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27 Nov 2023

Financial Markets

The Baht weakened while the SET dropped over-week


        The Thai stock market closed below 1,400 points at the end of the week. The SET moved within a narrow range early in the week, with the negative factor of lower-than-expected Thailand’s GDP report for 3Q2023 while the the positive factor included the Stock Exchange of Thailand’s signals to strictly control naked short selling. However, the SET gradually dropped from midweek after the FOMC minutes revealed that the Fed could raise more rates if inflation stays stubborn. In addition, the SET was dragged by sell-offs of stocks of an airport business operator on its lower-than-expected performance results, and energy stocks following the falling global oil prices due to the delay of OPEC+ meeting.      
        On Friday, November 24, 2023, the SET closed at 1,397.43 points, down 1.30% over-week. The average daily trading value was THB36,617.56 million, down 25.62% over-week. The mai closed at 400.18 points, down 0.56% over-week.
        November 27 – December 1, 2023, KSecurities expects the SET to have support at 1,390 and 1,375 points, but resistance at 1,415 and 1,430 points, respectively. KResearch views that key matters to watch include Thailand’s October Exports, BOT’s MPC meeting (November 29), foreign fund flows and OPEC+ meeting (November 30). The US economic data that warrant close monitoring include October New Home Sales, Personal Income and Outlays, PCE/Core PCE Price Index, November Manufacturing ISM/PMI, GDP report for 3Q2023 (prelim.), plus Weekly Jobless Claims. Close attention must also be paid to China’s October Industrial Profits, Eurozone’s November CPI (Flash), and November Manufacturing PMI of China, Japan and Eurozone.

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Financial Markets