# Market Roundup 9 July 2024

- Link: https://www.thailand-business-news.com/markets/150525-market-roundup-9-july-2024
- Published: 2024-07-10T10:35:40+07:00
- Author: Abhishek Prakash

**Thailand’s SET Index fell 0.20% as investors mitigated risks amidst market uncertainties.
Analysts await US Fed Chair’s speech for potential dovish signals. Bank of Thailand
highlights need for stronger growth.**

## Thailand’s SET Index and Economic Outlook

Thailand’s SET Index closed at 1,319.92 points, dropping by 2.58 points or 0.20%
with a trading value of 38.11 billion baht. Analysts noted that the Thai stock market
traded sideways as investors offloaded stocks to mitigate short-term risks amid 
market uncertainties. Investors are also awaiting a speech by US Fed Chair Powell,
which might signal a dovish stance and support the Thai market.

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During a seminar, Bank of Thailand Governor Sethaput Suthiwartnarueput emphasized
Thailand’s uneven economic recovery and the need for stronger growth. He stated 
that the country’s potential growth rate of 3% is inadequate, with forecasts predicting
2.6% growth this year and 3% next year. The central bank will closely monitor inflation
and living costs.

## SET Index Targeted at 1,500 Points by End of 2024

[InnovestX Securities Co., Ltd., part of the SCBX Group,](https://www.scb.co.th/en/about-us/news/jul-2024/invx-3q2024.html)
predicts a global economic recovery in Q3 2024, with strong rebounds in Europe and
Asia. The US economy is still strong, but showing a gradual slowdown, allowing the
Federal Reserve to reduce interest rates. Similarly, the European Central Bank (
ECB) has already cut interest rates, which is expected to boost stock markets.

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Thailand’s economy is expected to recover in the second half of 2024, driven by 
increased budget spending and improvements in manufacturing and tourism. InnovestX
forecasts a 2.5% economic growth in Thailand for 2024 and 3.0% for 2025, with a 
target of 1,500 points for the SET Index by the end of the year. For Q3 2024, InnovestX
recommends stocks that will benefit from the global recovery, earnings growth, and
interest rate cuts, highlighting ADVANC, KCE, OSP, PTTGC, and TU as top picks.

## Donald Trump on Biden’s Campaign

Republican presidential candidate Donald Trump has expressed his belief that President
Joe Biden will continue his White House campaign, despite internal pressures from
Democrats to make way for a younger contender. Trump pointed out Biden’s perceived
ego and the significant support he received through delegate wins in the Democratic
primary, ultimately leading to his party’s nomination.