# Market Roundup 17 July 2024

- Link: https://www.thailand-business-news.com/markets/152019-market-roundup-17-july-2024
- Published: 2024-07-18T10:54:19+07:00
- Author: Abhishek Prakash

### Related**Posts**

###  󠀁[Asian stocks retreat as oil rises above $100 and investors reassess global rate risks](https://www.thailand-business-news.com/markets/333019-asian-stocks-retreat-as-oil-rises-above-100-and-investors-reassess-global-rate-risks)󠁿

###  󠀁[Asian markets hold up despite bond rout as US yields enter a structurally higher regime](https://www.thailand-business-news.com/markets/332037-asian-markets-hold-up-despite-bond-rout-as-us-yields-enter-a-structurally-higher-regime)󠁿

###  󠀁[Local Influences and Return Chasing: Entering a New Era in Emerging Equity Markets](https://www.thailand-business-news.com/markets/329573-local-influences-and-return-chasing-entering-a-new-era-in-emerging-equity-markets)󠁿

###  󠀁[Thailand faces a fresh LNG squeeze as Hormuz crisis pushes prices toward US$28/MMBtu](https://www.thailand-business-news.com/markets/commodities/330458-thailand-faces-a-fresh-lng-squeeze-as-hormuz-crisis-pushes-prices-toward-us28-mmbtu)󠁿

**The SET Index in Thailand finished at 1,319.79, a slight decrease of 0.12%, influenced
by the sell-off of EA shares, even though there were initial gains from the merger
between GULF and INTUCH.**

## Thai Stock Market Trends

Thailand’s SET Index ended at 1,319.79 points, a decrease of 1.52 points or 0.12%,
with a trading value of 46.50 billion baht. The morning session witnessed an uptick
following the merger of GULF and INTUCH, which also elevated ADVANC and THCOM, while
DELTA saw speculative purchases. Nonetheless, the market trended downward due to
EA’s sell-off, raising concerns among banks about the reserve budget for the second
half of 2024. Analysts anticipate sideways trading for the following day.

## Economic and Inflation Updates

 * In the United States, retail sales growth was reported at 0.2%, which was below
   the expected 0.5%, indicating a cautious approach from consumers despite online
   sales surging by 1.9%.
 * The UK’s Consumer Price Index (CPI) showed a decrease from 8.7% in May to 7.9%
   in June, hinting at a moderation of inflationary pressures.
 * Investors are anticipating the Bank of England’s next move, with predictions 
   leaning towards a modest rate hike of 0.25% as opposed to the previously expected
   0.5%.
 * China’s commitment to bolstering its post-pandemic recovery has positively impacted
   mining shares, with companies like Anglo American Mining reporting significant
   gains.
 * Thailand’s SET Index closed slightly lower, with a decrease of 1.52 points, amid
   market reactions to corporate amalgamations and speculative buying.
 * Thailand’s industrial sentiment index fell to 87.2 in June, its lowest in two
   years.

## China’s recovery and real estate sector challenges

 * China’s real estate sector is undergoing significant challenges, with major developers
   like China Vanke Co. facing substantial losses due to market turmoil and debt
   management issues.
 * The government is responding by promoting technology-driven growth as a cushion
   against economic challenges, including the property slump, which is part of President
   Xi Jinping’s strategy for high-quality development.
 * Policy adjustments are being made to stabilize the market, such as easing restrictions
   for first-time homebuyers, reducing down payment thresholds, and lowering minimum
   mortgage rates to restore confidence in the housing sector.
 * The IMF has noted that China is managing the slowdown by accelerating the cleanup
   of distressed developers, boosting rental housing, expanding affordable housing,
   and upgrading under-developed urban neighborhoods.
 * Despite these efforts, there are ongoing risks due to the slow response in addressing
   key vulnerabilities, such as the avoidance of bankruptcy by non-viable developers
   and delayed recognition of bad loans by lenders.