Thailand’s SET Index closed at 1,464.66 points, increased 15.83 points or 1.09% with a trading value of 52.60 billion baht. The analyst stated that the Thai stock market increased in tandem with the regional markets, particularly the Philippines and Indonesian Markets. This positive trend was driven by the international inflows, as the Chinese, Hong Kong, and South Korea markets were closed today. Additionally, the depreciation of the Thai baht boosted export stocks, fostering positive sentiment. The introduction of the Vayupak Fund also contributed significantly to the market’s upswing.
The analyst expected the market to trade sideways tomorrow.
In September, South Korea’s exports showed signs of stagnation, as shipments to the U.S. slowed down. This development could reinforce market anticipations for a potential monetary policy easing as early as the upcoming week.
The customs service agency reported on Tuesday that South Korea’s exports rose by 7.5% in September compared to the same period last year, exceeding analysts’ consensus estimate of 6.5% but marking a slowdown from the 11.2% growth recorded in the prior month.
A strike initiated by dockworkers along the U.S. East Coast and Gulf Coast has resulted in the cessation of approximately half of the country’s ocean shipping operations. This halt in operations comes after negotiations for a new labor contract faltered over wage disputes.
The strike has led to the blockage of various shipments such as food and automobiles across numerous ports spanning from Maine to Texas. Analysts have warned that this disruption could cost the economy billions of dollars per day, endanger jobs, and fuel inflation.
Tuesday’s survey shows a worrying trend for the Eurozone as manufacturing activity across the region deteriorates at an alarming rate in September, due to a sharp decline in demand even though factories are cutting their prices.
HCOB’s final Eurozone manufacturing PMI contracted to 45.0 in September. Though the figure exceeded the preliminary estimation of 44.8, it places the index further away from the threshold of 50, indicating a division between growth and contraction.
