Market Roundup 8 May 2024

Thailand’s SET Index closed at 1,373.33 points, decreased 3.04 points or 0.22% with a trading value of 42.25 billion baht. The analyst stated that the Thai stock market traded narrowly, as there were no factors supporting the index after investors acknowledged interest rates outlook from the US Federal Reserve. Meanwhile, the proposal to recover LTF funds was expected to limit downside risks and was perceived to be positive sentiment.

The analyst expected the market to trade sideways tomorrow, while investors monitored economic data from China and 1Q24 earnings reports from listed companies.


Institute of International Finance (IIF) reported that global debt has reached an all-time high of $315 trillion, with emerging markets such as China and India experiencing significant increases in borrowing, while the efforts to reduce debt post-pandemic are slowing down as governments worldwide are cutting taxes and increasing spending ahead of a record number of elections this year.

The IIF’s analysis revealed that global debt rose by $1.3 trillion in the first quarter of the year, impacting the debt-to-GDP ratio as it resumed its upward trend following a decline during the Covid-19 pandemic lockdowns. The increase in government debt was a key driver in advanced economies, particularly in the United States, where persistent inflation could lead to prolonged higher interest rates.

Moreover, the IIF’s banking lobby group warned of the potential risks posed by escalating trade tensions and deeper geoeconomic fragmentation, which could weaken the capacity of emerging markets to service their external debts, especially those denominated in US dollars.


TikTok and its parent company, ByteDance, have taken legal action in a U.S. federal court to challenge a law signed by President Joe Biden that requires the disposal of the popular short video app utilized by 170 million Americans or faces a ban.

The lawsuit was submitted by the companies to the U.S. Court of Appeals for the District of Columbia Circuit, contending that the law infringes on several aspects of the U.S. Constitution, including violating First Amendment free speech protections.

In the lawsuit, the companies stated that the divestiture is deemed unfeasible from both commercial and legal standpoints and emphasized that the law would lead to the shutdown of TikTok by January 19, 2025, muting the voices of the 170 million American users who rely on the platform for unique communication experiences.

This lawsuit marks the latest strategic move by TikTok to counter attempts aimed at halting its operations in the United States, as competitors such as Snap and Meta seek to leverage TikTok’s uncertain political future to divert advertising revenue away from the platform.