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19 Jun 2023

Financial Markets

The Baht strengthened later in the week while the SET continued to rise over-week


        The Thai stock market rebounded at the end of the week. The SET dropped briefly early in the week before surging along with other markets on the back of China’s rate cut to boost its economy. However, the SET dropped further around midweek, pressured by the Fed’s signal to raise rates later on this year, despite holding rates steady at its June meeting, as expected. The Thai bourse rebounded at the end of the week, boosted by buying of energy stocks. The technology sector outperformed the overall stock market this week on the purchase of stocks of a major electronics producer along with foreign technology stocks.      
        On Friday, June 16, 2023, the SET closed at 1,559.39 points, up 0.28% over-week. The average daily trading value was THB43,232.75 million, down 13.84% over-week. The mai closed at 480.72 points, down 4.11% over-week.
        June 19-23, 2023, KSecurities expects the SET to have support at 1,545 and 1,530 points, but resistance at 1,570 and 1,585 points, respectively. KResearch views that key matters to watch include the Fed Chairman's testimony to the US Congress, foreign fund flows, and domestic political issues. The US economic data that warrant close monitoring include May Housing Starts, Existing Home Sales, June PMI (Flash), plus Weekly Jobless Claims. Close attention must also be paid to China’s June LPR, the upcoming BOE meeting and June PMI (Flash) of Japan, Eurozone and UK.

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Financial Markets