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22 Jan 2024

Financial Markets

The Baht tumbled while the SET continued to drop over-week


        The Thai stock market continued to drop from the previous week amid foreign investors’ sell-offs. The SET gradually tumbled from the beginning of the week due to the lack of new supporting factors, and investors were concerned about the delay in the implementation of economic stimulus measures. In addition, the SET was under pressure from concerns that the Fed would hold rates higher for longer (as a Fed official said that the Fed should be careful not to rush interest rate cuts), and the Chinese economic outlook as GDP report for 4Q-23 came out lower than market expected, resulting in sell-offs across all sectors. However, the SET recovered somewhat at the end of the week.      
        On Friday, January 19, 2024, the SET closed at 1,382.51 points, down 2.19% over-week. The average daily trading value was THB45,832.93 million, up 11.20% over-week. The mai closed at 412.50 points, down 1.92% over-week.
        January 22-26, 2024, KSecurities expects the SET to have support at 1,385 and 1,370 points, but resistance at 1,400 and 1,425 points, respectively. KResearch views that key matters to watch include Thailand’s December Exports, foreign fund flows and the listed companies’ performance results for 4Q-23. The US economic data that warrant close monitoring include December Durable Goods Orders, New Home Sales, Personal Income and Outlays, PCE/Core PCE Price Index, January PMI (Flash), GDP report for 4Q-23, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming BOJ and ECB meetings, January PMI (Flash) of Japan, Eurozone and UK, plus China’s January LPR.

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Financial Markets