Market Roundup 1 April 2024

Thailand’s SET Index closed at 1,379.48 points, increased 1.54 points or 0.11% with a trading value of 27.47 billion baht. The analyst stated that the Thai stock market traded narrowly with a low level of trading value, as there were no supporting factors to drive the market. In addition, the downgrade of Thailand’s GDP growth from the World Bank also sent some negative effects to the market. Investors were awaiting the resolution from the Monetary Policy Committee’s meeting on 10 April 2024 and the announcement of 1Q24 business performance from listed companies.

The analyst expected the market to continue trading narrowly tomorrow.


According to the World Bank’s latest announcement on Monday, Thailand’s economic growth is anticipated to reach 2.8% this year, with a predicted acceleration to 3.0% in 2025. These projections reflect the impact of weak exports and a delayed budget on the country’s economic performance.

The growth forecasts for 2024 and 2025 have been revised down from the earlier projections of 3.2% and 3.1%, respectively, as outlined in December. In 2023, Thailand’s economy expanded by 1.9%, but unexpectedly contracted by 0.6% in the final quarter compared to the third quarter of the same year.

The country’s central bank also adjusted its 2024 growth outlook in February, revising it to a range of 2.5% to 3.0% from the previous 3.2%.

Tourism and private consumption are earmarked as crucial drivers of growth, with tourist arrivals projected to recover to 90% of pre-pandemic levels in 2024. In an ambitious target, the Thai government aims to attract a record 40 million foreign visitors this year, following the reception of 28 million visitors in 2023.


China’s manufacturing sector in March expanded at its strongest pace in more than a year, according to a private survey released on Monday. The Caixin/S&P Global China manufacturing purchasing managers’ index rose to 51.1, its highest level since February 2023, up from 50.9 in February. This performance exceeded economists’ expectations of a reading of 51, indicating a positive trend in the world’s second-largest economy.

The encouraging data is consistent with an official survey showing robust manufacturing activity, surpassing market expectations and reaching its highest level in 11 months. Additionally, the official non-manufacturing activity survey reported its strongest reading since June. This comes amid positive export and retail sales data, signaling a steady recovery in China.

According to Wang Zhe, a senior economist at Caixin Insight Group, the manufacturing sector in China continued to strengthen in March, with both supply and demand expanding, and an uptick in overseas demand.

Furthermore, China’s National Bureau of Statistics reported that the official manufacturing PMI for March was 50.8, the strongest reading since March last year and higher than the expected 49.9. These surveys offer valuable insights into the current state of the Chinese economy, serving as key indicators each month.