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Market Roundup 28 August 2024: U.S. stock markets declined compared to Asian markets
The country is projected to grow between 2.3% and 2.8% this year. The Bank of Thailand forecasts a 2.6% growth, with an increase to 3% by 2025, highlighting the need for higher growth rates.
Thailand’s SET Index closed at 1,365.72 points, representing a 0.10% increase. Analysts have observed limited trading activity due to decreased political uncertainty, but the economic growth forecast remains modest.
- 📈 Thailand Stock Market Performance On August 28, 2024, Thailand’s SET Index closed at 1,365.72 points, reflecting a slight increase of 1.41 points or 0.10%, with a trading volume of 43.08 billion baht. This indicates a relatively stable trading atmosphere amidst reduced political uncertainties in the country.
- 📉 U.S. Markets Decline On the same day, the U.S. stock market saw a decline, with the Nasdaq Composite dropping 1.1% and the S&P 500 decreasing by 0.6%, which highlights a mixed sentiment in the global markets.
- 🔍 Overall Market Trends Analysts suggest that the trading activities in Thailand are influenced by speculative sales, while U.S. market fluctuations are linked to broader economic concerns, demonstrating the interconnectedness of global financial markets.
SET Index Slightly Rises Amid Speculative Sales
Thailand’s SET Index closed at 1,365.72 points, increasing by 1.41 points or 0.10% with a trading value of 43.08 billion baht. An analyst indicated that the narrow trading was due to speculative sales and reduced political uncertainties. Investors are closely monitoring the new cabinet formation and upcoming policy announcements, with expectations of sideways market trading tomorrow.
On August 28, 2024, the performance of U.S. stock markets showed a decline compared to Asian markets:
- U.S. Markets:
- Nasdaq Composite: Decreased by 1.1%.
- S&P 500: Fell by 0.6%.
- The decline was attributed to broader economic concerns and mixed investor sentiment.
- Asian Markets:
- Thailand’s SET Index: Closed at 1,365.72 points, with a slight increase of 0.10% (1.41 points up).
- Other Asian markets, such as Hong Kong’s Hang Seng Index and Japan’s Nikkei, also showed resilience, with some gains amidst a generally stable trading atmosphere.
Overall, while U.S. markets faced downward pressure, Asian markets, particularly Thailand’s, exhibited stability or slight growth, reflecting differing regional economic conditions and investor sentiments.
Economic Outlook and Inflation Trends
Thailand’s caretaker deputy finance minister, Paopoom Rojanasakul, noted that economic recovery signs are appearing, but growth hasn’t reached its potential.
The country is projected to grow between 2.3% and 2.8% this year. The Bank of Thailand forecasts a 2.6% growth, with an increase to 3% by 2025, highlighting the need for higher growth rates.
Meanwhile, Australia’s monthly inflation index showed a slight decrease, with consumer prices rising by 3.5%, indicating easing price pressures. The trimmed mean core measure decreased to 3.8%, reflecting gradual economic adjustments.
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