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24 Oct 2023

Financial Markets

The Baht weakened while the SET dropped sharply over-week


        The Thai stock dropped below 1,400 points. Overall, the SET dropped from the previous week in line with other stock markets amid concerns that the unrest in Israel will not end anytime soon despite its limited direct impacts on Thailand. In addition, the trading sentiment was pressured by concerns over the rising US bond yields, the possibility of the Fed’s rate hike after US economy data came out better than market expected and the Fed Chairman’s stance over his lingering concerns about high US inflation rate. Thai stocks fell across the board at the end of the week, led by finance, technology, construction materials and banking stocks.       
        On Friday, October 20, 2023, the SET closed at 1,399.35 points, down 3.54% over-week. The average daily trading value was THB47,427.37 million, up 6.25% over-week. The mai closed at 407.88 points, down 5.65% over-week.
        October 23-27, 2023, KSecurities expects the SET to have support at 1,390 and 1,370 points, but resistance at 1,415 and 1,440 points, respectively. KResearch views that key matters to watch include Thailand’s September Exports, foreign fund flows and listed companies’ performance results for 3Q2023. The US economic data that warrant close monitoring include October PMI (Flash), September Durable Goods Orders, Personal Income and Outlays, PCE/Core PCE Price Index, GDP report for 3Q2023, plus Weekly Jobless Claims. Close attention must also be paid to the upcoming ECB meeting, Japan’s and Eurozone’s October PMI (Flash), plus China’s September Industrial Profits. 

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Financial Markets