Thailand’s SET Index closed at 1,382.51 points, increased 4.58 points or 0.33% with a trading value of 49.2 billion baht. The analyst stated that the Thai stock market rebounded and conformed with the Asia market, following the larger-than-expected performance of Taiwan Semiconductor Manufacturing Company Limited (TSMC), with the expected rise of 20% in 2024. As of this morning, the increase in some tech stocks boosted the market. The Thai stock market edged up from stocks related to electronics parts and bank stocks, which had positive business performances, as well as stocks with unique catalysts.
The analyst expected the market to trade sideways next week.
The US House of Representatives approved the temporary funding bill to fund the US government until early March, which avoided a partial government shutdown. The resolution was then sent to President Joe Biden for final approval.
The resolution was passed right before the weekend deadline by 314-108 votes, as within the 108 were 106 Republicans and two Democrats. Meanwhile, the votes on the Senate side were 77-18.
The House proceeded its voting process fairly quickly, as a forecast for a snowstorm on Friday raised concerns that it could be problematic for the congress members’ departure for the weekend.
Thai Prime Minister Srettha Thavisin affirmed to the press regarding the push for a $14.3 billion ‘digital wallet’ scheme, while admitting that it may encounter some delays.
The program will operate by transferring THB 10,000 (around $285) to 50 million Thais through a mobile app to spend in their local areas, amid concerns among experts as to how the government will fund the project.
The scheme was promoted as a policy to stimulate the slow economy of Thailand, while it did not originally specify a launch date and was then mentioned to be delayed beyond May.
Prime Minister Srettha Thavisin claimed that the government had collected enough data to prove that the implementation of this project was possible. However, as of now, he is awaiting more information regarding the legitimacy of the scheme from the Office of the National Anti-Corruption Commission.
Rever Automotive, the sole Thai distributor of BYD since late 2022, is said to triple its dealerships in Thailand in two years, as it helps the Chinese automaker hold its spot as a top contender in the overseas market.
Rever Automotive partnered with Susco Beyond, a wholly-owned subsidiary of Susco Public Company Limited (SET: SUSCO), as they benefited from the growing EV market and the promotion of the vehicle by the Thai government.
Susco last year stated that it planned a THB 400 million budget for use between 2023 and 2027 by building 10 new petrol stations and renovating 30 existing stations, for an amount of approximately THB 200 million. The remainder will be spent on the construction of BYD showrooms and the installation of rooftop solar panels at petrol stations.
