Market Roundup 1 December 2023

Thailand’s SET Index closed nearly flat at 1,380.31 points, increased 0.13 points or 0.01% with a trading value of 37.6 billion baht. The analyst stated that the Thai stock market moved in a sideways trend without any positive drivers even after the US PCE data slowed down. The Thai stock market was pressured by big-cap stocks such as AOT, PTTEP and DELTA that edged lower.


Alexandre Silveira, the Brazilian Energy Minister, announced that Brazil will join the OPEC+ coalition, approving the country’s membership to start next year. However, Brazil is not expected to take part in the group’s production cut in early 2024.

The country is the largest producer in South America with 4.6 million barrels per day (bpd) of oil and gas and 3.7 million bpd of the production are crude.

As of yesterday, OPEC and its allies agreed to cut output for early next year. The voluntarily cut by Saudi Arabia, Russia and some new participants is said to approach two million barrels per day (bpd) after the latest agreement. The deal was said to be fulfilling Riyadh’s goal for this meeting to further tighten global supply for what it calls “stabilization” of oil prices.

Meanwhile, Goldman Sachs expected to see oil prices in the $80-$100 range in 2024 with OPEC+ maintaining the price.

ANZ’s analyst expected Brent crude prices to recover in the next 12 months following supply cuts by Saudi Arabia and Russia with its target of end-December quarter at $90 a barrel, stating that the demand side is not a major factor to swing the market.


According to estimation of Maybank Securities (Thailand), KCE, i-Tail Corporation Public Company Limited (SET: ITC) and Bangchak Corporation Public Company Limited (SET: BCP) are the three securities expected to be included in the SET50, based on the closing price on November 30, 2023.

Meanwhile, Delta Electronics (Thailand) Public Company Limited (SET: DELTA), Intouch Holdings Public Company Limited (SET: INTUCH) and Thai Life Insurance Public Company Limited (SET: TLI) are forecast to be excluded from SET50.

As for the SET100 Index, ITC, BA, SISB, SAPPE, RBF, ICHI, MOSHI, TKN, SC and THCOM are expected to be added at the beginning of next year.

On the other hand, ACE, CKP, DELTA, INTUCH, MBK, SABUY, THANI, THG, TIPH and TLI are to be excluded from the index.


Singtel will be trading in the Thai stock exchange in 2024 under the expanding Thailand-Singapore Depository Receipt (DR) linkage scheme, according to Singapore Exchange (SGX) group chief executive Loh Boon Chye speaking at the event in Bangkok on November 27.