Market Roundup 6 March 2024

Thailand’s SET Index closed at 1,370.55 points, increased 11.29 points or 0.83% with a trading value of 41 billion baht. The analyst stated that the Thai stock market bounced back to conform with the regional market, as it was supported by the purchase of big-cap stocks such as DELTA.

The analyst expected the market to trade sideways tomorrow, while investors awaited the Fed Chair Powell testimony and non-farm payrolls from the US to estimate interest rate decisions.


World Bank Senior Economist for Thailand Kiatipong Ariyapruchya told reporters on Wednesday at an event in Bangkok that Thailand’s interest rate levels are neutral and appropriate for the current situation of the country.

The World Bank noted that Thailand is currently facing a negative inflation due to global commodity prices, while also expecting the inflation level to return to normal.

The World Bank is expecting to cut Thailand’s GDP growth in 2024 from 3.2% due to slowing global economy and greater impact of budget delay.

Moreover, the World Bank expected the digital wallet scheme to benefit the country and increase its GDP by 1%, but such a program could also cause the debt of the country to climb by 3%.

Thailand’s economic growth in the fourth quarter of 2023 and the year as a whole poked disappointment as they poorly missed expectations, prompting the prime minister to urge the Bank of Thailand to cut rates.

Fourth quarter GDP rose 1.7%, but missed expectations from a Reuters poll that sees growth at 2.5%. Meanwhile, Thai 2023 GDP grew 1.9%, also missing expectations for 2.4% growth as well.


Indorama Ventures Public Company Limited (SET: IVL) has confirmed its plan to spin off the IOD and packaging businesses, according to the report from Tisco Securities in its research from the Capital Market Day.

The paper stated that at the Capital Market Day, IVL unveiled plans to spin-off 25-30% of its holdings in two assets: 1) IOD integrated downstream arm in the Americas (mainly, surfactants) under the new name ‘Indovinya’, and 2) the packaging business to help reinforce the balance sheet and cash flow.

The size for its IOD and packaging business is expected to be around $750 million and $250 million, respectively.

IVL expected the spinoff for Indovinya to take place in late 2025 or early 2026, while the IPO for its packaging business should be within 2025. Still, there is no indication of which market the two businesses will be listed in.

Moreover, IVL is also planning to divest its non-growth assets, aiming to generate a total of $300 million as part of its strategic plan. The divestment plan includes the Corpus Christi project in the US which was recently impaired.