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27 Feb 2024

Financial Markets

The Baht moved within a narrow range while the SET still closed below 1,400 points

คะแนนเฉลี่ย

        The SET dropped early in the week as Thai GDP expanded only 1.7%YoY in 4Q-23 (1.9%YoY in 2023) while electronic components stocks faced sell-off due to their disappointing 4Q-23 performance results. However, the SET rebounded around midweek on the purchases of foreign investors, especially bank stocks following the news of a commercial bank’s dividend announcement. The SET then rose past 1,400 points, boosted by the news of the Stock Exchange of Thailand’s plans to implement measures, aimed at regulating short selling and program trading, plus those to improve information disclosure.
        However, the SET dropped below 1,400 points at the end of the week. Despite the boost from the better-than-expected Thai export data in January, it faced profit-taking pressure in large-cap stocks especially bank and finance stocks, which saw a strong rebound earlier.
        On Friday, February 23, 2024, the SET closed at 1,398.14 points, up 0.86% over-week. The average daily trading value was THB47,395.17 million, up 31.34% over-week. The mai closed at 421.72 points, up 0.84% over-week.
        February 26 – March 1, 2024, KSecurities expects the SET to have support at 1,385 and 1,375 points, but resistance at 1,410 and 1,420 points, respectively. KResearch views that key matters to watch include Fed officials’ remarks and foreign fund flows. The US economic data that warrant close monitoring include January New Home Sales, Durable Goods Orders, Personal Income and Outlays, PCE/Core PCE Price Indices, February Manufacturing ISM/PMI, GDP report for 4Q-23, plus Weekly Jobless Claims. Close attention must also be paid to February Manufacturing PMI of Japan, China, Eurozone and UK, Japan’s January CPI, plus Eurozone’s February CPI.

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Financial Markets