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Market Roundup 11 September 2024: SET Index dropped to 1,415.41 points, down 0.88%
Thailand’s SET Index dropped to 1,415.41 points, down by 12.62 points or 0.88%, with a trading value of 73.98 billion baht. Analysts attributed the decline to a selloff in energy and oil refinery stocks following a slump in oil prices.
Thailand’s SET Index dropped 12.62 points due to energy stock selloff and profit-taking in major stocks. Global markets remain attentive to US inflation data and potential Federal Reserve rate changes, while EU companies in China show decreased investment willingness. OPEC lowered oil demand forecasts; Trump-Harris debate impacts betting odds. UK economy stagnates with varied sector performance.
Thailand Stock Market Decline
Thailand’s SET Index dropped to 1,415.41 points, down by 12.62 points or 0.88%, with a trading value of 73.98 billion baht. Analysts attributed the decline to a selloff in energy and oil refinery stocks following a slump in oil prices. Additionally, profit-taking in prominent stocks like SCC and retail stocks further pressured the index.
Investors remained focused on upcoming US inflation data, fearing that poor results could prompt the US Federal Reserve to consider an interest rate cut, potentially redirecting investments to the ASEAN region.
European Market and Oil Projections
European firms in China express doubt over the government’s capacity to stimulate demand or carry out reforms, resulting in a decline in investment interest. Concurrently, OPEC has revised its global oil demand growth projection for 2024 downwards, signifying its second successive amendment.
This reflects the group’s challenge to stabilize the market amid recent oil price drops. In the U.S., after a presidential debate, betting odds for Donald Trump and Kamala Harris are tied, while Harris’ win probability has increased according to polls. Additionally, the UK economy showed no month-on-month growth in July, with slight improvements in the services sector but declines in production and construction output. Over three months, the UK’s economic growth was 0.5%.
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