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17 Jul 2023

Financial Markets

The Baht strengthened while the SET closed above 1,500 points again


        The Thai stock market closed above 1,500 points. The SET moved within a narrow range almost throughout the week pending the development of domestic politics before surging at the end the week despite domestic political issues after the first round of PM votes. Thai stock market and other stock markets were boosted by hopes that the Fed is close to end of its rate hike cycle after US June inflation came out slower than expected. In addition, the SET was supported by the purchases of large-cap stocks in energy, technology, and banking sectors before the release of their 2Q-2023 performances.      
        On Friday, July 14, 2023, the SET closed at 1,517.92 points, up 1.84% over-week. The average daily trading value was THB40,927.00 million, up 4.10% over-week. The mai closed at 461.71 points, up 0.79% over-week.
        July 17-21, 2023, KSecurities expects the SET to have support at 1,505 and 1,485 points, but resistance at 1,535 and 1,545 points, respectively. KResearch views that key matters to watch include foreign fund flows, domestic political issues, and Thai listed companies’ performance results for 2Q-2023 especially those in the banking sector. The US economic data that warrant close monitoring include June Retail Sales, Industrial Production, Housing Starts and Existing Home Sales, plus Weekly Jobless Claims. Close attention must also be paid to Eurozone’s and Japan’s June Inflation, plus China’s GDP report for 2Q2023 and June economic data such as Industrial Production, Retail Sales and Fixed Asset Investment.

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Financial Markets