• The Thai stock market faced pressure for most of the week amid heavy sell-offs of foreign investors.
The SET dropped early to midweek while waiting for the results of FOMC meeting. Stocks that faced heavy selling pressure were mainly large-cap stocks in construction materials and energy sectors due to the specific factors of each company. Later, the SET surged briefly in line with other regional stock markets after the FOMC meeting, as the Fed signaled three rate cuts this year, remaining unchanged from that projected in December 2023.
However, the SET faced sell-offs again at the end of the week due to the lack of new supporting factors, while foreign investors resumed net selling of Thai stocks. For the week of March 18-22, foreign investors sold THB37,762 million in Thai stocks.
On Friday, March 22, 2024, the SET closed at 1,381.04 points, down 0.36% over-week. The average daily trading value was THB45,817.76 million, up 8.50% over-week. The mai closed at 415.28 points, down 0.83% over-week.
• March 25-29, 2024, KSecurities expects the SET to have support at 1,370 and 1,360 points, but resistance at 1,390 and 1,400 points, respectively. KResearch views that key matter to watch include Thailand’s February Exports and foreign fund flows. The US economic data that warrant close monitoring include February New Home Sales, Durable Goods Orders, Personal Income and Outlays, PCE/Core PCE Price Index, GDP report for 4Q-23, plus Weekly Jobless Claims. Close attention must also be paid to China’s January-February Industrial Profits, plus Japan’s February Retail Sales and Industrial Production.
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