Market Roundup 12 June 2024

Thailand’s SET Index closed at 1,316.69 points, increased 0.59 points or 0.04% with a trading value of 46.52 billion baht. The analyst stated that the Thai stock market experienced a short-term increase and trended downward at the end of the trading session. There was still some volatility in the market, though the Monetary Policy Committee decided to hold interest rates as expected and bear a high chance of remaining at this level.

Political concerns in the country put less pressure on the market but remained to be monitored. Despite the valuation in the market moving in the right direction, the recovery was still limited.

The analyst expected the market to trade sideways, similarly to today’s movement.


Bloomberg News reported that the Biden administration is contemplating implementing additional constraints on China’s access to chip technology used for artificial intelligence (AI).

The proposed measures would potentially restrict China’s utilization of the advanced chip architecture known as gate all-around (GAA). GAA is a transistor architecture that enhances chip performance and decreases power consumption.


China’s consumer inflation in May remained unchanged, while the decline in producer prices slowed down. However, experts warn that more efforts are needed from Beijing to bolster weak domestic demand and an uneven economic recovery.

The consumer price index (CPI) increased by 0.3% year-on-year in May, matching April’s growth but falling below the 0.4% forecast in a Reuters poll. On a monthly basis, CPI decreased by 0.1%, in contrast to April’s 0.1% rise and economists’ prediction of zero growth.


The World Bank has adjusted its 2024 global growth forecast slightly upwards, influenced by the robust performance of the U.S. economy. Despite this positive development, the World Bank cautioned that global output would not return to pre-pandemic levels until 2026. It anticipates global economic growth to stabilize at 2.6% in 2024, the same as 2023. This adjustment represents a 0.2 percentage point increase from the January forecast, primarily driven by robust U.S. demand.


The European Commission is forging ahead with plans to implement tariffs on Chinese electric vehicles (EVs) that could yield over €2 billion annually, defying caution from the German government over potential repercussions of instigating a costly trade dispute with Beijing, according to the Financial Times.

The group intends to provisionally enforce additional duties of up to 25% on imported Chinese EVs starting next month, with the reason being the assertion that Chinese EV manufacturers benefit from subsidies that undercut their European counterparts.


The Constitutional Court announced on Wednesday that it would commence proceedings on June 18 in a case involving Prime Minister Srettha Thavisin. The case was initiated following a complaint lodged by 40 military-appointed senators in May, alleging a breach of the constitution by the Prime Minister through a cabinet appointment.

Simultaneously, the court disclosed plans to convene a hearing next Tuesday in response to a case brought forth by the country’s election commission, which aims to dissolve the opposition Move Forward Party.

Additionally, the influential former Prime Minister Thaksin Shinawatra, who returned to Thailand in August following a 15-year self-imposed exile, is set to face formal indictment in a criminal court on Tuesday for charges of lese majeste and computer crime.


Mr. Piti Disyatat, Secretary of the Monetary Policy Committee (MPC), announced the outcome of the meeting on 12 June 2024 as follows.

The Committee voted 6 to 1 to maintain the policy rate at 2.50 percent. One MPC member voted to cut the policy rate by 0.25 percentage point.