Kaohoon Morning Brief – 13 November 2023

Krungsri Securities (KSS) expected Thailand’s SET Index to move between 1,370-1,400 points from a positive sentiment from regional markets that edged higher, boosted with domestic factors from the government’s digital wallet. However, the uncertainty of the Fed’s rate policy to control inflation and Moody’s cutting US credit to Aaa (Negative) from Aaa (Stable) could pressure the market. The analyst recommended investors to invest in stocks or sectors that have unique catalysts.


International ratings agency Moody’s lowered its ratings outlook on the United States’ government from “Stable” to “Negative” due to rising risks to the fiscal strength. Still, Moody’s maintained the long-term issuer and senior unsecured ratings of the U.S. at Aaa rating.

“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” Mooday wrote. “Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”

“Continued political polarization within the US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability,” Moody’s added.

Despite the downgrade on the outlook, Moody’s expected the U.S. to retain its exceptional economic strength as there would be further positive growth surprises over the medium term that could slow the deterioration in debt affordability.


Despite concerns about consumer strength in China after the pandemic and dispute with the U.S., Alibaba and JD.com booked around $139 billion of sales across their platforms on China’s biggest online Singles Day shopping event, setting a new record for the world’s second largest economy.

Share prices of JD and Alibaba were up around 4.5% and 1.8%, respectively, in the afternoon trading last Friday, which was before the event that will start on Saturday.

Prices of both securities extended gains in the morning on Monday as JD rose about 1% and Alibaba increased 0.40%.