Date/Time 09 May 2024 16:49:00


SET News : SET market report for April 2024

Symbol SET
Source SET
SET News 45/2024 May 9, 2024 SET market report for April 2024 BANGKOK, May 9, 2024 - Investor concerns over escalating geopolitical conflicts in the Middle East sent oil and gold prices soaring in April 2024 as inflation may fall slower than expected. US Treasury yields, which have an invert relationship with price, increased, diverging from the US stock indices. The Federal Reserve (Fed) kept the policy rate on hold as expected at the latest meeting as Fed Chair Jerome Powell warned that the rate will remain higher for longer. He also signaled that future interest rate hikes are unlikely. In response to the development, investors have scaled back expectations of Fed's rate cuts to only one or two times this year. SET Senior Executive Vice President Soraphol Tulayasathien said that the Thai baht had a volatile move against the US dollar in April, with the local currency leading declines among Asian peers. The baht movement has been determined by an anticipation of the Fed's monetary policy direction and the pressure from structural factors on the Thai export sector. However, the Thai economy in 2024 is set to grow at the faster clip than last year, propelled by private consumption and tourism sector. Moreover, the government spending is expected to be another impetus for the remaining period of this year after public spending and investment shrunk due to a delayed budget bill for the 2024 fiscal year. The progress has encouraged analysts to raise SET Index's forward EPS from the end of last year while the valuation of many Thai stock sectors remains below the historical averages. Key highlights for April - At the end of April 2024, SET Index was down 0.7 percent from the previous month to close at 1,367.95 points, falling less than the regional averages. The benchmark dropped 2.7 percent from the end of 2023. - For the four months to April, industry groups that outpaced SET Index were Services, Consumer Products, and Agro & Food Industry. - SET's and Market for Alternative Investment (mai)'s average daily trading value in April 2024 rose from the preceding month to THB 44.45 billion (approx. USD 1.20 billion) but fell 5.0 percent over the same period a year before. Foreign investors turned to buy Thai shares with a net THB 3.79 billion in the month as their trading ratio remained the highest among other types of investors for 24 consecutive months. - In April 2024, there was a newly listed company on SET : Neo Corporation pcl (NEO) and five newly listed on mai : Asian Palm Oil pcl (APO), BPS Technology pcl (BPS), QTCG pcl (QTCG) , Terabyte Plus pcl (TERA), and Stone One pcl (STX). - The Thai stock exchange's forward P/E ratio at the end of April 2024 was 14.6 times, above the Asian stock markets' average of 12.2 times. The historical P/E ratio stood at 17.3 times, surpassing the Asian stock markets' average of 15.5 times. - Dividend yield ratio at the end of April 2024 was 3.40 percent, exceeding the Asian stock markets' average of 3.18 percent. Derivatives Market - Thailand Futures Exchange (TFEX)'s daily trading volume in April 2024 averaged 459,746 contracts, down 8.0 percent from the previous month largely due to the decrease in trading volume of SET50 Index Futures and Single Stock Futures. For the first four months of 2024. TFEX's daily trading volume dropped 21.6 percent over the same period last year to 438,862 contracts mainly due to the decline in trading volume of Single Stock Futures and SET50 Index Futures. "SET...Make it Work for Everyone" Follow us on Twitter @SET_Thailand_EN ______________________________________________________________________