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24 Apr 2023

Financial Markets

The Baht weakened while the SET dropped sharply over-week


        The Thai stock dropped sharply from the previous week. The SET index rose briefly early in the week in line with other regional stock markets before dropping during the rest of the week due to the lack of new supporting factors, expectations about Fed’s rate hike at the FOMC meeting scheduled for early May, and foreign investors’ net selling position. Thai stocks fell across all sectors, with those in the energy sector tumbled the most this week due to the additional negative factor of falling global oil prices. Nonetheless, banking stocks pared losses at the end of the week on their better-than- expected performance results despite facing pressure during the week from the lending to a company that postponed the submission of the financial statements.      
        On Friday, April 21, 2023, the SET closed at 1,558.36 points, down 2.15% over-week. The average daily trading value was THB51,348.78 million, up 31.42% over-week. The mai closed at 519.24 points, down 4.77% over-week.
        April 24-28, 2023, KSecurities expects the SET to have support at 1,540 and 1,520 points, but resistance at 1,570 and 1,600 points, respectively. KResearch views that key matters to watch include Thailand’s March Export, foreign fund flows, and Thai listed companies’ 1Q2023 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, plus GDP report for 1Q2023. Close attention must also be paid to the upcoming BOJ meeting, Eurozone’s GDP report for 1Q2023, and China’s March Industrial Profits.

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Financial Markets