Market Roundup 1 October 2024: Thailand’s SET Index closed at 1,464.66 points, up 15.83 points (1.09%)

Thailand’s SET Index rose 1.09%, driven by international inflows and the Vayupak Fund. South Korea’s exports slowed. A U.S. dockworkers strike poses economic risks. Eurozone manufacturing activity deteriorates sharply.

• 📈 Thai Stock Market Performance The SET Index closed at 1,464.66 points, up 15.83 points or 1.09%, reflecting a positive trend that mirrors regional markets like the Philippines and Indonesia. 
• 📊 Dow Jones Overview The Dow Jones Industrial Average rose slightly by 0.04%, closing at 42,330.15, with a majority of components showing gains amidst a mixed market sentiment. 
• 🌍 Global Market Trends While Asian markets showed recovery, U.S. indexes like S&P 500 and Nasdaq faced declines as October began, indicating a complex market environment after a strong September. 

Thailand’s Stock Market Performance

Thailand’s SET Index closed at 1,464.66 points, up 15.83 points (1.09%) with a trading value of 52.60 billion baht. Analysts noted that the market’s rise aligned with regional markets like the Philippines and Indonesia, spurred by international inflows as Chinese, Hong Kong, and South Korean markets were closed. The weaker Thai baht boosted export stocks, and the introduction of the Vayupak Fund also fueled positive sentiment. Analysts predict sideways trading for the market tomorrow.

International Trade and Labor Developments

In September, South Korea’s exports grew by 7.5%, surpassing estimates but slowing from the prior month’s 11.2% growth, hinting at potential monetary easing. Meanwhile, a strike by U.S. East and Gulf Coast dockworkers halted about 50% of ocean shipping operations, affecting shipments and potentially costing the economy billions daily. In the Eurozone, manufacturing activity deteriorated sharply, with the PMI contracting to 45.0 in September, further signaling economic challenges.

Global markets presented a mixed bag on October 1, 2024, influenced by various factors including regional market performance and the ongoing Middle East conflict.

Here’s a summary of key market movements:

Thailand:

• The SET Index closed at 1,464.66 points, reflecting an increase of 1.09% or 15.83 points.
• This positive movement mirrored gains in other Southeast Asian markets, particularly the Philippines and Indonesia.
• Trading value reached 52.60 billion baht.

United States:

• The Dow Jones Industrial Average showed marginal gains, closing slightly higher by 0.04% or 17.15 points, reaching 42,330.15.
• Conversely, the S&P 500 experienced a decline, and the Nasdaq dropped by 1%, as concerns over the escalating Middle East conflict impacted investor sentiment.
• Oil prices continued to climb amidst the geopolitical tensions.

Other Key Observations:

• Singapore’s stock market opened higher on Tuesday, October 1st, with the Straits Times Index (STI) rising by 0.3%.
• The Australian dollar (AUD) appreciated against the US dollar (USD), gaining 1.22%.
• Gold prices remained relatively stable, offering investors a safe haven asset.

Overall, October 1st witnessed a mixed market performance. While some Asian markets, like Thailand, showed positive momentum, anxieties surrounding the Middle East conflict dampened investor sentiment in the US, impacting key indices.