Although the Thai stock market rose over-week, it pared gains at the end of the week. The SET surged early in the week after long holidays, boosted by purchases of foreign and institutional investors amid expectations of a slowdown in US inflation, which in turn may cause the Fed to hold its interest rates steady at the next meeting. Finance stocks surged the most this week, with additional support of stock buyback of a finance company. The SET later moved within a tight range before paring gains somewhat at the end of the week while waiting for the outcomes of Thailand’s general election to be held on May 14, 2023, and US debt ceiling issues.
On Friday, May 12, 2023, the SET closed at 1,561.35 points, up 1.83% over-week. The average daily trading value was THB53,460.78 million, up 12.59% over-week. The mai closed at 501.57 points, up 0.44% over-week.
May 15-19, 2023, KSecurities expects the SET to have support at 1,545 and 1,530 points, but resistance at 1,575 and 1,585 points, respectively. KResearch views that key matters to watch include Thailand’s GDP report for 1Q2023, foreign fund flows, US debt ceiling issues, remarks of Fed officials, and domestic political issues. The US economic data that warrant close monitoring include April Retail Sales, Industrial Production, Housing Starts, Existing Home Sales, and Weekly Jobless Claims. Close attention must also be paid to Eurozone’s March Industrial Production, Japan’s GDP report for 1Q2023, April CPI of Eurozone and Japan, plus China’s April economic data such as Retail Sales and Fixed Asset Investment.