Thai Stocks to Watch This Week: Fluctuations Expected as MPC Meeting Approaches
The Thai stock market is poised for an eventful week from 25th to 29th September 2023. Kasikorn Securities Company Limited anticipates the SET Index to navigate between 1,485 and 1,560 points, subject to the outcome of the upcoming MPC meeting on 27th September and the movement of foreign capital.
Factors Shaping the Thai Stock Market
Several key factors will influence the Thai stock market trajectory. These include the MPC meeting on 27th September, Thailand’s August export figures, the direction of foreign capital, and the US government agency shutdown issue. Additionally, notable US economic data to watch includes new home sales, durable goods orders, personal income and expenditure, PCP Index/Core PCP Price Index, and 2Q23 GDP numbers. Moreover, market participants need to stay updated on the number of people applying for weekly unemployment benefits. On the international front, industrial company profits from China and the preliminary Eurozone Consumer Price Index for September are significant foreign factors.
Market Recap (18th – 22nd September)
Last week, the Thai stock market experienced a partial recovery after a tumultuous spell. Initially, Thai stocks witnessed a sharp decline due to negative sentiment surrounding foreign stocks and concerns about real estate companies and a major Chinese firm filing for bankruptcy in the US. There were also apprehensions about the Federal Reserve keeping interest rates high for an extended period. Additionally, foreign investors continued selling pressure. However, market sentiment improved later in the week, as Thai stocks displayed some resilience despite the aforementioned negative factors. Meanwhile, bank stocks moved in the opposite direction, declining along with the market, following reports of a reduction in the investment weight of commercial bank shares. The week concluded with the SET Index closing at 1,522.59 points, marking a 1.26% decrease from the previous week. The average daily trading value stood at 47,970.11 million baht, reflecting a 9.24% increase week-on-week. Foreign investors net sold 6,606 million baht of Thai stocks and experienced net outflows of 5,701 million baht from the Thai bond market.
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Thai Stocks this week 25-29 September Keep an eye on the results of the MPC meeting on 27 September – Direction of foreign capital. “Kasikorn Securities” expects the SET index to fluctuate within a range of 1,485-1,560 points.
Thai stock market : Kasikorn Securities Company Limited looks at the trendThai Stocks During the period 25 – 29 September 2023, the SET Index has support levels at 1,505 and 1,485 points, while resistance levels are there.
at 1,550 and 1,560 points, respectively
The Kasikorn Research Center assessed important factors that must be monitored, including: MPC meeting (27 September) Thailand’s August export figures, foreign capital direction and US government agency shutdown issue. Important US economic data includes new home sales. Durable goods orders Personal income and expenditure, PCP Index/Core PCP Price Index, August, 2Q23 GDP numbers (final), including the number of people applying for weekly unemployment benefits. Meanwhile, other foreign factors include industrial company profits in August. from China and September (preliminary) Eurozone Consumer Price Index
Regarding the movement of the Thai stock market over the past week (18-22 September 2023)
Thailand’s stock index partially recovered at the end of the week. Thai stocks fell sharply from the beginning to the middle of the week, in line with the direction of foreign stocks amid negative factors such as news from real estate companies. Another major Chinese company is filing for bankruptcy in the United States, amid concerns that the Fed will keep interest rates high for a long time. as well as continued selling pressure from foreign investors. Meanwhile, investors are still waiting to follow details on policies to stimulate the domestic economy. However, Thai stocks recovered somewhat during the rest of the week after reacting somewhat to the above negative factors. In addition, bank stocks fell in the opposite direction to the market. at the end of the week After there was a news report about a decrease in the investment weight of commercial bank shares.
On Friday, September 22, 2023, the SET Index closed at 1,522.59 points, down 1.26% from the level at the end of the previous week. Meanwhile, the average daily trading value was 47,970.11 million baht, an increase of 9.24% from the previous week, The index fell by 0.80% to close at 471.50 points.
Meanwhile, foreign investors net sold 6,606 million baht of Thai stocks and had net outflows from the Thai bond market of 5,701 million baht (bonds sold net of 5,208 million baht and debt instruments expired of 493 million baht ).
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