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Market Roundup 23 July 2024
The Stock Exchange of Thailand (SET) is experiencing uncertainty and turmoil following multiple fraud scandals involving key figures in the Thai business community.
Thailand’s SET Index dropped by 1.18% due to banking sector apprehensions and EA’s downturn. Kamala Harris secured the Democratic nomination. Kakao Corp. founder Brian Kim was detained in South Korea for market manipulation.
- 📉 Thailand’s SET Index Performance Thailand’s SET Index fell to 1,301.54 points, a decline of 15.60 points or 1.18%, with a trading value of 40.31 billion baht.
- 📊 Stock Market News on July 23, 2024 The S&P 500 edged lower, closing 0.2% down. The three major U.S. stock indexes ended the day on a negative note.
- 🌍 Global Markets Report for July 24, 2024 Australian shares were expected to open higher, following a slight decrease in U.S. stocks as investors considered corporate earnings reports.
- Overnight, US benchmark indices closed slightly lower due to mixed earnings. The S&P 500, Dow Jones, and NASDAQ slipped by 0.1–0.2 percent.
Thai Stock Market Decline
Thailand’s SET Index fell to 1,301.54 points, a decline of 15.60 points or 1.18%, with a trading value of 40.31 billion baht. The downturn was attributed to banking sector earnings that met expectations but suffered due to high provisions, causing concerns in other sectors, especially finance.
Additionally, market sentiment suffered from EA’s debenture-related issues and a lack of significant catalysts. Analysts expect the market to trade sideways, with investors closely monitoring both domestic and international factors.
The Stock Exchange of Thailand (SET) is experiencing uncertainty and turmoil following multiple fraud scandals involving key figures in the Thai business community.
Overnight, US benchmark indices closed slightly lower due to mixed earnings. The S&P 500, Dow Jones, and NASDAQ slipped by 0.1–0.2 percent.
The US 10-year bond yield was at 4.255 percent. Gold futures were around $2,400, and Brent Crude Oil fell below $82 per barrel. In Asia, the Nikkei and Kospi traded flat, while the Straits Times was down 0.4 percent.
Korean Business Magnate Detained
Brian Kim, the founder of Kakao Corp., one of South Korea’s leading business figures, has been detained by the Seoul Southern District Court on charges of market manipulation. This detention is a significant development in the ongoing legal proceedings and has raised concerns about potential evidence tampering and escape, leading to the court’s decision to order his custody.
The decision to detain Brian Kim highlights the increased regulatory scrutiny that Kakao Corp. is currently facing. This move by the court underscores the seriousness of the allegations and the potential impact on the conglomerate’s operations. It also indicates the potential risks associated with the case, emphasizing the need to prevent any interference with evidence and to ensure that Kim remains within the jurisdiction of the court.
This development has attracted significant attention within South Korea’s business community and beyond, as it involves a prominent figure in the country’s corporate landscape. The outcome of this case will likely have broader implications for corporate governance and regulatory oversight in South Korea.
Kamala Harris secured the Democratic presidential nomination
Kamala Harris secured the Democratic presidential nomination with 2,214 delegates. This means that she received the support of a significant number of delegates within the Democratic Party, positioning her as the chosen candidate to represent the party in the presidential election. This achievement reflects the confidence and backing she garnered from party members and voters, ultimately leading to her nomination as the Democratic candidate for the presidency.
Democrats have publicly responded to President Biden’s withdrawal with gratitude for his long public service, relief that senior officials’ counsel prevailed over his reluctance to end his campaign, and excitement for the likely replacement by a woman of color more than 20 years his junior.
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