Market Roundup 16 October 2023

Thailand’s SET Index closed at 1,427.11 points, decreased 23.64 points or 1.63% with a trading value of 56 billion baht. The analyst stated that the Thai stock market edged lower in response to the speculation of Israel-Hamas conflict to expand, pressuring global stock markets.

The Thai stock market underperformed regional markets due to a lack of positive drivers. The analyst stated that the market could bounce back tomorrow if the war in the Middle East has no development.


Bank of America’s Chief Strategist Michael Hartnett said that the S&P 500 Index will be able to continue trading above the 4,200 level in the near time if the dollar and yields remain at the lower level. On the other hand, oil prices above $100 a barrel and a clear sign that a credit crunch for small business was causing higher unemployment could tarnish that scenario.

Hartnett wrote in the report that the S&P 500 at the 4,200 mark is also close to the 200-day moving average, which is considered a key technical support level. The index dropped close to that level in early October after a spike in US bond yields to 16-year high, following the escalation of Israel-Hamas conflict. However, the S&P 500 bounced back 2.8% since then as yield retreated.


Meanwhile, as major economies are facing persistent inflation above target range, China is on a brink of deflation again as its consumer price was flat in September, slowing down to 0% year-on-year after edging up 0.1% in August. The data was below consensus for a 0.2% growth in prices as concerns linger about weak demand.

China recently dipped into deflation territory in July this year after the consumer price fell to 0.3%, which was after a 0% reading in June. It was the first time that the world’s second largest economy dipped into deflation since 2021.