Recap: An overnight drop in the Argentinian peso and fresh concerns about an ongoing trade dispute between China and the US pressured emerging-market currencies on Friday.
On the positive side, a rally in tech stocks led the Nasdaq composite and S&P 500 to record highs, with Amazon, Apple and Google parent Alphabet leading the gains. Investor sentiment was also boosted by the resumption of US-Canada trade talks.
The SET index moved in a range of 1,708.94 to 1,730.65 points before closing at 1,721.58 points, up 1% from the previous week, in moderate turnover averaging 45.09 billion baht a day for five operating days.
Foreign investors were net sellers of 6.21 billion baht and retail investors sold a net 6 billion worth of shares. On the other hand, institutional investors were net buyers of 10.92 billion baht, with brokerage firms purchasing a net 1.3 billion baht.
Newsmakers: US President Donald Trump threatened to withdraw the US from the World Trade Organization (WTO), charging that it treats his country unfairly. "If they don't shape up, I would withdraw from the WTO," Mr Trump said in an interview with Bloomberg News. The WTO was established to provide rules for global trade and resolve disputes between countries.
The US economy grew at a faster pace than initially thought in the second quarter, according to revised figures. The Commerce Department's second estimate for the April-June period put growth at an annualised 4.2%, slightly up from the previous figure of 4.1%. It was the best quarterly figure for nearly four years and put the economy on track to hit Mr Trump's goal of 3% annual growth. The figures helped send Wall Street to new highs on Wednesday.
Steel prices have diverged from China's falling stock market, indicating that the world's second-largest economy is more resilient than many fear. China's Nanhua rebar steel futures index is up 22% this year, versus the Shanghai composite's 16% decline.
Euro-zone economic sentiment edged lower for an eight straight month in August, pulled down by less optimism in industry and services.
Argentina's government has unexpectedly asked for the early release of a US$50-billion loan from the International Monetary Fund amid a growing economic crisis. President Mauricio Macri said the move was designed to restore confidence in the Argentine economy. The peso has lost more than 40% of its value against the US dollar this year, and inflation is rampant.
Foreigners will be barred from buying properties in a planned $100-billion Malaysian city, the country's leader said Monday, after the huge development aimed at mainland Chinese buyers sparked widespread criticism.
Japanese carmaker Toyota is to invest $500 million in Uber and expand a partnership to jointly develop self-driving cars. The firm said this would involve the "mass production" of autonomous vehicles that would be deployed on Uber's ride-sharing network. The tie-up is being viewed as a way for both firms to catch up with rivals in the competitive driverless car market. The deal also values Uber at about $72 billion, despite its mounting losses.
Panasonic will move its European headquarters from the UK to Amsterdam in October as Brexit approaches. The aim is to avoid potential tax issues linked to Britain's decision to leave the EU, said Panasonic Europe chief executive Laurent Abadie.
Bank of Thailand governor Veerathai Santiprabhob voiced concerns about offshore funds that are flowing into Thailand at a faster pace relative to regional peers, pouring mostly into short-dated bonds and driving the baht higher. Regarding the policy interest rate, the central bank is under no immediate pressure to raise interest rates in line with emerging-market peers, given the nation's solid buffers and relatively strong currency, Mr Veerathai said.
The cabinet approved a 15% withholding tax on gains from investment in income funds, a move estimated to generate up to 2.5 billion baht a year for state coffers. The tax is aimed at ensuring fairness among investors, as those who directly buy bonds are now liable for the 15% withholding tax, while those who invest via income mutual funds are not.
The Finance Ministry has approved a delay in doubling the excise tax on cigarettes to 40% for another two years to October 2021, saying the higher levy would be a heavy blow to state-run Thailand Tobacco Monopoly's sales revenue and impede TTM's plan to buy tobacco from local farmers.
The Office of Industrial Economics reported that the manufacturing production index (MPI) in July rose 4.6% year-on-year to 112.6, helped by growth in exports as well as consumer confidence and industry sentiment indicators. The MPI in July increased for a 15th straight month on a year-on-year basis but contracted 3.01% from the figure in June.
Texas-based Exxon Mobil Corporation has reaffirmed plans to invest $8 billion to establish an ethylene cracker facility, but it called on Thai officials to help it seek vast land plots sized 600-800 rai near its refinery in Sri Racha, Chon Buri.
Kasikornbank customers will be able to withdraw cash from their accounts at 964 Thailand Post outlets nationwide by the end of the year, with account-opening services added early next year.
SISB Co Ltd, the operator of Singapore International School in Thailand, hopes to become the first education business to list on the Stock Exchange of Thailand this year, with an initial public offering of 260 million shares.
SET-listed Tata Steel Thailand Plc, the local unit of India's largest steelmaker, is conservative about sales volumes for its fiscal 2019, which began in April, projecting slight growth to 1.24-1.25 million tonnes after witnessing overall rebar volume in the country shrinking during January to June.
Coming up: Australia will release the RBA cash rate target on Tuesday, with Canada releasing the August purchasing managers index (PMI) for the manufacturing sector and the US announcing ISM manufacturing PMI and employment for August on the same day.
Australia will release GDP growth data for the second quarter on Wednesday and the Bank of Canada will announce its interest rate decision. The US will release ISM non-manufacturing PMI and services composite data for August on Thursday.
On Friday, the Bank of England will release the inflation projection for the next 12 months, Canada will release the unemployment rate and net change in employment for August, and the US will release changes in non-farm payrolls and August's employment rate.
Stocks to watch: Tisco Securities recommends buying EPG and HANA to take opportunity of the baht's current value. It expects the performance of both stocks to improve in the second half.
UOB Kay Hian Securities Thailand recommends accumulative purchase of domestic-play stocks expecting to benefit from Thailand's tentative election next year. These include BBL, SCB, ROBINS, BJC, PSH, AP and STEC. Stocks identified as having stable cash flow and offering high dividend yields are CPNREIT, CPN, PSH, AP, EA, BCPG, CHG and BCH.
Asia Plus Securities recommends gradually taking profit from single stocks and switching to domestic plays with low price-to-earnings ratios and low beta, such as DCC, CPF, RATCH and EASTW. Growth-outlook equities or laggard plays in the second half are BH and SCCC, with CPF projected to be boosted by high seasonal exports.
Technical view: Tisco Securities sees support at 1,700 points and resistance at 1,730. Maybank Kim Eng Securities Thailand sees support at 1,706 points and resistance at 1,730.