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21 Nov 2022

Financial Markets

The Baht was volatile while the SET closed near last week’s level


        The Thai stock market closed near last week’s level. The SET index moved within in a narrow range early in the week on sell-offs of energy stocks (in line with falling global energy prices) and technology stocks (after the announcement on the cancellation of a tender offer process of telecom companies), despite a report on better-than-expected Thai 3Q22 GDP. However, the SET rose around midweek on purchases of energy stocks as the OPEC denied oil output hike discussion. The SET pared gains at the end of the week as there were no new supporting factors and concerns over the  resurgence of COVID-19 after the surge in COVID-19 cases.      
        On Friday, November 25, 2022, the SET closed at 1,620.84 points, up 0.21% over-week. The average daily trading value was THB51,425.24 million, down 15.33% over-week. The mai closed at 582.43 points, down 3.04% over-week.

        November 28 – December 2, 2022, KSecurities expects the SET to have support at 1,600 and 1,580 points, but resistance at 1,640 and 1,660 points, respectively. KResearch views that key matters to watch include the BOT’s MPC meeting (November 30) and foreign fund flows. The US economic data that warrant close monitoring include GDP report for 3Q2022, October PCE/Core PCE Price Index, Personal Income and Outlays, November ADP Employment Report, Non-farm Payrolls, Unemployment Rate, plus Manufacturing ISM/PMI. Close attention must also be paid to Eurozone’s November CPI (Flash) and October PPI, China’s and Japan’s November PMI, plus Japan’s October Industrial Production.

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Financial Markets