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13 Nov 2023

Financial Markets

The Baht tumbled while the SET dropped over-week


        The Thai stock market dropped below 1,400 points at the end of the week. The SET faced foreign investors’ sell-offs throughout the week, mainly due to concerns over the current Thai economy and its outlook, the rising US bond yields and the Fed Chairman’s remarks at the end of the week regarding the fact that the Fed is not confident that the benchmark rate is high enough to curb inflation. The SET was mainly dragged by technology stocks (due to merger issues), energy stocks (following falling global oil prices), finance stocks and banking stocks.      
        On Friday, November 10, 2023, the SET closed at 1,389.57 points, down 2.13% over-week. The average daily trading value was THB44,239.55 million, up 9.21% over-week. The mai closed at 393.77 points, down 3.30% over-week.
        November 13-17, 2023, KSecurities expects the SET to have support at 1,375 and 1,350 points, but resistance at 1,400 and 1,415 points, respectively. KResearch views that key matters to watch include foreign fund flows and listed companies’ performance results for 3Q2023. The US economic data that warrant close monitoring include October CPI, PPI, Retail Sales, Industrial Production and Housing Starts, plus Weekly Jobless Claims. Close attention must also be paid to Japan’s and Eurozone’s GDP report for 3Q2023, Eurozone’s October CPI, plus China’s October economic data such as Industrial Production, Retail Sales, and Fixed Asset Investment.

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Financial Markets