2024-01-13 13:04:55
The baht reached its weakest level in nearly a month. The SET Index dropped following selling pressure from foreign investors and domestic institutions. Amid concerns regarding debt default problems of listed companies (Ltd.), keep an eye on important factors next week. Signals of foreign capital, BOT Policy Briefing event, and the gradual announcement of 4Q23 operating results of listed companies, especially the banking group.
January 13, 2024 Kasikorn Research Center Summary of the movement of the baht value: The baht hit its weakest level in nearly a month at 35.23 baht per dollar. during the week The baht continues to depreciate in line with most Asian currencies. The baht faced selling pressure at the beginning of the week. Against the dollar which has some continued support from US non-agricultural employment numbers which came out better than expected
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However, the baht briefly bounced back while the dollar lost support following US bond yields Shrunk before the release of the US Consumer Price Index (CPI) numbers.
However, the baht weakened once more during the rest of the week. This corresponds to the net selling position of foreign Thai stocks and bonds. In addition, the market is still waiting to follow signals regarding the direction of interest rates in the country. Meanwhile, pressure on the dollar slow down some After the consumer price index data and the number of weekly jobless claims in the United States. This came out better than the market’s forecast, reflecting the possibility of an interest rate cut by the Fed at its March meeting. There is still high uncertainty.
archyde news baht graph – continue reading the article below.
On Friday, January 12, 2024, the baht closed at 35.06 baht per dollar, compared to 34.72 baht per dollar. On the previous Friday (Jan. 5, 2024), for the investment portfolio status of foreign investors between 8-12 Jan. 2024, foreign investors net sold Thai stocks of 4,238 million baht, but the status was Net Outflows from the Thai bond market 4,380 million baht (net sales of bonds 3,460 million baht and expired debt instruments 920 million baht)
For the next week (15-19 Jan. 2024), Kasikorn Bank views the movement of the baht at the level of 34.70-35.40 baht per dollar. Meanwhile, the Kasikorn Research Center assesses important factors that need to be followed, including foreign capital signals and BOT Policy Briefing events.
While important US economic figures include the manufacturing sector surveys of the New York Fed and the Philadelphia Fed. Housing Market Index and Consumer Confidence Index (preliminary) January 2024, retail sales, industrial production Numbers of home construction starts and second-hand home sales in December. 2023 and the number of people applying for weekly unemployment benefits
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In addition, the market is still waiting to follow the December inflation rate. 2023 of the Eurozone and England Including Chinese economic data such as 4Q23 GDP and other economic indicators in December 2023 as well.
Thai stock market graph
As for the movement of the Thai stock market The Thai stock index fell for most of the week. Thai stocks have gradually dropped since the beginning of the week following selling pressure from foreign investors and domestic institutions. By reporting news regarding a request for a deferment of debt repayment of a company’s bonds. Some places put pressure on the overall investment atmosphere. As a result, there is strong selling pressure on stocks in many industries.
In addition, the news that major investment banks in the United States Downgrade Thai bank stocks is still a negative factor that puts additional pressure on bank stocks. However, the Thai stock index partially recovered at the end of the week. There was strong buying back of bank stocks before the announcement of the 4Q23 budget to support this.
On Friday, January 12, 2024, the SET Index closed at 1,413.53 points, down 1.01% from the level at the end of last week. Meanwhile, the average daily trading value was 41,215.73 million baht, down 11.99% from the previous week. The mai index increased 0.26% to close at 420.57 points.
For next week (15-19 Jan.), Kasikorn Securities Co., Ltd. sees that the Thai stock index has support levels at 1,400 and 1,390 points, while resistance levels are at 1,435 and 1,455 points, respectively. The Kasikorn Research Center evaluates important factors. Things that need to be followed include the direction of foreign capital. and the gradual announcement of operating results for the 4th quarter of 2023 of Thai companies, especially the banking group.
Important US economic data includes retail sales, industrial production. Data on home construction starts and second-hand home sales in December. Including the number of people applying for weekly unemployment benefits. Meanwhile, other foreign economic data includes the December Consumer Price Index. of Japan, Eurozone and England Including 4Q23 GDP numbers and December economic data. of China, such as industrial output, retail sales, and investment in fixed assets.
Read the original news at: The baht weakens to its lowest level in nearly a month. Keep an eye on 3 important factors next week.
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