Kaohoon Morning Brief – 24 November 2023

Krungsri Securities (KSS) expected Thailand’s SET Index to edge lower to the support level of 1,400 points as the market lacks new catalysts. Meanwhile, oil prices continued to drop over OPEC+ adjourning the meeting to November 30, pressuring the energy sector even more. Foreign outflow also caused the market to fluctuate. However, the analyst expected buying pressure on stocks that have unique catalysts, which could impact the main bourse to bounce back.


Turkey’s central bank decided to raise interest rate by a whopping 500 basis points on its benchmark one-week repo rate to 40%, a much larger increase than an expectation for a 250bps hike.

The decision came as the central bank continued to fight high inflation and falling lira. The country recorded an inflation rate at 61% in October, while its lira currency was trading at 28.766 to the dollar, slightly stronger after the hike.

Lira was performing poorly this year, depreciating from high teens in January to now nearly 29 to one US dollar.


China’s financial regulators are considering allowing banks to provide unsecured liquidity loans to debt-piling property developers for the first time.

Earlier this week, it was reported that the Chinese government was aiming to provide funding to the sector, which responded positively as share prices of property developers saw a sharp rise for the first time in ages.

However, JPMorgan said that Chinese banks providing unsecured loans to qualified developers would be a “risky move”. The firm noted that the implementation of such regulation would be challenging, as banks could circumvent such guidance due to credit risk concerns.