Summary of Thai Baht Movements

  • The Thai Baht moved within a narrow range but depreciated slightly compared to the previous week, as it weakened amid dollar buying pressure from importers. The dollar was further supported by rising U.S. government bond yields, with the 10-year U.S. bond yield reaching a five-month high of approximately 1.67%. However, the depreciation of the Baht was somewhat limited by foreign investors' net buying of Thai stocks during the week.
  • On Thursday (October 21), the Baht was at 33.38 compared to 33.31 Baht per dollar on the previous Friday (October 15).

For the upcoming week (October 25-29), Kasikorn Bank expects the Baht to move within a range of 32.80-33.80 Baht per dollar, while the Kasikorn Research Center highlights key factors to monitor, including the direction of foreign investor capital, export figures, and economic indicators for Thailand in September. Important U.S. economic data includes the August home price index, new home sales, durable goods orders, pending home sales, personal income/expenditure, and inflation measured by the PCE/Core Price Index for September, as well as the consumer confidence index for October and the advance GDP for Q3/64. Additionally, the market is awaiting the outcomes of the ECB and BOJ meetings, China's industrial profit data for September, and the Eurozone's Q3/64 GDP.

Summary of Thai Stock Market Movements

  • The Thai stock market experienced a significant decline during the week but managed to recover towards the end, with the SET index closing at 1,643.42 points, up 0.31% from the previous week. The average daily trading value was 79,001.31 million Baht, down 8.61% from the previous week, while the mai index increased by 0.94% to close at 559.65 points.
  • The Thai stocks fluctuated in a volatile range at the beginning of the week, facing heavy selling pressure from domestic and foreign institutional investors while awaiting the Q3 financial results of listed companies. However, Thai stocks gradually rebounded in the remaining part of the week due to buying interest in several large-cap stocks, along with news of the Bank of Thailand easing LTV measures, which supported the real estate sector towards the end of the week.

For the upcoming week (October 25-29), Kasikorn Securities Co., Ltd. anticipates that the Thai stock index will have support levels at 1,630 and 1,615 points, while resistance levels are at 1,650 and 1,675 points, respectively. The Kasikorn Research Center highlights key factors to monitor, including the COVID-19 situation, Q3/64 earnings of listed companies, foreign investment trends, and global oil price movements. Important U.S. economic data includes new home sales, durable goods orders, personal income and expenditure, and inflation measured by the PCE/Core PCE Price Index for September, as well as Q3/64 GDP figures. Other international factors include the BoJ and ECB meetings, Q3/64 GDP figures, and the Eurozone's October consumer price index, along with China's industrial profit data for September.


This research report is prepared by Kasikorn Research Center Co., Ltd. ("KResearch") for general publication, relying on publicly available or deemed reliable information at the time of preparation, which may change over time. KResearch does not guarantee the accuracy, reliability, suitability, completeness, or timeliness of the information and does not intend to solicit, suggest, advise, or influence any decision-making. Therefore, you should study the information carefully and exercise caution and discretion before making any decisions. KResearch will not be liable for any damages arising from the use of this information.

Any information contained in this research report is the property of KResearch and/or third parties (as applicable). The use of such information (in whole or in part) must acknowledge the ownership rights of KResearch and/or third parties (as applicable) or the source of that information. You may not reproduce, modify, adapt, alter, distribute, publish, or engage in any such activities for commercial purposes without prior written permission from KResearch and/or third parties (as applicable).