Thailand’s SET Index saw a reversal from negative territory to close the morning session with a 0.59% gain, attributed to a lift from recent political tensions that had weighed on the market.
The SET Index finished the morning session on November 22, 2024, at 1,448.91 points, marking an increase of 8.45 points or 0.59%. Initially dipping by 0.32% during the session, the Index rebounded after the Constitutional Court dismissed all cases against former Prime Minister Thaksin Shinawatra later in the morning.
Krungsri Securities believes that the recent developments concerning former Prime Minister Thaksin Shinawatra could signal increased government stability. This perceived stability, along with policies from the ruling party, is expected to drive economic growth from 4Q24 through the first half of 2025. The overhang from political uncertainties is also anticipated to dissipate, which may have a positive impact on the Thai stocks.
With the conclusion of earnings revisions, market experts expect the Market EPS to stabilize, targeting a short-term range of 1,480 to 1,500 points. By the end of the year, the SET is projected to hover between 1,500 and 1,550 points, fueled by the anticipation of economic recovery.
Additionally, policies from Donald Trump are not expected to have immediate adverse effects. Therefore, Krungsri forecasts that the SET Index will aim towards a year-end target of 1,540 points.
