Market Roundup 12 January 2024

Thailand’s SET Index closed at 1,413.53 points, increased 5.29 points or 0.38% with a trading value of 40.2 billion baht. The analyst stated that the Thai stock market edged higher following the rise of retail stocks and speculations among bank stocks as the 4Q23 performance is expected to be positive. Moreover, China revealed its larger-than-expected export figures in December, giving another positive factor to the index.

The analyst expected the market to bounce back next week.


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 the 0.3% rise expected by economists in a Reuters poll.

Meanwhile, China’s consumer prices in December fell 0.3% YoY, compared to an estimate of 0.4% contraction.


Oil prices settled higher on Thursday as a tanker with Iraqi crude was seized by Iran in retaliation for the confiscation of the same vessel last year, intensifying the conflict in the Middle East. Brent rose by 0.8% to $77.41 per barrel, and the West Texas Intermediate (WTI) increased by 0.9% to $72.02 a barrel.

Both benchmarks grew higher than $2 a barrel earlier in the session before sliding backward as a result of a surprise surge in U.S. inflation and reports on China regarding the reduced imports from Saudi Arabia.

The U.S. and the U.K. signaled cautious gestures as they pondered to push further measures if the attacks continued. Moreover, the United Nations Security Council also passed a resolution, which stated the demand to end the attacks from the Houthis.

Meanwhile, Abdel-Malek al-Houthi, the Houthi’s leader, threatened an even bigger strike than drones and missiles if there were any intervention or attack toward the group.

The attack on merchant vessels in the Red Sea had also caused the global trade to drop by 1.3% from November to December 2023 as it reduced the volumes of transported cargo in the region.