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16 Jan 2023

Financial Markets

The Baht strengthened while the SET dropped over-week


        The Thai stock market dropped sharply at the end of the week. The SET moved within a tight range early in the week due to the lack of new supporting factors after having responded to positive factors for a while especially the Fed’s 0.25% rate hike expectation at the upcoming meeting. Later, the SET rose briefly around midweek on speculative buying of some stocks especially stocks of a major electronics producer and purchases of foreign investors. However, the SET dropped sharply at the end of the week, dragged mainly by banking stocks after the latest earning results of several large banks came out lower than expected.      
        On Friday, January 20, 2023, the SET closed at 1,677.25 points, down 0.27% over-week. The average daily trading value was THB60,891.46 million, down 22.46% over-week. The mai closed at 594.73 points, up 0.86% over-week.
        January 23-27, 2023, KSecurities expects the SET to have support at 1,670 and 1,650 points, but resistance at 1,700 and 1,710 points, respectively. KResearch views that key matters to watch include the upcoming BOT’s MPC meeting (January 25), Thailand’s December Export, Thai listed companies’ 4Q2022 performance results, and foreign fund flows. The US economic data that warrant close monitoring include December Durable Goods Orders, New Home Sales, Personal Income and Outlays, PCE/Core PCE Price Index, January Manufacturing and Service PMI (Flash), plus GDP report for 4Q2022. Close attention must also be paid to January Manufacturing and Service PMI (Flash) of Japan, Eurozone and UK.

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Financial Markets