# Market Roundup 20 December 2024: Thailand’s SET Index fell 0.90% to 1,365.07

- Link: https://www.thailand-business-news.com/markets/182370-market-roundup-20-december-2024-thailands-set-index-fell-0-90-to-1365-07
- Published: 2024-12-21T19:30:08+07:00
- Author: Abhishek Prakash

**Thailand’s SET Index fell 0.90% to 1,365.07 due to energy and banking pressures.
Anticipated market rebound amid oversold conditions and stimulus hopes. Global economic
developments also influence market sentiment.**

## Thai Stock Market Decline

Asian equities declined as investors worried about reduced US interest rate cuts
and the Thai index fell below 1,400 points due to market expectations and selling
pressure in CP Group stocks.

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Thailand’s SET Index closed at 1,365.07, down 12.46 points (0.90%) due to pressure
from energy and banking stocks, notably TOP. This hindered market recovery. Analysts
anticipate a rebound next week, noting the market’s oversold status and attractive
valuation. The positive outlook is bolstered by expected stimulus proposals for 
the cabinet. Market observers are also focused on AIMC developments related to CPALL
and CPAXT, along with upcoming U.S. PCE figures, which could affect market dynamics.

## Key Points

 * Asian equities declined as investors worried about fewer US interest rate cuts
   next year. 
 * The US Federal Reserve cut interest rates as expected but signaled slower rate
   cuts in 2025. 
 * Central banks in the UK, Japan, China, and Indonesia kept their interest rates
   unchanged. 
 * New Zealand tipped into recession in Q3, while China’s oil consumption is expected
   to peak by 2027. 
 * Nissan is in talks to merge with Honda, and Foxconn is in talks to buy Renault’s
   stake in Nissan. 
 * CATL, the world’s top EV battery maker, is considering a $5 billion listing in
   Hong Kong. 
 * The Thai stock market fell below 1,400 points this week, with CP Group stocks
   and market expectations of US rate cuts affecting sentiment. 
 * Thailand’s Industrial Confidence Index rose in November, and the tourism industry
   saw strong growth. 

## Global Economic and Political Developments

Myanmar’s junta plans elections next year with potential international observers
despite ongoing conflicts. China maintained key lending rates to support economic
stability, aligning with economists’ predictions. The U.S. economy expanded more
in the third quarter than initially thought, growing GDP by 3.1%. Meanwhile, political
shifts under Donald Trump impact global economic policies with Republicans opposing
his government funding bill and Trump challenging the EU on trade imbalances. These
developments highlight dynamic economic and political landscapes worldwide.

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**Global Market Movements**: Other significant developments included SK Hynix completing
a deal for a US$958 million grant and loan in US chips, Indonesia considering deep
cuts to nickel mining to boost prices, and China’s hottest stock, Pop Mart, rising
370% due to a craze for collectibles.