Market Roundup 16 May 2024

Thailand’s SET Index closed at 1,377.72 points, increased 7.28 points or 0.53% with a trading value of 51.46 billion baht. The analyst stated that the Thai stock market moved in the same direction as regional markets, supported by the in-line expectation of US inflation, boosting hopes for Fed’s rate cuts this year from one to two.

The analyst expected SET Index to challenge the resistance level at 1,380 tomorrow, recommending investors to look forward to an upgrade on full-year earnings forecasts.


The new Thailand’s Finance Minister emphasized concerns about financial access over interest rates following a meeting with the Bank of Thailand (BOT) Governor to coordinate fiscal and monetary policies after a public dispute between the central bank and the former finance minister, the Thai Prime Minister himself.

Pichai assured that there were no plans to replace the central bank governor or undermine its independence. The government’s stimulus measures, including the controversial distribution of 500 billion baht ($13.84 billion) to households, were not addressed during the meeting as per Pichai.


Earnings season for the first quarter of 2024 is coming to a close with list-Thai companies posting better-than-expected profit growth, indicating a positive trend going into the second quarter and onward.

Kiatnakin Phatra Securities (KKPS)expected more upgrades following strong 1Q results, seeing the aggregation of its full-year consensus forecasts are too low.

Meanwhile, Bualuang Securities (BLS) expected industrial-related groups (WHA), tourism and transportation (AOT, CENTEL), ICT (TRUE, ADVANC), consumer (CPALL, CPN) and medical (BH) are those that beat expectations and should see an upward revision in earnings forecasts.