Kaohoon Morning Brief – 30 November 2023

Tisco Securities expected Thailand’s SET Index to move in a sideways trend similar to other markets in Asia that moved narrowly even with the US bond yields continuing to edge down to the current level of 4.3%. However, investors in the Thai stock market continued to sell off while Thai baht also slightly depreciated.

Tisco Securities stated that the Thai stock market still lacks positive catalysts, while being pressured by a selloff in big-cap stocks.

Moreover, MSCI Rebalance today will result in an outflow of around 100 million dollars. The analyst recommended investors to monitor US inflation data tonight.


German inflation showed slower growth than expected as energy, costs of fuels and travel fell sharply from the previous month.

Headline inflation retreated to 3.2% YoY in November, a 60 bps drop from 3.8% in October and also lower than 3.5% expected by economists.

Food inflation slowed to 5.5% from 6.1%. Meanwhile, core inflation fell from 4.3% to 3.8%. Still, it is a long way until it reaches the central bank’s goal of 2%.


The latest update on GDP outlook showed the US economy growing at a more robust annualized rate of 5.2% in the third quarter, an upward revision from 4.9%. The contribution in the third quarter was from inventories that rose 1.4%, an upward revision from 1.3% and after 0% in 2Q23. Meanwhile, contribution from consumers rose 2.4%, revised down from the previous 2.7%.