Thailand’s SET Index closed at 1,445.07 points, decreased 11.40 points or 0.78% with a trading value of 42.63 billion baht. The analyst stated that the Thai stock market extended loss driven by investors reallocating funds towards U.S. markets and cryptocurrencies. Additionally, a weaker Thai baht and slumping oil prices are exerting pressure on power stocks, compounding the market’s loss.
The analyst expected the Thai market to trade sideways tomorrow.
Thailand’s currency, the baht, experienced a sharp drop of more than 1%, reaching THB 34.79 per dollar on Tuesday, its weakest level since August 19. This follows reports that former finance minister Kittiratt Na-Ranong, a vocal critic of the central bank’s aggressive monetary policy, would become the new chairman of the Bank of Thailand (BOT).
China is set to reduce taxes on home purchases as part of increased fiscal measures to revive a sluggish housing market.
Regulators are crafting a proposal that would enable major cities like Shanghai and Beijing to lower the deed tax for buyers to as low as 1%, down from the current 3%, with city governments having flexibility in adjusting the regulations.
Chinese equities and the yuan faced a decline as concerns over escalating Sino-American tensions continued to weigh on investor sentiment following a series of disappointing economic updates.
The recent legislative meeting prioritized local government debt issues over robust consumption stimulus, disappointing some investors concerned about insufficient economic support given potential tariff tensions under the new US administration.
North Korea’s state media KCNA said that the country has ratified a mutual defense treaty with Russia signed by both countries in June. The treaty calls for mutual aid in case of an armed attack on either country.
North Korea has been under international scrutiny over growing military cooperation with Russia. It has been reported that North Korea has sent a number of troops to support the Russian war in Ukraine.
