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16 Oct 2023

Financial Markets

The Baht strengthened while the SET rose over-week


        The Thai stock market dropped at the end of the week but closed higher for the first time in six weeks. The SET dropped early in the week due to the lack of new supporting factors and concerns about the unrest in Israel. However, the SET recovered later in line with other stock markets as investors were less concerned about the Fed’s interest rate trend after Fed officials signal the likelihood of a rate-hike pause.  The SET dropped again in contrast to other regional stock markets due to the sell-offs before a long weekend in the domestic market.        
        On Wednesday, October 12, 2023, the SET closed at 1,450.75 points, up 0.86% over-week. The average daily trading value was THB44,639.27 million, down 7.40% over-week. The mai closed at 432.31 points, down 0.81% over-week.
        October 16-20, 2023, KSecurities expects the SET to have support at 1,440 and 1,420 points, but resistance at 1,460 and 1,470 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 September Retail Sales, Industrial Production, Housing Starts, Existing Home Sales, plus Weekly Jobless Claims. Close attention must also be paid to Eurozone’s and Japan’s September Inflation, plus China’s GDP report for 3Q2023, October LPR and September economic data, such as Retail Sales and Industrial  Production.

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Financial Markets