# Market Roundup 18 November 2024: Thailand’s SET Index rose 0.70% due to strong economic growth

- Link: https://www.thailand-business-news.com/markets/176099-market-roundup-18-november-2024-thailands-set-index-rose-0-70-due-to-strong-economic-growth
- Published: 2024-11-19T15:25:54+07:00
- Author: Abhishek Prakash

**Thailand’s SET Index rose 0.70% due to strong economic growth, but limited upside
persists. Bank of Japan remains cautious on rate hikes. Goldman predicts record 
gold prices. Thai Airways’ recapitalization impacts banks positively.**

## Thai Stock Market Overview

Thailand’s SET Index experienced an increase, closing at 1,452.78 points, up by 
10.15 points or 0.70%, with a trading volume of 38.89 billion baht. Analysts credit
this surge to unexpected Thai economic growth in the third quarter, which positively
influenced market sentiment. However, the market’s potential is capped due to lower-
than-expected earnings from listed companies, which may necessitate revisions.

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## Economic Insights and Projections

Ahead of the Bank of Japan’s December meeting, Governor Kazuo Ueda provided no clear
indications on interest rate adjustments, maintaining that any changes are linked
to economic conditions. Ueda emphasized the need for vigilance regarding risks, 
particularly from the US economy, while remaining optimistic due to recent favorable
US data.

Concurrently, Goldman Sachs predicted a rise in gold prices by 2025 due to Federal
Reserve policies, with a target of $3,000 per ounce, supported by increased demand
and rate cuts. Meanwhile, CGS International Securities sees a positive outlook for
Bangkok Bank and Krung Thai Bank, given Thai Airways’ debt-to-equity conversion 
plan.

While the SET Index showed promising growth, the market’s potential remains capped
due to lower-than-expected earnings. The economic landscape remains uncertain, with
key factors such as interest rate adjustments and gold prices playing a significant
role in shaping future market trends.

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#### United States

In the United States, the markets remained relatively stable following the confirmation
of Donald Trump’s return to the White House. The Republican Party retained its narrow
majority in the House, securing unified control of Congress and the presidency. 
This political stability is expected to facilitate the implementation of Trump’s
key agenda items, including tax cuts, immigration controls, and deregulation. However,
the market reaction was limited as most of these developments had already been priced
in.

#### Europe

European markets faced a more challenging environment. The G7 confirmed its pledge
to impose severe costs on Russia for its ongoing war in Ukraine. This announcement,
coupled with the US decision to lift the ban on Ukraine using US-made weapons to
strike deeper into Russia, heightened geopolitical tensions. Additionally, Sweden,
Finland, and Norway released new advice on surviving war, reflecting the growing
security concerns in the region