Kaohoon Morning Brief – 13 March 2024

Krungsri Securities (KSS) expected Thailand’s SET Index to move within the range of 1,370-1,390 points. The analyst expected the fund outflows to pressure the market even after the report of US inflation data that came out at 3.2% YoY, a relatively close to expectations by economists, resulting in the market believing that the Fed will cut rates in June as previously anticipated.


US inflation in February rose at a slightly faster pace than the previous month, while also ahead of expectations by economists.

The consumer price index increased 3.2% year over year in February, according to data released Tuesday by the Bureau of Labor Statistics. It was slightly higher than the 3.1% expected by economists and the pace it set in January. On a monthly basis, the consumer price rose 0.4% as expected.

Meanwhile, core inflation, which excludes the volatile food and energy prices, rose 3.8% YoY, which was down from 3.9% in January, but higher than a 3.7% rise expected by economists.

On a monthly basis, the core consumer price rose 0.4%, compared to 0.3% expected.

As inflation remains well above the US Federal Reserve’s target of 2%, the fight to bring down inflation is far from over, while core inflation is proving stickier than expected. The Fed will be in a no rush stance to cut interest rates after a hotter-than-expected inflation. Forecast in the market for a 25bps rate cut remains in June.


Argentina unexpectedly cut rates by 20% from 100% down to 80%. The cut came after a steady rebuilding of reserves and expected continued cooling in monthly inflation. Consumer price is expected to drop to 15% in February and down to 7% by summer after 26% in December last year and 21% in January.


Traders jumped back on US tech stocks on Tuesday as Nvidia closed 7% higher, while S&P 500 settled at 5,175.27 points.

The Bank of America raised target price for Nvidia from $925 to $1,100 per share, expecting positive trend for AI chip to continue.