Kaohoon Morning Brief – 7 November 2023

RHB Securities (Thailand) expected Thailand’s SET Index to edge lower in response to rising US bond yields, while there is no important economic data for the US to report this week. The analyst recommended investors to keep an eye on interest rates direction as Fed’s officials will speak this week. In the meantime, oil prices did not spike, following speculation of easing inflation rates. This could lead to a sideways trend for SET Index.


Goldman Sachs noted that equity returns tend to be weaker than average in US presidential election years. Since 1932, the S&P 500 index has returned an average of 7% during the 12 months preceding the election, compared to 9% outside of election years.

If looking at returns since 1984, election year returns have averaged only 4%.

The next US election is scheduled to be on November 5, 2024. Prediction markets expect a Biden-Trump rematch in 2024 with Democrat gaining popularity ahead of Republican at 55% vs 45%.


Bloomberg reported that Kasikornbank Public Company Limited (SET: KBANK) and SCB X Public Company Limited (SET: SCB) are major Thai banks among the final bidders for consumer lender Home Credit’s business in Vietnam.

The report cited sources familiar with the matter, which also said that South Korea KB Kookmin Bank is also at the final stage as well.