# SET Monthly Market Briefing For June 2024

- Link: https://www.thailand-business-news.com/set/150584-set-monthly-market-briefing-for-june-2024
- Published: 2024-07-11T08:20:00+07:00
- Author: Olivier Languepin

The Thai SET Index closed at 1,300.96 points, marking a 3.3% decrease from the previous
month and an 8.1% decline from the end of 2023. Key industry groups outperforming
the index included Consumer Products, Agro & Food Industry, and Technology.

New listings on the SET and mai raised a combined THB 15.64 billion in the first
half of 2024. The Thai capital market is showing positive signs, with promising 
export capacity and improving macroeconomic indicators.

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 https://twitter.com/SET_Thailand_EN/status/1810631575065002224

The enforcement of the uptick rule and changes to the lockup period for the ThaiESG
fund are expected to impact market dynamics. Additionally the Thailand Futures Exchange(
TFEX) saw a daily trading volume averaging 545,083 contracts, a 38.7 percent increase
from the previous month.

 * The SET Index experienced a 3.3 percent decrease in June 2024 and an 8.1 percent
   decline from the end of 2023, reflecting cautious investor sentiment awaiting
   government economic stimulus clarity.
 * The average daily trading value was 45.2 billion baht (US $1.24 billion), 22.9%
   lower than the same period in 2023. Foreign investors continued to dominate trading
   for the 26th consecutive month, with a net sell position of approximately 116
   billion baht.
 * Consumer Products, Agro & Food Industry, and Technology industry groups outperformed
   the broader SET Index for the first half of 2024, while foreign investors maintained
   a net sell position of THB 115.98 billion.
 * The Thai stock exchange had a forward P/E ratio of 14.0 times at the end of June
   2024, which was higher than the Asian stock markets’ average of 12.4 times. The
   historical P/E ratio was 15.6 times, also exceeding the Asian stock markets’ 
   average of 15.2 times.
 * Thailand’s macroeconomic indicators signal continuous improvement, with exports,
   tourism, and new listings contributing to a robust economic outlook in the second
   half of 2024.
 * The Thai capital market attracted new listings with six firms listing on the 
   SET and 11 debuting on the Market for Alternative Investment, raising a total
   of 15.6 billion baht in the first half of 2024.

Senior Executive Vice President Soraphol Tulayasathien stated that developing countries
are showing promising signs of increased production capacity for exports, indicating
a growing global economic recovery. Additionally, major central banks have reduced
their policy rates after three years of tightening monetary policy, as global disinflation
is back on track and nearing the target. Investors are eagerly anticipating the 
first rate cut from the US Federal Reserve (Fed) expected later this year. Historical
data shows that the Fed’s rate cuts have typically benefited emerging markets.

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“Investors are eager for the Fed’s first rate cut later this year, as historical
data indicates that the Fed’s rate cuts have usually benefited emerging markets,”
stated Mr. Soraphol.

## Foreign investors are making a comeback in the Thai stock market

Foreign investors are returning to the Thai stock market, driven by the anticipated
US Federal Reserve interest rate cut, the rebounding Thai economy, and the financial
performance of listed companies.
Despite foreign investors maintaining a net sell
position, the Thai capital market has continued to attract new listings, with promising
signs of economic improvement and government stimulus measures.The enforcement of
the uptick rule and adjustments to the lockup period for investment in the Thai 
ESG fund are expected to enhance domestic institutional investment and potentially
boost the SET index in the future.

In June 2024, Thailand Futures Exchange (TFEX) saw a daily trading volume averaging
545,083 contracts, a 38.7 percent increase from the previous month. This rise was
largely attributed to the increased trading volume of SET50 Index Futures and Single
Stock Futures. However, for the first six months of 2024, TFEX’s daily trading volume
dropped by 19.8 percent compared to the same period last year, totaling 448,045 
contracts. This decline was mainly due to the decrease in trading volume of Single
Stock Futures and SET50 Index Futures.

Thailand’s macroeconomic indicators signal continuous improvement, with exports,
tourism, and new listings contributing to a robust economic outlook in the second
half of 2024.