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12 Jun 2023

Financial Markets

The Baht was volatile before rising substantially later in the week, while the SET Index rose over-week


        The Thai stock market rose over week despite paring gains somewhat at the end of the week. The SET moved within a narrow range early in the week after having responded to positive factors, including the US debt ceiling issue. Later, the SET surged on  the purchases of large-cap stocks, particular energy stocks after Saudi Arabia pledged output cuts, expectations that the Fed would hold interest rates, plus foreign investors’ purchase orders. However, the SET pared gains somewhat at the end of the week as investors awaited the development of domestic political situation and the results of the FOMC meeting scheduled for June 13-14.       
        On Friday, June 9, 2023, the SET closed at 1,555.11 points, up 1.56% over-week. The average daily trading value was THB50,183.70 million, down 5.61% over-week. The mai closed at 501.30 points, up 2.98% over-week.
        June 12-16, 2023, KSecurities expects the SET to have support at 1,530 and 1,515 points, but resistance at 1,560 and 1,575 points, respectively. KResearch views that key matters to watch include FOMC meeting results (June 13-14), foreign fund flows, and domestic political issues. The US economic data that warrant close monitoring include May CPI, PPI, Retail Sales and Industrial Production, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming ECB and BOJ meetings, Eurozone’s May CPI and China’s May economic data such as Retail Sales, Industrial Production and Fixed Asset Investment.

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Financial Markets