# Market Roundup 23 July 2024

- Link: https://www.thailand-business-news.com/markets/153041-market-roundup-23-july-2024
- Published: 2024-07-24T09:04:16+07:00
- Author: Abhishek Prakash

**Thailand’s SET Index dropped by 1.18% due to banking sector apprehensions and 
EA’s downturn. Kamala Harris secured the Democratic nomination. Kakao Corp. founder
Brian Kim was detained in South Korea for market manipulation.**

 * **📉 Thailand’s SET Index Performance** Thailand’s SET Index fell to 1,301.54
   points, a decline of 15.60 points or 1.18%, with a trading value of 40.31 billion
   baht.
 * **📊 Stock Market News on July 23, 2024** The S&P 500 edged lower, closing 0.2%
   down. The three major U.S. stock indexes ended the day on a negative note.
 * **🌍 Global Markets Report for July 24, 2024** Australian shares were expected
   to open higher, following a slight decrease in U.S. stocks as investors considered
   corporate earnings reports.
 * Overnight, US benchmark indices closed slightly lower due to mixed earnings. 
   The S&P 500, Dow Jones, and NASDAQ slipped by 0.1–0.2 percent.

## Thai Stock Market Decline

Thailand’s SET Index fell to 1,301.54 points, a decline of 15.60 points or 1.18%,
with a trading value of 40.31 billion baht. The downturn was attributed to banking
sector earnings that met expectations but suffered due to high provisions, causing
concerns in other sectors, especially finance.

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Additionally, market sentiment suffered from EA’s debenture-related issues and a
lack of significant catalysts. Analysts expect the market to trade sideways, with
investors closely monitoring both domestic and international factors.

[The Stock Exchange of Thailand (SET) is experiencing uncertainty and turmoil ](https://www.thailand-business-news.com/crime/152734-the-stock-exchange-of-thailand-set-faces-crisis-of-confidence-amid-corporate-scandals)
following multiple fraud scandals involving key figures in the Thai business community.

Overnight, US benchmark indices closed slightly lower due to mixed earnings. The
S&P 500, Dow Jones, and NASDAQ slipped by 0.1–0.2 percent.

The US 10-year bond yield was at 4.255 percent. Gold futures were around $2,400,
and Brent Crude Oil fell below $82 per barrel. In Asia, the Nikkei and Kospi traded
flat, while the Straits Times was down 0.4 percent.

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## Korean Business Magnate Detained

Brian Kim, the founder of Kakao Corp., one of South Korea’s leading business figures,
has been detained by the Seoul Southern District Court on charges of market manipulation.
This detention is a significant development in the ongoing legal proceedings and
has raised concerns about potential evidence tampering and escape, leading to the
court’s decision to order his custody.

The decision to detain Brian Kim highlights the increased regulatory scrutiny that
Kakao Corp. is currently facing. This move by the court underscores the seriousness
of the allegations and the potential impact on the conglomerate’s operations. It
also indicates the potential risks associated with the case, emphasizing the need
to prevent any interference with evidence and to ensure that Kim remains within 
the jurisdiction of the court.

This development has attracted significant attention within South Korea’s business
community and beyond, as it involves a prominent figure in the country’s corporate
landscape. The outcome of this case will likely have broader implications for corporate
governance and regulatory oversight in South Korea.

## Kamala Harris secured the Democratic presidential nomination

Kamala Harris secured the Democratic presidential nomination with 2,214 delegates.
This means that she received the support of a significant number of delegates within
the Democratic Party, positioning her as the chosen candidate to represent the party
in the presidential election. This achievement reflects the confidence and backing
she garnered from party members and voters, ultimately leading to her nomination
as the Democratic candidate for the presidency.

Democrats have publicly responded to President Biden’s withdrawal with gratitude
for his long public service, relief that senior officials’ counsel prevailed over
his reluctance to end his campaign, and excitement for the likely replacement by
a woman of color more than 20 years his junior.