Kaohoon Morning Brief – 15 March 2024

Krungsri Securities (KSS) expected Thailand’s SET Index to move within the range of 1,385-1,405 points as concerns over inflation returned after US PPI rose higher-than-expected to 1.6% that could result in the Fed maintaining interest rates at a higher level for longer.

As US bond yields edged higher, it could pressure the equity market. However, a rise in crude oil prices from tightening supply could help support the Thai market to bounce back.


The new FTSE rebalance will be effective at the closing price on March 15, 2024. There is no addition for the Large Cap Index, but CPF, HMPRO, IVL and SCGP were deleted from the index and moved to the Mid Cap instead. Meanwhile, there is no deletion for the Mid Cap.

As for the FTSE Small Cap, there is no addition, but KEX, RABBIT, RAM, SAMART and WORK were deleted from the index.


US producer price index (PPI), a gauge to measure pipeline costs for raw, intermediate and finished goods, accelerated at a faster-than-expected pace in February, reiterating the market of sticky inflation and erasing hopes for early rate cuts by the Federal Reserve.

Wholesale prices rose to 1.6% YoY in February, higher than a 1.2% expected rise by economists and 0.9% in January. On a monthly basis, PPI jumped 0.6%, compared to 0.3% expected and also a 0.3% increase in January.

Meanwhile, core PPI was 2.0%, higher than a 1.9% increase expected by economists.