• The SET dropped for second consecutive weeks on foreign investors’ sell-offs. The Thai stock market moved within a narrow range early in the week as there were no new supporting factors, before tumbling from mid-to-the end of week in line with other stock markets amid concerns that the Fed would hold rates higher for longer. In addition, the SET was pressured by sell-offs before the MSCI rebalance at the end of the month and concerns about domestic political issues. The said negative factors caused profit-taking in various sectors, led by real estate, construction materials, technology and retail. The SET continued to face sell-offs at the end of week, led by finance, energy and real estate stocks. Foreign investors remained net sellers this week. On Friday, May 31, 2024, the SET closed at 1,345.66 points, down 1.38% over-week. The average daily trading value was THB46,273.63 million, up 12.45% over-week. The mai closed at 379.92 points, down 0.56% over-week.
• June 3-7, 2024, KSecurities expects the SET to have support at 1,335 and 1,320 points, but resistance at 1,355 and 1,370 points, respectively. KResearch views that key matters to watch include Thailand’s May Exports and foreign fund flows. The US economic data that warrant close monitoring include April Exports and Imports, May Manufacturing and Services PMI/ISM, ADP Employment Report, Non-farm Payrolls and Unemployment Rate, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming ECB meeting, Eurozone’s GDP report for 1Q-2024, May PMI of Eurozone, Japan and China, plus China’s May Exports and Imports.
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