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24 Jul 2023

Financial Markets

The Baht pared gains somewhat at the end of the week while the SET continued to rise over-week


        The Thai stock market rose over-week. The SET surged from the beginning of the week on hopes that the Fed is close to end of its rate hike cycle and expectations that political process will proceed to the next step. However, the gains were capped at the end of the week as domestic political issues remain uncertain. Banking stocks faced sell-offs at the end of the week, dragged by the disappointing performance results in 2Q202 of a major commercial bank.       
        On Friday, July 21, 2023, the SET closed at 1,529.25 points, up 0.75% over-week. The average daily trading value was THB47,846.53 million, up 16.91% over-week. The mai closed at 462.89 points, up 0.26% over-week.
        July 24-28, 2023, KSecurities expects the SET to have support at 1,505 and 1,485 points, but resistance at 1,545 and 1,570 points, respectively. KResearch views that key matters to watch include the upcoming FOMC meeting (July 25-26), Thailand’s June Exports data, foreign fund flows, domestic political issues, and Thai listed companies’ performance results for 2Q2023. The US economic data that warrant close monitoring include July PMI (Flash), June New Home Sales, Durable Goods Orders, Personal Income and Outlays, PCE/Core PCE Price Index, plus GDP report for 2Q2023. Close attention must also be paid to the upcoming ECB and BOJ meetings, July PMI (Flash) of Japan, Eurozone and UK, plus China’s June Industrial Profits.

Financial Markets