Market Roundup 11 October 2023

Thailand’s SET Index closed at 1,455.99 points, increased 21.54 points or 1.50% with a trading value of 53%. The analyst stated that the Thai stock market bounced back with a push from big-cap stocks as Thai baht appreciated against US dollars, which helped ease concerns over foreign outflow, seeing a potential for a net buy from foreign investors in the future.

The analyst expected the Thai stock market tomorrow will move in the same direction as international markets, while recommending investors to monitor the report of US PPI and Fed’s speech.


Some of the Fed’s officials voiced their opinion on Tuesday for a rate pause, which benefited the equity market on Wednesday. Philip Jefferson, vice chair of the Fed’s board and Lorie Logan, president of the Federal Reserve Bank of Dallas suggested the US central bank might not raise the interest rate higher than the current 22-year high.

Atlanta Federal Reserve Bank President Raphael Bostic said on Tuesday that the U.S. central bank does not need to raise borrowing costs any further. He noted that he sees no recession ahead even as the Fed’s rate hikes so far slow the economy. He added that no further rate hikes are needed to bring down inflation to its target of 2%.


Tisco Financial Group Pcl. was the first commercial bank in Thailand that released its financial results for the operation in the third quarter.

TISCO reported a net profit of 1,874 million baht in 3Q23, increased 5.70% from a net profit of 1,773 million baht in 3Q22 as interest income and loan portfolio expanded.

Total operating revenue increased by 7.6% (YoY) mainly driven by an improvement in net interest income by 10.4% (YoY) following the loan expansion of 8.7% (YoY), whereas cost of fund rose from 1.08% to 2.00% (YoY) corresponding with rising market interest rate. Non-interest income from core businesses weakened by 4.7% (YoY) caused by a slower-than-expected recovery in bancassurance business following lower new business volume on the back of uneven economic recovery.

Moreover, the brokerage business slowed down following a significant decline in market trading volume amid volatile capital market. Meanwhile, asset management basic fee income increased along with a growth in assets under management. Operating expenses increased by 8.6% (YoY) mainly related to the company’s long-term business expansion plan.