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9 Oct 2023

Financial Markets

The Baht weakened while the SET continued to drop over-week


        The Thai stock market hit its lowest level in more than 2 years and 9 months at 1,429.99 points and tumbled further towards the end of the week. The SET dropped sharply early in the week as foreign investors continued to sell Thai stocks amid concerns about the rising US bond yields, the weakening of the Baht and downward revision of Thai economic growth forecast by the World Bank. The SET moved within a tight range later before tumbling again at the end of the week amid sell-offs of large-cap stocks, especially energy stocks, following the falling global oil prices amid concerns about a slowdown in global oil demand.       
        On Friday, October 6, 2023, the SET closed at 1,438.45 points, down 2.24% over-week. The average daily trading value was THB48,209.07 million, down 12.86% over-week. The mai closed at 435.82 points, down 3.27% over-week.
        October 9-13, 2023, KSecurities expects the SET to have support at 1,415 and 1,400 points, but resistance at 1,460 and 1,470 points, respectively. KResearch views that key matters to watch include foreign fund flows. The US economic data that warrant close monitoring include September CPI and PPI, FOMC minutes (September 19-20), plus Weekly Jobless Claims. Close attention must also be paid to Eurozone’s August Industrial Production, China’s September economic data such as CPI, PPI, Imports and Exports.

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Financial Markets