• The SET rose slightly over-week. The Thai stock market rose early in the week in line with other stock markets amid hopes that the Fed would cut interest rates in September, after the US Non-farm Payrolls in April came out lower than market expected. In addition, the SET was boosted by the purchases of technology stocks, as a telecommunications service company reported better-than-expected 1Q-24 performance results. However, the SET gradually pared gains during the remainder of the week on sell-offs of foreign investors after having responded to such positive factors for a while. Although there were good news about the resumption of long-term equity fund (LTF), the SET could not rise further due to the lack of clarity on such news. Nonetheless, the SET rose slightly at the end of the week in alignment with other Asian stock markets. On Friday, May 10, 2024, the SET closed at 1,371.90 points, up 0.14% over-week. The average daily trading value was THB40,074.02 million, down 4.48% over-week. The mai closed at 386.16 points, down 0.85% over-week.
• May 13-17, 2024, KSecurities expects the SET to have support at 1,360 and 1,350 points, but resistance at 1,380 and 1,390 points, respectively. KResearch views that key matters to watch include Fed officials’ remarks, foreign fund flows and Thai listed companies’ 1Q-24 performance results. The US economic data that warrant close monitoring include April PPI, CPI, Retail Sales, Housing Starts and Industrial Production, and Weekly Jobless Claims. Close attention must also be paid to the Eurozone’s and Japan’s GDP report for 1Q-24 and March Industrial Production, the Eurozone’s April CPI, plus China’s April economic data such as Industrial Production, Retail Sales and Fixed Asset Investment.
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