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3 Jul 2023

Financial Markets

The Baht hit a 7-month low while the SET rebounded to close at over 1,500 points.


        The Thai stock market hit its 2-year and 5-month low at 1,461.61 points before rebounding and closing over 1,500 points at the end of the week. The SET fell sharply early to midweek amid uncertainties surrounding domestic political issues and concerns about the problem of a wire and cable manufacturer, which put pressure on other stocks. In addition, banking stocks faced heavy sell-offs due to the concerns over non-performing loans. However, the SET rebounded somewhat during the rest of the week as investors were less concerned over domestic political issues to some extent (although they still need to be closely monitored). It was also boosted by quarter-end window dressing      
        On Friday, June 30, 2023, the SET closed at 1,503.10 points, down 0.16% over-week. The average daily trading value was THB46,695.61 million, up 15.37% over-week. The mai closed at 459.78 points, down 0.74% over-week.
        July 3-7, 2023, KSecurities expects the SET to have support at 1,480 and 1,460 points, but resistance at 1,520 and 1,545 points, respectively. KResearch views that key matters to watch include Thailand’s June Inflation, Fed officials’ remarks, foreign fund flows, domestic political issues plus OPEC meeting (July 5-6). The US economic data that warrant close monitoring include June Manufacturing/Services PMI, ADP Employment Report, Non-farm Payrolls and Unemployment Rate, plus FOMC minutes. Close attention must also be paid to June Manufacturing/Services PMI of Japan, China and Eurozone.

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Financial Markets