Market Roundup 11 April 2024

Thailand’s SET Index closed at 1,396.38 points, decreased 11.79 points or 0.84% with a trading value of 42.95 billion baht. The analyst stated that the Thai stock market traded with volatility, conforming to the regional market. The market encountered the selloff of stocks to mitigate risks ahead of the Songkran festival holidays.

The analyst expected the market to rise over 1,400 points when it returned on April 17, as investors hoped for the Thai economy to continuously recover while also being supported by stimulus measures to uplift the market confidence.


A higher-than-expected Consumer Price Index (CPI) reading on Wednesday caused market uncertainty. Analysts are particularly focused on the supercore inflation reading, a specific measure within the data that excludes shelter and rent costs on top of volatile food and energy prices removed by the core CPI.

Economists consider the supercore gauge valuable in gauging underlying price trends. In March, supercore inflation reached a 4.8% pace year-over-year, its highest level in 11 months. Tom Fitzpatrick of R.J. O’Brien & Associates highlighted that when annualizing the data of the last three months, the supercore inflation rate exceeds 8%, significantly surpassing the Federal Reserve’s 2% target.


In China, the commercial property sector is displaying resilience with pockets of demand despite an overall downturn in the real estate market. According to property consultancy JLL, Beijing is experiencing a notable uptick in rents for prime retail locations, marking the fastest increase since 2019. Rents surged by 1.3% in the first quarter of this year compared to the final quarter of 2023.

JLL attributes this rise in rents to growing demand from new food and beverage brands, niche foreign fashion offerings, and electric car companies, particularly in shopping mall storefronts. The consultancy anticipates this demand to persist throughout the year, contributing to further rent increases, although current rates still lag behind pre-pandemic levels.

Despite the recent property market challenges, sales of offices and commercial-use properties in China saw a 15% and 17% rise by floor area respectively in January and February compared to the previous year. Conversely, residential property sales dipped by nearly 25% during the same period, following a trend of decreased sales for both commercial and residential properties throughout last year.


Mr. Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries (FTI), revealed the results of Thai Industries Sentiment Index (TISI) in March, which stood at 92.4, up from 90 in February. Upon analyzing the components of the index, overall sales, total orders, production volume, and business performance increased from the previous month.

The increased confidence was supported by a gradual demand recovery in the country, reflected in the increasing demand for consumer and durable goods such as household electronics, air conditioners, and furniture. The tourism sector also continued to expand and benefited from the recent visa waivers measures.

On the export front, there was improvement due to the global economic recovery and the economies of key trading partners such as the United States, India, and Australia, while  manufacturers ramped up production ahead of the Songkran festival. Moreover, businesses benefited from the government’s diesel price cap, reducing production and transportation costs.