Kaohoon Morning Brief – 30 January 2024

Krungsri Securities expected Thailand’s SET Index to move within the range of 1,365-1,3390 points. Despite a positive sentiment from regional markets and a selective buy on stocks with unique catalysts, however, the decline in oil prices over negative sentiment from China’s property sector and fund outflows from Thailand ahead of the Fed’s meeting could pressure the market to fluctuate.


Goldman Sachs is the only major investment bank in the market that still believes the Federal Reserve will cut its policy rates in March and sees five interest rate cuts in total in 2024.

Goldman believes that the Fed will not wait for inflation to hit its target of 2% before cutting the rate.

The Fed will meet on Wednesday this week to review its policy rates that are currently staying at decade highs of 5.25-5.50%.


Barclays has turned neutral on risk assets after seeing a rally in major equity indices that are now up for three straight weeks in January, following a positive run from December that it deems to be too fast and too furious.

Barclays wrote in its note, stating that valuations remain very fully priced, especially amid January’s substantial bond sell-off. Given such a busy earnings and policy week, Barclays thinks the equity rally is now likely to take a breather