Slew of local and foreign factors to determine SET, baht direction
Both domestic and overseas factors could influence the Stock Exchange of Thailand (SET) and the baht this week, Kasikornbank experts said on Sunday.
Kasikorn Securities said the SET Index's support line is between 1,550 and 1,565 points, while its resistance line is between 1,585 and 1,600 points.
The securities company advised investors to follow the Covid-19 situation and vaccines, tensions between China and western countries, and Thailand's political situation.
"US economic data that warrants close monitoring include manufacturing Purchasing Managers Index [PMI], non-farm payrolls, and jobless claims," Kasikorn Securities said.
"Other important factors that warrant close monitoring include the euro-zone and Japan's manufacturing PMI, plus Japan's retail sales and industrial production.
The SET Index closed at 1,574.86 on Friday, up 0.70 per cent compared to the previous week. The average daily transaction was Bt84.75 billion, up 0.18 per cent compared to the previous week.
Meanwhile, Kasikornbank forecast the baht would move between 30.90 and 31.30 to the US dollar this week.
The bank advised investors to follow the Bank of Thailand's financial and economic report for February, the Covid-19 situation and vaccines, and the direction of the US bond yield.
"US economic data that warrants close monitoring include non-farm payrolls, private employment, consumer confidence index, manufacturing PMI, home sales, and jobless claims," Kasikornbank said.
"Other important factors that warrant close monitoring include China, euro-zone and Britain's manufacturing and service PMI."
The baht closed at 31.08 to the dollar on Friday, weakening from 30.85 in the previous week. The baht is at its weakest in four and a half months at Bt31.20 to the dollar this week.
