Market Roundup 23 May 2024

Thailand’s SET Index closed at 1,367.84 points, decreased 2.99 points or 0.22% with a trading value of 46.23 billion baht. The analyst stated that the Thai stock market was pressured from overseas factors, especially concerns over the slowdown of rate cuts by the US Federal Reserve, and the selloff of EA and NEX after brokers downgraded their target prices. Meanwhile, there were positive catalysts from the purchasing power among food stocks and electronic stocks and the announcement of recovering export figures in Thailand.

The analyst expected the market to decrease tomorrow, while investors awaited the announcement of PMI figures and initial jobless claims from the US.


A recent business survey revealed that Japan’s factory activity experienced growth for the first time in a year in May, indicating a pickup in manufacturing after a period of sluggishness.

The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) rose to 50.5 in May from 49.6 in April, surpassing the 50.0 threshold that separates expansion from contraction, marking the first time since May last year.


Goldman Sachs CEO David Solomon expressed his expectation that the Federal Reserve will not lower interest rates this year, emphasizing his view at a Boston College event where he mentioned his anticipation of “zero cuts” and a belief in the persistence of inflation.

This stance contrasts with market projections of a potential rate cut by the Fed, which was further fueled by the recent release of minutes from the April 30-May 1 policy meeting revealing concerns that inflation may not ease as quickly as previously assumed.


CGS International Thailand (CGSI) has revised down its projection for Thailand’s SET Index to 1,560 from 1,650, attributing this adjustment to uncertainties prevalent in both the domestic and global economic landscapes, while maintaining its earnings per share (EPS) forecast at THB87.4 (+10%) for the fiscal year 2024.

CGSI noted enhanced first-quarter 2024 earnings among listed companies within its coverage, marking a significant improvement compared to the past two years, with approximately 43% surpassing expectations, representing the highest number of positive surprises since the fourth quarter of 2021.


Thailand’s Constitutional Court has officially accepted a complaint aimed at ousting Prime Minister Srettha Thavisin from his position due to appointing a former lawyer with a criminal record to a ministerial role.

Despite a group of senators advocating for Srettha’s suspension during the ongoing trial, the court did not suspend him from office. The complaint lodged by the senators asserted that the recent cabinet assignment of Pichit Chuenban contravened the constitution.


Thailand’s customs-based exports rose 6.8% in April from a year earlier, according to the official announcement from the commerce ministry on Thursday, beating analysts’ expectations for a 0.35% YoY growth in a Reuters poll, following March’s 10.9% decline.

Meanwhile, imports for April saw an increase of 8.3% YoY, higher than a 5.05% forecast by Reuters poll.

The Commerce Ministry noted that the rising trend for exports should continue in April.


A recent survey revealed a noticeable slowdown in growth among British businesses this month, exceeding economists’ predictions. The S&P Global UK Composite Purchasing Managers’ Index for the services and manufacturing sectors dipped to 52.8 in May from 54.1 in April, falling below the anticipated 54.0 mark.

Meanwhile, despite both sectors showing expansion with readings above 50, the services sector experienced its weakest growth in six months, outweighing a recovery in factories.