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30 Jan 2023

Financial Markets

The Baht moved within a narrow range before weakening at the end of the week while the SET rose over-week.


        The Thai stock market rebounded at the end of the week. The SET rose briefly early in the week on purchases of some banking stocks before moving within a narrow range due to the lack of new supporting factors while waiting for the BOT’s MPC meeting results. Later, the SET dropped on sell-offs of energy stocks (as performance results of some major companies came out lower than expected) and finance stocks (due to concerns over financing cost after the MPC continued to raise its policy rate). However, the SET rebounded somewhat at the end of the week in line with other stock markets, boosted by the better-than-expected US GDP report for 4Q2022 and the buyback of banking stocks.       
        On Friday, January 27, 2023, the SET closed at 1,681.30 points, up 0.24% over-week. The average daily trading value was THB59,444.25 million, down 2.38% over-week. The mai closed at 602.60 points, up 1.32% over-week.
        January 30-February 3, 2023, KSecurities expects the SET to have support at 1,665 and 1,650 points, but resistance at 1,690 and 1,700 points, respectively. KResearch views that key matters to watch include the upcoming FOMC meeting, Thai listed companies’ 4Q2022 performance results, and foreign fund flows. The US economic data that warrant close monitoring include January PMI, ADP Employment Report, Non-farm Payrolls, Unemployment Rate, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming ECB and BOE meetings, plus Eurozone’s January CPI (Flash) and GDP report for 4Q2022 (Flash).

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Financial Markets