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Market Roundup 9 July 2024
InnovestX forecasts a 2.5% economic growth in Thailand for 2024 and 3.0% for 2025, with a target of 1,500 points for the SET Index by the end of the year.
Thailand’s SET Index fell 0.20% as investors mitigated risks amidst market uncertainties. Analysts await US Fed Chair’s speech for potential dovish signals. Bank of Thailand highlights need for stronger growth.
Thailand’s SET Index and Economic Outlook
Thailand’s SET Index closed at 1,319.92 points, dropping by 2.58 points or 0.20% with a trading value of 38.11 billion baht. Analysts noted that the Thai stock market traded sideways as investors offloaded stocks to mitigate short-term risks amid market uncertainties. Investors are also awaiting a speech by US Fed Chair Powell, which might signal a dovish stance and support the Thai market.
During a seminar, Bank of Thailand Governor Sethaput Suthiwartnarueput emphasized Thailand’s uneven economic recovery and the need for stronger growth. He stated that the country’s potential growth rate of 3% is inadequate, with forecasts predicting 2.6% growth this year and 3% next year. The central bank will closely monitor inflation and living costs.
SET Index Targeted at 1,500 Points by End of 2024
InnovestX Securities Co., Ltd., part of the SCBX Group, predicts a global economic recovery in Q3 2024, with strong rebounds in Europe and Asia. The US economy is still strong, but showing a gradual slowdown, allowing the Federal Reserve to reduce interest rates. Similarly, the European Central Bank (ECB) has already cut interest rates, which is expected to boost stock markets.
Thailand’s economy is expected to recover in the second half of 2024, driven by increased budget spending and improvements in manufacturing and tourism. InnovestX forecasts a 2.5% economic growth in Thailand for 2024 and 3.0% for 2025, with a target of 1,500 points for the SET Index by the end of the year. For Q3 2024, InnovestX recommends stocks that will benefit from the global recovery, earnings growth, and interest rate cuts, highlighting ADVANC, KCE, OSP, PTTGC, and TU as top picks.
Donald Trump on Biden’s Campaign
Republican presidential candidate Donald Trump has expressed his belief that President Joe Biden will continue his White House campaign, despite internal pressures from Democrats to make way for a younger contender. Trump pointed out Biden’s perceived ego and the significant support he received through delegate wins in the Democratic primary, ultimately leading to his party’s nomination.
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