Thailand’s SET Index closed at 1,290.55 points, increased 16.54 points or 1.30% with a trading value of 40.02 billion baht. The analyst stated that the Thai stock market increased in tandem with the foreign markets, following reassurances from the US Federal Reserve regarding the US economy not heading towards a recession, coupled with the Bank of Japan (BOJ) putting a pause on potential interest rate hikes.
With no significant domestic drivers impacting the market, the positive atmosphere was further buoyed by MTC’s better-than-expected 2Q24 earnings report, instilling optimism for the upcoming trading day. Investors are looking forward to the earnings disclosures from electronic stocks for the same period, with expectations running high for a favorable outcome.
Bank of Japan (BOJ) Deputy Governor Shinichi Uchida emphasized that the central bank will refrain from increasing interest rates during periods of financial market instability.
He noted that the recent appreciation of the yen could impact the BOJ’s policy decisions as it dampens upward pressure on import prices and overall inflation.
Thailand’s consumer price index (CPI) surged by 0.83% in July compared to the same period last year. This jump follows a 0.62% increase seen in the previous month.
The data surpassed expectations set in a Reuters poll, which had predicted a 0.70% rise, and was beyond the central bank’s target range of 1% to 3%. Moreover, the core CPI, which eliminates volatile food and energy costs, experienced a 0.52% rise year-on-year in July.
The Constitutional Court of Thailand announced its decision to dissolve the Move Forward Party and barred its executive committee from participating in the election for a period of 10 years.
The ruling followed a request from the Election Commission of Thailand (ECT) based on the court’s previous decision No. 3/2567, which accused the party of attempting to overthrow the monarchy by advocating for the repeal of Section 112 of the Criminal Code as part of their political campaign.
China experienced a faster-than-anticipated growth in imports during July, while export expansion fell below projections.
Export figures in U.S. dollar terms exhibited a 7% rise from the previous year, failing to meet the anticipated 9.7% surge as per a Reuters poll. Conversely, imports denominated in U.S. dollars surged by 7.2%, exceeding the predicted 3.5% increase from the poll.
