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18 Dec 2023

Financial Markets

The Baht strengthened while the SET rose after the FOMC meeting


        The Thai stock market hit a 3-year low at 1,354.73 points around mid-week but surged later after the FOMC meeting. While there were no new supporting factors, the SET dropped early to mid-week amid continued sell-offs of foreign investors, especially finance stocks due to concerns about the impacts of relief measures for household debt. Meanwhile, energy stocks remained under pressure of falling global oil prices. However, the SET surged later in the week along other stock markets, as the FOMC meeting outcome came out as expected. In addition, the Fed has signaled the end of its rate hike cycle and three cuts coming in 2024, resulting in buy-back of stocks in all sectors.         
        On Friday, December 15, 2023, the SET closed at 1,391.03 points, up 0.73% over-week. The average daily trading value was THB43,844.89 million, up 16.45% over-week. The mai closed at 395.87 points, down 1.16% over-week.
        December 18-22, 2023, KSecurities expects the SET to have support at 1,370 and 1,350 points, but resistance at 1,400 and 1,425 points, respectively. KResearch views that key matter to watch is foreign fund flows. The US economic data that warrant close monitoring include November Housing Starts, New Home Sales, Existing Home Sales, Durable Goods Orders, Personal Income and Outlays, and PCE/Core PCE Price Index, GDP report for 3Q2023, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming BOJ meeting, Eurozone’s and Japan’s November CPI, plus China’s December LPR.

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Financial Markets