# Market Roundup 20 July 2024

- Link: https://www.thailand-business-news.com/markets/152409-market-roundup-20-july-2024
- Published: 2024-07-20T15:12:24+07:00
- Author: Fujiko Takahashi

**Thailand’s SET Index dropped by 0.58% due to mixed bank earnings and concerns 
over power plant stocks. Meanwhile, China’s leadership is concentrating on technological
progress. Additionally, a Microsoft outage has disrupted airlines and various businesses.**

## Decline in Thailand’s SET Index

Thailand’s SET Index closed at 1,317.14 points, down 7.62 points or 0.58%, with 
a trading value of 37.79 billion baht. The decline matched the trend in foreign 
markets, driven by speculative sales following signals of US Federal Reserve rate
cuts.

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> [#SETIndex](https://twitter.com/hashtag/SETIndex?src=hash&ref_src=twsrc%5Etfw)
> closed (19 July 2024) 0.58 % lower, down 7.62 points to 1,317.14 >>[https://t.co/zZdR4odqhD](https://t.co/zZdR4odqhD)
> [pic.twitter.com/jKs8SWHSU7](https://t.co/jKs8SWHSU7)
> — SET Thailand EN (@SET_Thailand_EN) [July 19, 2024](https://twitter.com/SET_Thailand_EN/status/1814248932710690975?ref_src=twsrc%5Etfw)

Domestically, mixed performances in bank stocks’ 2Q24 earnings and concerns over
electricity rate pegs in power plant stocks contributed to the decrease. Analysts
predict the market will trade sideways next week as investors await further 2Q24
earnings announcements.

## Recent Global Political and Technological Developments

Former House Speaker Nancy Pelosi has reportedly suggested to some House Democrats
that President Biden should consider withdrawing from the presidential race due 
to concerns about his November prospects. Despite stepping down in 2022, Pelosi 
remains influential and is addressing uncertainties stemming from Biden’s debate
performance.

The Third Plenum of the 18th Central Committee of the Communist Party of China, 
which took place in November 2013, focused on promoting economic and social reforms.
The emphasis on enhancing domestic technology reflects China’s goal of reducing 
its reliance on foreign technology and increasing its own innovation capabilities.
This includes investments in research and development, as well as the promotion 
of indigenous innovation in key industries.

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Adapting to scientific changes highlights China’s recognition of the rapid pace 
of technological advancement and the need to keep up with these developments in 
order to remain competitive in the global economy. This involves efforts to integrate
new technologies into various sectors of the economy and society, as well as fostering
a culture of innovation and entrepreneurship.

Meanwhile, a Microsoft Azure outage disrupted various services, affecting banks 
and airlines, including American, Delta, and United Airlines, which faced ground
stops due to communication issues.