Market Roundup 14 December 2023

Thailand’s SET Index closed at 1,378.94 points, increased 20.97 points or 1.54% with a trading value of 40.8 billion baht. The analyst stated that the Thai stock market rebounded along with the foreign stock market as a response to the Fed interest rate hold. The Dot Plot with three rate cuts exceeded the market expectation as the US dollar weakened. Meanwhile, the decline in bond yields and the return of foreign investors in the market, resulted in big-cap stocks pushing the market further. The analyst expected the SET Index to move in a sideways trend tomorrow while seeking for a new positive catalyst.


The World Bank stated that it expected Thailand’s economic growth to be at 2.5% this year and 3.2% in 2024, decreasing from the estimation in October of 3.4% and 3.5%, respectively.

Tourism and private consumption are the key parts of economic growth in Thailand as tourism is expected to return to the pre-pandemic level by mid-2025 due to a delayed recovery of Chinese tourists. The economy is expected to grow by 3.1% in 2025.

As a result, the world bank concluded that Thailand’s fiscal deficit and public debt could potentially rise to 4%-5% of GDP and 65%-66% of GDP, respectively.

The current geopolitical conflict and rising oil prices had shown some signals of downside risks to the growth outlook of Thailand.


House Republicans voted 221 green light to conform with the impeachment inquiry for President Joe Biden, after claiming, without releasing any evidence, that the president had financial benefits from his family’s foreign business.

The vote came after the Republican accused the White House of obstructing their investigation of the said claim, while the White House affirmed that it had been fully co-operative.

The vote also came the same day that Hunter Biden, the president’s son, was scheduled to testify on his business operations that earned millions of dollars in the last several years. Republican lawmakers seek to find if he channels these money to his father and other family members as he is alleged with tax evasion along with other charges.

The overall circumstances led to the emergence of mixed opinion among voters. Some agree with the investigation, explaining that they were happy for politicians to be audited, while some presumed that the whole process was retaliatory for the impeachment inquiries when Donald Trump was president.


Thai baht rises sharply against the US dollar following the Fed’s decision to maintain interest rates and a rate cut next year.

The baht rose as much as 1.8% to THB35.06 per US dollar on Thursday, the sharpest single-day rise since November last year for a little over 2.70%, coming down from nearly THB37.00 to THB35.88 per dollar.

The weakening dollar was the result of the U.S. Federal Reserve statement after the two-day meeting last night that pointed to three rate cuts next year.