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14 Nov 2022

Financial Markets

The Baht traded within a narrow range while the SET dropped over-week


        The Thai stock market dropped almost throughout the week. The SET index declined after being pressured by negative sentiment stemming from the abnormal trading of shares of a listed company, concerns over international conflicts after a missile fell in Poland, and sell-offs of foreign and domestic institutional investors. However, the SET index moved within a narrow range at the end of the week as investors awaited Thai GDP data to be released next week. Finance, banking, property and energy (which were under additional pressure from falling global oil prices due to demand concerns) stocks were the worst performers during this week.      
        On Friday, November 18, 2022, the SET closed at 1,617.38 points, down 1.22% over-week. The average daily trading value was THB60,734.04 million, down 10.21% over-week. The mai closed at 600.68 points, down 3.97% over-week.
        November 21-25, 2022, KSecurities expects the SET to have support at 1,600 and 1,585 points, but resistance at 1,630 and 1,650 points, respectively. KResearch views that key matters to watch include Thailand’s GDP report for 3Q-22 and October Exports, plus foreign fund flows. The US economic data that warrant close monitoring include November PMI (Flash), October New Home Sales, Durable Goods Orders, plus FOMC Minutes (November 1-2). Close attention must also be paid to November PMI (Flash) of Eurozone, UK and Japan, plus China’s November LPR.

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Financial Markets