# Market Roundup 3 July 2024

- Link: https://www.thailand-business-news.com/markets/149638-market-roundup-3-july-2024
- Published: 2024-07-04T11:38:02+07:00
- Author: Abhishek Prakash

**Thailand’s SET Index rose 0.47% amidst regional market gains after the US Fed 
hinted at rate cuts. Analysts foresee sideways trading due to political uncertainties.**

The World Bank cut Thailand’s growth forecast, China’s services growth slowed, South
Korea plans business aid, and the EU considers tariffs on Chinese EVs.

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## Thailand’s SET Index Rises Amid Regional Gains

Thailand’s SET Index closed at 1,294.70 points, up 6.12 points or 0.47%, with 27.59
billion baht traded. Analysts attributed the increase to regional market trends 
influenced by the US Federal Reserve’s signal of possible rate cuts.

Additionally, speculative buying of commercial bank stocks, ahead of the 2Q24 performance
announcements, bolstered the market. Tomorrow, the market is expected to trade sideways
as investors monitor political uncertainties, including the Constitutional Court’s
indefinite delay on the Move Forward Party dissolution and issues involving Prime
Minister Srettha Thavisin.

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## Economic Outlooks and Regional Developments

Federal Reserve Chairman Jerome Powell emphasized monitoring inflation trends, seeking
confidence in reaching a 2% target before policy adjustments. The World Bank revised
Thailand’s economic growth forecast to 2.4% from 2.8%, citing weaker exports and
low public investment. Meanwhile, China’s services sector saw its slowest expansion
in eight months, with the PMI dipping to 51.2.

In South Korea, President Yoon Suk Yeol announced 25 trillion won ($18 billion) 
in support for small businesses strained by high interest rates. The EU faces a 
pivotal decision on tariffs for Chinese electric vehicles amid potential retaliation
from Beijing.