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12 Dec 2023

Financial Markets

The Baht weakened while the SET index closed near last week’s level


        The Thai stock market closed near last week’s level. The SET rose early to midweek, boosted by purchases of large cap stocks in various sectors to take  benefits from TESG funds and expectations that the Fed would hold policy rate steady at its upcoming meeting next week. Later, the SET dropped sharply due to foreign investors’ sell-offs, especially energy stocks following the declines in global oil prices and large cap stocks in the technology sector on concerns that they may be delisted from the SET50 and SET100. However, the SET pared losses somewhat at the end of the week, boosted by purchases of electronic components stocks.      
        On Friday, December 8, 2023, the SET closed at 1,380.99 points, down 0.05% over-week. The average daily trading value was THB37,650.03 million, down 21.14% over-week. The mai closed at 400.51 points, up 0.73% over-week.
        December 11-15, 2023, KSecurities expects the SET to have support at 1,365 and 1,350 points, but resistance at 1,400 and 1,410 points, respectively. KResearch views that key matters to watch include FOMC meeting (December 12-13) and foreign fund flows. The US economic data that warrant close monitoring include November CPI, PPI, Retail Sales and Industrial Production, December PMI (Flash), plus Weekly Jobless Claims. Close attention must also be paid to the upcoming BOE and ECB meetings, December PMI (Flash) of Japan, Eurozone and UK, plus China’s November economic data such as Retail Sales and Fixed Asset Investment.

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Financial Markets