The Thai stock market closed at its lowest level in 3 months. The SET tumbled almost throughout the week due mainly to foreign investors’ sell-offs amid concerns about the rising US bond yields, the likelihood that the Fed may maintain high interest rates for longer, the risk of US government shutdown, plus China’s real estate crisis. Moreover, the SET was dragged further towards the end of the week in contrast to other stock markets due to the big lot transaction of a major electronics manufacturer. However, the SET rebounded briefly around midweek, led by banking stocks that benefited from another rate hike by the MPC by 25 bps to 2.25%.
On Friday, September 29, 2023, the SET closed at 1,471.43 points, down 3.36% over-week. The average daily trading value was THB55,326.11 million, up 15.33% over-week. The mai closed at 450.53 points, down 4.45% over-week.
October 2-6, 2023, KSecurities expects the SET to have support at 1,460 and 1,440 points, but resistance at 1,485 and 1,500 points, respectively. KResearch views that key matters to watch include Thailand’s September Inflation and foreign fund flows. The US economic data that warrant close monitoring include September PMI, ADP Employment Report, Non-farm Payrolls, and Unemployment Rate, plus Weekly Jobless Claims. Close attention must also be paid to September PMI of Japan, UK and Eurozone, plus Eurozone’s August Retail Sales and PPI.
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