Thailand’s SET Index rose 0.70% due to strong economic growth, but limited upside persists. Bank of Japan remains cautious on rate hikes, Goldman predicts record gold prices. Thai Airways’ recapitalization impacts banks positively.
Thai Stock Market Overview
Thailand’s SET Index saw a 0.70% increase, closing at 1,452.78 points, influenced by unexpected economic growth in the third quarter. Despite the positive sentiment, lower-than-expected earnings from listed companies may limit the market’s potential for growth. Analysts attribute the surge to the strong economic performance but note the need for possible revisions in the future.
Economic Insights and Projections
Bank of Japan remains cautious on rate hikes, with Governor Kazuo Ueda providing no clear signals on adjustments in the upcoming meeting. Goldman Sachs predicts record gold prices by 2025, citing increased demand and Federal Reserve policies. Thai Airways’ recapitalization plan is expected to benefit Bangkok Bank and Krung Thai Bank.
Global Market Trends
In the United States, markets remained stable post-confirmation of Donald Trump’s presidency, with the Republican Party securing control of Congress. In Europe, geopolitical tensions rose as the G7 pledged severe costs on Russia for its actions in Ukraine, impacting markets. Sweden, Finland, and Norway issued new guidance on surviving warfare, reflecting growing security concerns in the region.
Source : Market Roundup 18 November 2024: Thailand’s SET Index rose 0.70% due to strong economic growth