Market Roundup 30 January 2024

Thailand’s SET Index closed at 1,373.14 points, decreased 3.14 points or 0.23% with a trading value of 42.4 billion baht. The analyst stated that the Thai stock market traded sideways all day long without new positive factors. The trading volume remained low, while investors awaited the US private sector employment figures.

Meanwhile, if the resolution of the US Fed meeting, commend from the Fed Chairman regarding the interest rate cut, and the employment figures are not enough to uplift the trend of the market, the index may not see a significant shift tomorrow.

In addition, the analyst recommended investors to monitor another verdict from the Constitutional Court regarding the case of Move Forward Party that could move the index at a significant level depending on the outcome.


Saudi Arabia’s state-owned enterprise Aramco has announced that it will be halting its plan to ramp up crude production capacity from 12 million barrels per day (bpd) to 13 million barrels amid concerns over demand this year.

The company wrote in the statement that the authority ordered it to maintain its Maximum Sustainable Capacity (MSC) at current levels. Aramco has been producing crude oil at this level for almost four years since 2020.

The company did not specify further of the season behind that ministry officer ordering it to pause the plan.

Global oil demand is projected to rise by 2.3 million barrels per day in 2023 to 101.7 million barrels, according to the International Energy Agency (IEA)’s annual report.

However, concerns are rising in the market that global demand could be weakening, giving a slower-than-expected recovery in the Chinese economy and the transition to decarbonization.


At the end of the afternoon session on Tuesday, the share price of Central Retail Corporation Public Company Limited (SET: CRC) decreased by 2.86% to THB 34 per share.

CGS-CIMB Securities stated that the decline was potentially due to the news regarding the procedure to rehabilitation as a result of a specific legal framework in Germany of KaDeWe.

The analyst saw the downtrend of CRC as a good opportunity to accumulate the stock since its share price is now below the firm’s comfortable level of THB 35 from two months ago, while the issue regarding the aforementioned news does not have any impact on CRC since KaDeWe is owned by Central Group.

Finansia Syrus Securities also provided information on the matter, stating that KaDeWe Store, having Central Group as a shareholder, has entered into the rehabilitation plan following the increase in rental fees, which caused the company to take a loss. The entry into the rehabilitation plan was an effect of the legal process in Germany, while department store businesses from Central Group in other countries continued operating.

However, the investment in KaDeWe Group was solely the private investment of Central Group, which excluded Central Retail Corporation Public Company Limited (SET: CRC) and Central Pattana Public Company Limited (SET: CPN).