Kaohoon Morning Brief – 10 November 2023

Krungsri Securities (KSS) expected Thailand’s SET Index to trade lower around 1,400-1,390 points after the US Federal Reserve signalled for another rate hike at the conference with the IMF to combat inflation. In response to the hawkish statement by the chairman, US bond yields rose over 4.6% and dollars also strengthened, which was a negative sentiment to fund flows and investment. Still, the analyst expected SET Index to recover from a BUY on weakness on stocks that had unique catalysts and strong 3Q23 earnings.


Federal Reserve Chairman Jerome Powell said that the central bank was unsure whether it has done enough to pressure inflation as data showed that prices are edging lower at a slower pace.

“The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance,” said Powell.


China’s top chipmakers were plunging in the Hong Kong stock market after posting slumping 3Q23 earnings. HuaHong Semiconductor, which reported nearly 90% down on 3Q earnings, plunged over 10% and SMIC tumbled up to 6% in the morning session.