The Baht hit a 6-month low while the SET tumbled after falling below the key technical level

• The SET dropped sharply amid concerns that the Fed may hold interest rates higher for longer and the rising tensions between Israel and Iran.
          The SET dropped sharply from the first trading day after the Songkran holiday. It faced heavy sell-offs of foreign investors amid negative factors, including Middle East tensions, concerns that the Fed may hold interest rates higher for longer as Fed officials said there was no rush to cut interest rates and sell-offs of financial stocks (banking and finance stocks) after the gradual release of performance results for 1Q-24.
          The SET continued to drop until the end of the week and hit its lowest in more than three years and five months at 1,330.24 points, in line with other stock markets. The escalation of Israel-Iran tensions drove the sell-off in risk assets around the world.
          On Friday, April 19, 2024, the SET closed at 1,332.08 points, down 4.60% over-week. The average daily trading value was THB58,009.69 million, up 28.17% over-week. The mai closed at 382.54 points, down 4.38% over-week.
  
  • April 22-26, 2024, KSecurities expects the SET to have support at 1,315 and 1,300 points, but resistance at 1,340 and 1,350 points, respectively. KResearch views that key matters to watch include Thailand’s March Exports, foreign fund flows and Thai listed companies’ 1Q-24 performance results. The US economic data that warrant close monitoring include March New Home Sales, Durable Goods Orders, Personal Income and Outlays, PCE/Core PCE Price Index, April Manufacturing and Services PMI (Flash), 1Q-24 GDP report, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming BOJ meeting, April Manufacturing and Services PMI (Flash) of Japan, Eurozone and UK, plus China’s April LPR.