FRIDAY, March 29, 2024
nationthailand

SET index barely up at 0.04%

SET index barely up at 0.04%

The SET Index on Monday (December 23) closed at 1,573.57, barely changing from Friday’s close, up 0.04 per cent with turnover of Bt42.9 billion. KSecurities predicts resistance at 1,590 and 1,600 for this week.

Investors were disappointed with November exports, which declined by 7.39 per cent year-on-year to US$19.7 billion (Bt593.5 billion), compared to market forecasts of a 4.5 per cent decrease and following a 4.5 per cent drop in October. Total exports between January and November shrank 2.8 per cent from the corresponding period a year earlier. The Commerce Ministry predicts exports will grow by 3 per cent this year, while most research houses forecast negative growth.
Regarding the SET index outlook for this week until December 27, Kasikorn Securities expects the SET to touch 1,565 to 1,555 points, but face resistance at 1,590 to 1,600 points. The key issues to watch include November exports, year-end window dressing, the US-China trade situation and Brexit. Important US indicators include November new home sales and durable goods orders. Other international factors that warrant close monitoring include the latest Bank of Japan minutes, Japan’s November industrial production and retail sales, plus China’s November industrial profits.
The SET index on Friday closed near previous week’s level, ending at 1,572.92 points, down 0.06 per cent over the week. The average daily trading value was Bt56.8 billion, down 4.32 per cent over-week. The MAI closed at 310.49 points, down 1.4 per cent over-week. The SET index dropped early in the week on sell-offs by foreign and institutional investors amid concerns over domestic political issues, although there were signs of easing trade tensions between the US and China.
However, the SET rebounded midweek, supported by large-cap stock purchases, especially in the banking and telecommunication sectors, as a result of window dressing and long-term equity funds as well as retirement mutual funds investment, added Kasikorn Securities.

 

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