# Market Roundup June 2024

- Link: https://www.thailand-business-news.com/markets/149001-market-roundup-june-2024
- Published: 2024-07-01T09:08:00+07:00
- Author: Abhishek Prakash

**Thailand’s SET Index experienced a drop as a result of selloffs in big-cap stocks
and increased volatility. The IMF criticized the US deficits and revised its growth
forecasts downward. Additionally, Thai manufacturing production declined in May 
due to decreased car manufacturing and higher energy expenses.**

## Thailand’s SET Index Decline

Thailand’s SET Index closed at 1,300.96 points, dropping by 8.50 points or 0.65%
with a trading value of 54.52 billion baht. An analyst attributed this decline to
a selloff in big-cap stocks following the weight adjustment of SET50 and SET100 
indexes, creating volatility. EA’s selloff also played a crucial role. The market
is expected to trade sideways next week as investors monitor stimulus measures from
the Thai government and US employment figures.

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## IMF’s Concerns and US Economic Projections

The International Monetary Fund (IMF) criticized the US for excessive deficits and
aggressive trade policies, slightly lowering the growth projection to 2.6% for the
year. The US deficit is expected to widen to 6.7% of GDP in 2024. Meanwhile, Thailand’s
manufacturing production index dropped by 1.54% in May due to lower car manufacturing
and higher energy expenses, deviating from the projected 1.35% growth and following
a revised 2.69% increase in April. Factory output decreased by 2.08% year-on-year
for January-May.

The financial markets in June 2024 have been a rollercoaster of activity, reflecting
the dynamic nature of global economics. Gold and silver markets experienced volatility,
with both metals retracting from recent highs as investors speculated on the Federal
Reserve’s potential policy changes. Notably, India made a significant move by repatriating
100 tonnes of gold from the UK, signaling a shift towards greater control over its
precious metal reserves.

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In the equity space, benchmark indices continued to reach new heights, buoyed by
expectations of sustained government spending on infrastructure projects. The technology
sector, particularly AI, has been a standout performer, with companies like Nvidia
seeing remarkable growth, outpacing traditional market indices.

Oil prices saw a decline, dropping to $78 per barrel, while gas prices surged due
to a damaged pipeline in Norway, highlighting the vulnerabilities in energy supply
chains. The stock market also witnessed its share of drama, with meme stocks like
GameStop experiencing wild price fluctuations, underscoring the unpredictable nature
of investor sentiment and market speculation.