Thailand SET Index (NYSEARCA:THD): Foreign investors are selling...As former U.S. president Barack Obama famously said, "Elections have consequences"

 


The SET index has sold off 2.47% since Monday, after the May 14 Thai general elections, as foreign investors pulled their investments out of the Thai financial market. It could have been worse if the Thailand Q1 2023 GDP, which came in at 2.7% y-o-y on Tuesday, was below the 2.3% estimate.

In the near-term, the index could be heading down to retest the May 5 low at 1,507.22. All bets are off if the SET breaks below the trendline support at ~ 1,507. Beware that there are plenty of political uncertainties in Thailand until the beginning of August when the new cabinet is expected to be appointed.

Political uncertainties aside, the BOT could pause their rate hikes for now as headline inflation cooled to 2.67% in April, within their target range of 1% and 3%.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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