Kaohoon Morning Brief – 16 February 2024

Krungsri Securities (KSS) expected Thailand’s SET Index to move within the range of 1,380-1,440 points. The analyst stated that there would be a positive from regional markets following a 0.8% MoM US retail sales that gave some hope to investors on a potential Fed’s rate cut in May. Meanwhile, crude oil prices were rising, which is positive to the energy sector. However, continuing fund outflow would pressure the market. Thus, the analyst recommended Selective Buy for investment strategy.


US retail sales for January 2024 was the worst figure since March 2023. Retail sales was -0.8% MoM, compared to a -0.2% forecast and 0.6% in December 2023. Meanwhile, core retail sales was -0.6% MoM, compared to a 0.2% forecast and 0.4% in December 2023.


The European Union cuts growth for the bloc for 2024 to 0.8% from 1.2% as higher interest rates weigh on economic activity. 2024 growth in Germany, the biggest economy in the bloc, has been cut to 0.3% from 0.8%. This put Germany at the bottom of Eurozone countries in terms of forecast growth.


China’s travel and consumption-related stocks lead Hong Kong stocks higher. Citi stated that it sees a decent travel momentum for the recovery during the Lunar New Year holiday so far. The nationwide passenger throughput was 24% above the pre-Covid period.