Krungsri Securities (KSS) expected Thailand’s SET Index to move within the range of 1,380-1,400 points on Tuesday without any new catalysts to boost the market following the lower-than-expected Thai 4Q23 GDP and a downward revision of economic growth in 2024 from 2.7-3.7% to 2.2-3.2%. This could pressure the Thai market, but a buying pressure in stocks with positive catalysts could help support the market to bounce back.
The People’s Bank of China cut its 5-year Loan Prime Rate LPR by 25bps to 3.95% from 4.20%, which is the first cut since August, and the most on record in a move that aims to help the troubling property market.
Data showed that not one of the 70 major cities in China recorded a rise in home prices last month.
The central bank kept its one-year loan prime rate, pegged for household and corporate loans in China, unchanged at 3.45%.
Meanwhile, direct foreign investment into China dropped to 30-year low, according to the data compiled by Bloomberg. Foreign corporations only added $33 billion to their FDI liabilities, the lowest since 1993. This could be the indicator of a lack of confidence.
