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Market Roundup 15 July 2024
Thailand’s SET Index dropped due to a selloff in bank stocks, driven by concerns over EA’s debt situation. Despite this, there are still hopes for potential Fed rate cuts. China’s Q2 2024 economic growth fell short of expectations, growing by 4.7% instead of the anticipated 5.1%. Analysts are predicting a landslide victory for Donald Trump in the 2024 election following an assassination attempt. Additionally, the Stock Exchange of Thailand has requested EA to clarify the financial impact of its debt obligations.
Thai Stock Market Update
Thailand’s SET Index closed at 1,327.43 points, down by 4.61 points or 0.35%, with a trading value of 33.60 billion baht. Analysts attribute the market’s decline to a selloff in bank stocks due to investor concerns over EA’s debt issues. Nonetheless, there was a slight uptick in purchasing from stocks unaffected by this situation towards the trading session’s end. The market is expected to trade within limitations, driven by hopes for Fed rate cuts.
Economic Growth and Political Forecasts
China’s economy experienced a 4.7% growth in the second quarter of 2024, which was lower than analysts’ prediction of 5.1%. This growth rate was also slightly less than the 5.3% growth reported in the previous quarter. The lower-than-expected growth reflects persistent challenges in domestic demand, particularly due to a prolonged slowdown in the property market. This slowdown has had a significant impact on overall economic performance, leading to the reported growth being below expectations.
Separately, analysts predict Donald Trump will win the 2024 Presidential Election decisively after surviving a July assassination attempt, likening it to Ronald Reagan’s surge in popularity post-1981 attempt. The SET has marked EA’s securities with an “SP” for clarification on outstanding debts and repayment directives impacting business management.
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