Kasikorn Securities expects Thai stocks to fluctuate next week in the range of 1,350-1,390 points, and is monitoring the Fed statement – the trend of foreign capital – and the operating results of listed Thai companies.
Kasikorn Securities It is noted that the Thai stock index for next week (May 13-17) has support levels at 1,360 and 1,350 points, while resistance levels are at 1,380 and 1,390 points, respectively. Kasikorn Research Center assesses important factors to follow, including official statements from the Federal Reserve Bank of foreign capital direction and operating results for the first quarter of 2024 of Thai companies.
Important US economic data includes the Producer Price Index. Consumer Price Index, Retail Sales, Home Construction Data and Industrial Production in April including the number of people filing for weekly unemployment benefits. Meanwhile, other foreign economic factors include Q1 2024 GDP numbers and March industrial production in the Eurozone and Japan. Eurozone CPI for April as well as April economic data from China, such as industrial production. Retail sales and investment in fixed assets
Last week, the Thai stock index rose slightly from last week. The Thai stock market rose at the beginning of the week in line with the trend of foreign stock markets. Amid expectations that the Federal Reserve may cut interest rates at its meeting in September. After April US non-farm employment numbers came in lower than market expectations. In addition, the Thai stock index also received support from stock buying in the technology sector. After the telecommunications services company reported better-than-expected results for the first quarter of 2024.
However, Thai stocks gradually lost their positive range during the rest of the week. According to the sales pressure from foreign investors after responding to the above positive points very little. Although there are positive factors from news reports about preparations to bring long-term equity funds (LTF) back. But that was not enough to encourage Thai stocks to continue rising. Because there is still no clarity and by the way, Thai stocks rose slightly at the end of the week in line with regional stocks.
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