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26 Jun 2023

Financial Markets

The Baht tumbled to break the THB35.00/USD level while the SET dropped sharply over-week


        The Thai stock market fell throughout the week and closed at its lowest level in nearly 2 years and 4 months amid various negative factors. Since the beginning of the week, the SET was pressured by specific issues seen in a wire and cable manufacturer, sell-offs of stocks of a major electronics manufacturing company as it triggered market surveillance measures Level 1: Excluded from credit limit and cash balance, plus concerns about uncertainties surrounding domestic political issues. The SET fell further at the end of the week along with other stock markets, after the Fed Chairman reiterated rate hikes later this year to curb inflation.       
        On Friday, June 23, 2023, the SET closed at 1,505.52 points, down 3.45% over-week. The average daily trading value was THB40,473.82 million, down 6.38% over-week. The mai closed at 463.22 points, down 3.64% over-week.
        June 26-30, 2023, KSecurities expects the SET to have support at 1,490 and 1,475 points, but resistance at 1,520 and 1,545 points, respectively. KResearch views that key matters to watch include Thailand’s May Exports, Fed officials’ remarks, foreign fund flows, and domestic political issues. The US economic data that warrant close monitoring include May Durable Goods Orders, New Home Sales, Personal Income and Outlays, PCE/Core PCE Price Indices, plus GDP report for 1Q2023. Close attention must also be paid to Eurozone’s June CPI (Flash), plus China’s May Industrial Profits and June PMI.

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Financial Markets