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11 Sep 2023

Financial Markets

The Baht weakened while the SET dropped over-week

คะแนนเฉลี่ย

        The Thai stock dropped over-week. The SET tumbled early in the week in contrast to other stock markets due to institutional investors’ sell-offs, particularly energy stocks on concerns about the policies of  reducing the cost of living and crude oil leakage. However, the SET rose slightly and moved within a narrow range during the remainder of the week, boosted by the purchase of large-cap stocks, particularly energy stocks, as Saudi Arabia and Russia announced an extension of their oil production cuts to the end of year. Meanwhile, investors also awaited the delivery of the government’s policy statement next week and an assessment of US interest rates trend.           
        On Friday, September 8, 2023, the SET closed at 1,547.17 points, down 0.92% over-week. The average daily trading value was THB44,248.84 million, down 26.91% over-week. The mai closed at 480.70 points, down 0.80% over-week.
        September 11-15, 2023, KSecurities expects the SET to have support at 1,540 and 1,530 points, but resistance at 1,565 and 1,580 points, respectively. KResearch views that key matters to watch include new government’s economic policies and foreign fund flows. The US economic data that warrant close monitoring include August CPI, PPI and Retail Sales, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming ECB meeting, Eurozone’s and Japan’s July Industrial Production, plus China’s August economic data such as Retail Sales and Fixed Asset Investment.

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Financial Markets