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28 Nov 2022

Financial Markets

The Baht hit a 5-1/2 month high while the SET rose over-week


        The Thai stock market rose over-week. The SET index dropped slightly early in the week due to the protest in China over the zero-COVID policy and the contraction seen in Thailand’s October exports. Later, the SET surged on various supporting factors including hopes that China will ease stringent COVID restrictions, foreign investors’ purchases, and Fed chairman signaled that the Fed will slow the pace of interest rate increases. However, the SET pared gains somewhat at the end of the week in line with other stock markets while awaiting US labor market data. Technology stocks outperformed those in other industries this week, as investors expected that they would benefit from the US-China trade dispute.        
        On Friday, December 2, 2022, the SET closed at 1,641.63 points, up 1.28% over-week. The average daily trading value was THB60,992.70 million, up 18.60% over-week. The mai closed at 582.39 points, down 0.01% over-week.
        December 5-9, 2022, KSecurities expects the SET to have support at 1,630 and 1,610 points, but resistance at 1,650 and 1,660 points, respectively. KResearch views that key matters to watch include Thailand’s November CPI, foreign fund flows, plus the COVID-19 situation in China. The US economic data that warrant close monitoring include October Exports and Imports, November PPI, Services PMI/ISM, plus Weekly Jobless Claims. Close attention must also be paid to November Services PMI of Japan, China and Eurozone, GDP report for 3Q2022 of Eurozone and Japan, plus China’s November CPI and PPI. 

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Financial Markets