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21 Aug 2023

Financial Markets

The Baht fell further while the SET dropped over-week


        The Thai stock market dropped in line with other stock markets. The SET declined early in the week as China’s economy shows signs of slowing down and dozens of US banks could be downgraded by Fitch, before recovering somewhat during the week on hopes towards the progress regarding the formation of a new government. However, the SET dropped again at the end of the week amid pressure from the surge in US bond yields and China property giant’s filing for bankruptcy.      
        On Friday, August 18, 2023, the SET closed at 1,519.12 points, down 1.04% over-week. The average daily trading value was THB54,486.11 million, up 5.90% over-week. The mai closed at 458.69 points, down 0.24% over-week.
        August 21-25, 2023, KSecurities expects the SET to have support at 1,505 and 1,485 points, but resistance at 1,540 and 1,560 points, respectively. KResearch views that key matters to watch include Thailand’s GDP report for 2Q-23 and July Exports, domestic political issues and foreign fund flows. The US economic data that warrant close monitoring include July Existing Home Sales, New Home Sales, Durable Goods Orders, August PMI (Flash), plus Weekly Jobless Claims. Close attention must also be paid to China’s August LPR, plus Japan’s and Eurozone’s August PMI (Flash). 

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Financial Markets