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26 Dec 2022

Financial Markets

The Baht fluctuated amid its appreciation trend while the SET surged during the final week of 2022


        The SET surged more than 50 points during the final week of the year. The SET hovered from the beginning of the week in line with other stock markets, supported by  news regarding China’s reopening early next year, bright prospects seen in the Thai economy, as reflected through the BOT’s economic report, plus foreign investors’ purchases. These factors boosted the purchases of stocks across all sectors this week. The technology sector was the biggest gainer, thanks to the increased purchases of shares of a major electronics manufacturer on light of its specific issue. Trading was active on the last trading day of the year before the New Year holiday.       
        On Friday, December 30, 2022, the SET closed at 1,668.66 points, up 3.16% over-week. The average daily trading value was THB51,478.98 million, up 8.97% over-week. The mai closed at 584.16 points, up 4.05% over-week.
As for the movement of the SET index in 2022, the SET was up 0.67% from 1,657.62 points at the end of 2021. The SET fluctuated amid its upward trend during the first half of the year, pressured by the Fed’s tightening monetary policy, Russia-Ukraine war, outbreak of Omicron subvariants, as well as lockdowns in many Chinese cities. However, the SET gradually recovered from mid-July 2022, with support of the gradual recovery in the Thai economy, the Fed’s signals for the reduction in the size of its rate hikes after the slowdown in US inflation, as well as news of China’s reopening at the end of the year.
        January 2-6, 2023, KSecurities expects the SET to have support at 1,650 and 1,635 points, but resistance at 1,680 and 1,700 points, respectively. KResearch views that key matters to watch include Thailand’s December Inflation, foreign fund flows, COVID-19 in China and preparations for the return of Chinese tourists. The US economic data that warrant close monitoring include December Manufacturing and Services PMI/ISM, Non-farm Payrolls, Unemployment Rate and FOMC minutes. Close attention must also be paid to Eurozone’s December CPI (Flash) and Consumer Confidence, plus December PMI of Eurozone, Japan and China.

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Financial Markets