May 8-12, 2023, KSecurities expects the SET to have support at 1,515 and 1,500 points, but resistance at 1,545 and 1,555 points, respectively. KResearch views that key matters to watch include foreign fund flows, Thai listed companies’ 1Q2023 performance results, US banking issues and domestic political issues. The US economic data that warrant close monitoring include April CPI and PPI, May Consumer Confidence Index, and Weekly Jobless Claims. Close attention must also be paid to the upcoming BOE meeting, Japan’s April PMI and China’s April economic data such as Exports and CPI.

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Financial Markets