Market Roundup 22 December 2023

Thailand’s SET Index closed at 1,405.09 points, increased 0.25 points or 0.02% with a trading value of 33.6 billion baht. The analyst stated that the Thai stock market traded sideways to conform with regional markets that were mixed. Investors were waiting for the PCE reports from the US, as if it is as expected or lower, the index will continue growing in the beginning of next week. In contrast, if the figures indicate higher inflation, the index could slow down.


PTT Public Company Limited (SET: PTT) has announced that the Board of Directors at the Meeting No.12/2566 on 21 December 2023 approved the five-year (Year 2024 – 2028) investment plan of PTT and its wholly owned subsidiaries in an aggregate amount of Baht 89,203 million.

PTT has invested in the core business to promote sustainable growth and to ensure national energy security which are accounted for 51% of PTT’s total five-year investment plan with the key projects include Gas Separation Plant (GSP) unit 7 to replace GSP unit 1, GSP unit 8, Bang Pakong – South Bangkok power plant transmission pipeline project, 5th onshore pipeline. In order to align investments with PTT’s vision of “Powering life with future energy and beyond”, PTT has invested in the New business through its wholly owned subsidiaries such as Electric Vehicle value chain businesses including EVme project (providing a digital platform for the comprehensive use of electric vehicle), construction of the Horizon Plus electric car factory, investment in the Cell-To-Pack (CTP) battery assembly plant, as well as Map Ta Phut Industrial Port Development Phase 3, and Laem Chabang Port Phase 3 project, etc.


Japan’s core inflation made a sharp decline in November at a pace not seen in more than a year, according to the data published on Friday.

The core consumer price index (CPI) of Japan, which excludes volatile fresh food but includes fuel costs, rose 2.5% in November from the same period of last year. The reading was inline with economist forecasts and down from 2.9% in October.

This highlights an easing of cost-push pressure that could support the Bank of Japan’s ultra-low interest rate policy for longer.

However, minutes of the Bank of Japan meeting in October that was published earlier today showed that policymakers were discussing a shift in yield control policy. This gives a signal that a shift in policy rate to a positive territory is not far off.


Angola announced its departure from the Organization of the Petroleum Exporting Countries (OPEC), joining several other members that quit the group in recent years, while some members were surprised by the decision.

Angola’s Oil Minister, Diamantino Azevedo, stated that Angola had lost interest in being in the OPEC, and the country did not benefit from being a member of the group anymore.

This led to speculation that the move could come from Angola’s disagreement with the rest of the alliance’s push for reduced production in 2024, as some raised questions about the integrity of the group members.

Angola joined OPEC back in 2007 and produced 1.1 million barrels of oil per day. The exit of Angola from OPEC caused the group to remain 12 members and reduce its oil production to about 27 million barrels of oil per day (about 38 million bpd including other allies), while the increase in oil output from non-OPEC countries, such as the United States, has reduced market share of OPEC.