Home 2023 Siam Commercial Bank (SCB.BK) Knightsbridge Outlook

Siam Commercial Bank (SCB.BK) Knightsbridge Outlook

Siam Commercial Bank (SCB) is the oldest and largest commercial bank in Thailand. It was founded on January 30, 1907, by King Rama VI. SCB has a nationwide network of over 1,700 branches and over 15,000 ATMs.

SCB is a listed company on the Stock Exchange of Thailand (SET). The bank’s shares are traded under the ticker symbol “SCB”.

SCB is a major player in the Thai economy. The bank provides financial services to millions of people and businesses in Thailand. SCB is also a major investor in the Thai economy. The bank has invested billions of baht in Thai businesses and projects.

SCB is committed to being the leading financial institution in Thailand. The bank is investing in digital banking and other technologies to improve its services and make it easier for customers to bank with SCB.

  • SCB reigns as Bank of the Year 2023. SCB was named Bank of the Year 2023 by Money & Banking magazine. The magazine cited SCB’s strong financial performance, its commitment to corporate social responsibility, and its innovation in digital banking.
  • SCB and OR join forces to empower SMEs with nationwide shift to eco-friendly PTT stations through solar rooftop loans. SCB and PTT Oil and Retail Business Public Company Limited (OR) have partnered to provide solar rooftop loans to small and medium-sized enterprises (SMEs). The loans are designed to help SMEs reduce their energy costs and adopt more sustainable practices.
  • SCB and BOT collaborate to launch retail CBDC SCB App pilot project. SCB and the Bank of Thailand (BOT) have collaborated to launch a pilot project for the retail central bank digital currency (CBDC). The project will test the use of CBDC for retail payments in Thailand.
  • SCB EIC expects continued growth across CLMV economies. SCB’s Economic Intelligence Center (EIC) has forecast that the economies of Cambodia, Laos, Myanmar, and Vietnam (CLMV) will continue to grow in 2023. The EIC expects CLMV’s GDP to grow by 5.5% in 2023, supported by strong domestic demand and exports.
  • SCB terminates the purchase of a 51% stake in Bitkub, Thailand’s largest cryptocurrency exchange. SCB Securities (SCBS) has terminated the purchase of a 51% stake in Bitkub Online Co., Ltd., Thailand’s largest cryptocurrency exchange. SCBS cited regulatory concerns as the reason for the termination.
  • SCB X(Trade Price) closed unchanged at 117.000. Volume was 44% below average (neutral) and Bollinger Bands were 20% wider than normal.

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Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

SCB X(Trade Price) is currently 10.4% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into SCB.BK (mildly bullish). Our trend forecasting oscillators are currently bullish on SCB.BK and have had this outlook for the last 37 periods.

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Bollinger Bands

On 8/28/2023, SCB X(Trade Price) closed below the upper band by 5.9%.

Bollinger Bands are 13.03% wider than normal. The current width of the bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.

The recent price action around the bands compared to the action of the Relative Strength Index (RSI) does not suggest any trading opportunities at this time.


During the past 10 bars, there have been 5 white candles and 1 black candles for a net of 4 white candles. During the past 50 bars, there have been 21 white candles and 16 black candles for a net of 5 white candles.

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John Heffernan is a BSc Economist with Honors. Currently working as an Analyst at KXCO, and has contributed on equities and Crypto at Live Trading News.