The Baht weakened over-week while the SET rose amid buying orders of foreign and institutional investors

• The SET rose after tumbling in the previous week as investors shifted their attention to Thai listed companies’ 1Q-24 performance results.

        The SET began to rebound early in the week (after tumbling and hit its lowest in more than three years and five months in the previous week) amid buying orders of domestic institutional  and foreign investors. Investors were less concerned about Israel-Iran tensions, helping boost the purchases of stocks across various sectors, including banking stocks (after having reported relatively good 1Q-24 performance results), finance stocks (before the announcement of an XD sign), and hospital stocks (after a major hospital operator reported better-than-expected 1Q-24 performance results).
        However, gains were capped at the end of the week after rising for four consecutive days and having responded to positive factors for a while. Investors shifted their attention to the gradual release of Thai listed companies’ 1Q-24 performance results and US March inflation data (as gauged by the PCE/Core Price Index).
        On Friday, April 26, 2024, the SET closed at 1,359.94 points, up 2.09% over-week. The average daily trading value was THB42,000.23 million, down 27.60% over-week. The mai closed at 391.21 points, up 2.27% over-week.

• April 29 – May 3, 2024, KSecurities expects the SET to have support at 1,350 and 1,335 points, but resistance at 1,370 and 1,385 points, respectively. KResearch views that key matters to watch include the FOMC meeting (April 30 – May 1), foreign fund flows and Thai listed companies’ 1Q-24 performance results. The US economic data that warrant close monitoring include April Manufacturing and Services ISM/PMI, ADP Employment Report, Non-farm Payrolls and Unemployment Rate, plus Weekly Jobless Claims. Close attention must also be paid to Eurozone’s GDP report for 1Q-24 and April CPI (Flash), and April Manufacturing PMI for China, Japan and Eurozone.