Thailand’s SET Index closed at 1,470.32 points, decreased 18.42 points or 1.24% with a trading value of 57.00 billion baht. The analyst stated that the Thai stock market experienced a downward trend following the rise in US bond yield, increasing for the first time in three months, and the appreciation of the US dollar. There were also selloffs of stocks to mitigate risks as the Thai market will be closed on Wednesday, while the purchase of the Vayupak Fund slowed down.
Investors looked forward to the announcement of 3Q24 earnings reports from listed companies after the bank sector exhibited performance in the third quarter as expected. Companies that are expected to announce their performance by the end of this week include SCGP, PTTEP, and DELTA.
The analyst expected the Thai market to trade sideways on Thursday.
The Thai Finance Minister said that the country’s economic growth may not reach 3% by the end of 2024 but will certainly surpass that level next year as government investment starts ramping up.
He noted that Thailand’s economy is still strong, with the public debt-to-GDP ratio predicted to remain under 70% according to the country’s mandate, and also added that the economy is in its growing phase; with more investment, the country’s credit rating would not be at risk of getting downgraded.
In the US, four Federal Reserve policymakers voiced support for additional interest rate cuts, but could not agree on the pacing of the cut, while three out of four favor a slower pace for rate reduction, indicating the strength of the economy and an uncertain prospect.
However, the last one said that the rate cut should not be hindered by a strong economy, and as long as inflation continues to drop, the central bank should continue to trim the rate down.
