Kaohoon Morning Brief – 12 January 2024

Krungsri Securities (KSS) expected Thailand’s SET Index to move within the range of 1,400-1,420 points as the market lacks positive drivers, while the U.S. inflation in December rose 3.4%, which was higher-than-expected. KSS expected the Fed to maintain interest rates at the high level to reduce prices to its target of 2%, which pressured fund flows.

The analyst stated that buying pressure on stocks with individual catalysts could support the market to bounce back.


U.S. consumer prices in December rose more than expected as rents continued to edge higher, which sparked market’s speculation that the Fed’s rate cut in March could be delayed further.

The consumer price index (CPI) rose 3.4% in the 12 months through December after an increase by 3.1% a month prior, according to the report from the Labor Department’s Bureau of Labor Statistics said on Thursday. This was higher than a consensus of a 3.2% rise forecast by economists in the Reuters poll.

Meanwhile, CPI rose 0.3% when compared to November after a 0.1% increase in that month. The cost of shelter accounted for more than half of the increase in prices.

Despite a rise in headline inflation, core CPI, which excludes volatile food and energy prices, fell to 3.9%, which was the first time that prices drop below 4% since

September 2021.


China reported higher-than-expected exports growth in December. Shipment from China rose 2.3% YoY in U.S. dollar terms last month, which was higher than a 1.7% rise expected by a Reuters poll. However, it was not enough to offset months of decline prior to December due to slower demand.

Imports rose by 0.2% YoY in December, slightly lower than 0.3% rise expected by economists in a Reuters poll.

In 2023, exports fell 4.6% while imports dropped 5.5%.