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25 Sep 2023

Financial Markets

The Baht continued to weaken while the SET dropped for three consecutive weeks


        The Thai stock market rebounded somewhat at the end of the week. The SET tumbled early to midweek in line with other stock markets amid negative factors such as the filing for bankruptcy protection in the US by another China’s leading property developer, concerns that the Fed would maintain high interest rates for a longer period, and continued sell-offs by foreign investors. Plus, investors still awaited details of the new government’s economic stimulus measures. However, the SET rebounded somewhat at the end of the week after having responded to the said negative factors. Banking stocks tumbled at the end of the week in contrast to other sectors, dragged by the news that a large commercial bank was downgraded to underweight.         
        On Friday, September 22, 2023, the SET closed at 1,522.59 points, down 1.26% over-week. The average daily trading value was THB47,970.11 million, up 9.24% over-week. The mai closed at 471.50 points, down 0.80% over-week.
        September 25-29, 2023, KSecurities expects the SET to have support at 1,505 and 1,485 points, but resistance at 1,550 and 1,560 points, respectively. KResearch views that key matters to watch include the upcoming BOT’s MPC meeting (September 27), Thailand’s August Exports, foreign fund flows and issues regarding US government shutdown. The US economic data that warrant close monitoring include August New Home Sales, Durable Goods Orders, Personal Income and Outlays, PCE/Core PCE Price Index, GDP report for 2Q2023, plus Weekly Jobless Claims. Close attention must also be paid to China’s August Industrial Profits and Eurozone’s September CPI (Flash).

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Financial Markets