# Market Roundup 1 July 2024

- Link: https://www.thailand-business-news.com/markets/149234-market-roundup-1-july-2024
- Published: 2024-07-02T13:10:10+07:00
- Author: Abhishek Prakash

**Thailand’s SET Index closed at 1,299.35 points, down 0.12%. The market traded 
sideways with low volume due to selloffs, and foreign investors divested. Asian 
factory activity expanded in June despite concerns.**

 * Asian stocks are poised for a fifth consecutive month of gains, driven by expectations
   of US interest rate cuts and the yen’s decline.
 * Thailand’s stock market saw foreign investors selling off shares, while retail
   investors and institutional investors were net buyers.
 * Economic indicators from the US, China, and Japan, as well as developments in
   the tech, energy, and finance sectors, are influencing market movements in Asia.

The Stock Exchange of Thailand (SET) index dropped below the psychological support
level of 1,300 points due to domestic political uncertainties. To address the high
short selling and market volatility, regulators **imposed the [uptick rule](https://www.set.or.th/en/market/news-and-alert/newsdetails?id=89735400&symbol=SET),
making it harder for investors to profit from short selling**. The upcoming Constitutional
Court deliberations on political cases and concerns about the US election debate
are also impacting investor sentiment. Additionally, investors are keeping an eye
on the banking sector’s second-quarter financial statements, with expectations of
declining net profit and sluggish loan growth.

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## Thailand’s Stock Market Trends

Thailand’s SET Index closed at 1,299.35 points, a slight decrease of 1.61 points
or 0.12%, with a trading value of 29.73 billion baht. Analysts noted a sideways 
market with low volume, pressured by stock selloffs such as AOT, DELTA, BDMS, and
BH. Foreign investors continued divesting amidst no supportive factors. Technical
indicators remained downtrend, awaiting signals for a rebound. Analysts predict 
similar sideways trading for the next day, with investors focusing on the cabinet’s
meeting and inflation announcements.

The Stock Exchange of Thailand (SET) index fell below the psychological support 
level of 1,300 points due to domestic political uncertainties, leading to increased
market volatility and high short selling.
Market regulators imposed the uptick rule
to curb market volatility and restore investor confidence in short selling, requiring
securities to be short-sold at prices higher than their last traded price.Investors
are closely monitoring the Thai political situation, upcoming court deliberations,
and the potential impact of the US presidential election on geopolitics and trade
protectionism.

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## Asian Economic Activities

Asian factory activity grew in June, buoyed by the strong global economy despite
weak Chinese demand concerns. China’s Caixin/S&P Global PMI rose to 51.8, its highest
in over three years. South Korea saw accelerated factory activity due to a surge
in new orders, while Japan’s growth slowed, impacted by rising costs from a weakened
yen. The IMF projects Asia’s economic growth to decelerate from 5% in 2023 to 4.5%
in 2024 and 4.3% in 2025. Concerns over financial services in Myanmar were addressed
by Thai officials, ensuring compliance with international standards.