SET: Q2/2024 Overview with Pressure

Looking at the Thai stock market in Q2/2024, it's quite clear that it's still in a holding pattern after Q1 didn't see any new positive catalysts. The market is largely waiting for clarity on interest rates and government policies, which haven't materialized much. Foreign buying remains light and seems to be shifting to other assets offering better returns, such as US tech stocks ($RBLX is down quite a bit today) or even currency markets like $CADUSD, which is quite volatile.

The worrying factor is that if interest rates remain high longer than expected, domestic purchasing power will continue to be suppressed, and businesses may still be hesitant to invest significantly. This will impact the overall earnings estimates of listed companies. The role of institutional and retail investors is therefore crucial in supporting the market during this period.