Thailand’s SET Index closed at 1,442.63 points, decreased 7.49 points or 0.52% with a trading value of 48.85 billion baht. The analyst stated that the Thai stock market extended losses with no signs of foreign inflows in light of the continual depreciation of the Thai baht. Furthermore, Federal Reserve Chair Jerome Powell’s cautious remarks on interest rate cuts propelled the U.S. dollar to strengthen. The third-quarter 2024 results of some listed companies falling below expectations also exerted pressure on the index. The Price-to-Earnings (P/E) ratio is currently at a higher level despite the recent cut in EPS forecast for 2024-25.
The analyst anticipated a sideways trading pattern in the Thai market next week, with investors keeping a close watch on U.S. retail sales data and Thailand’s GDP figures.
Thailand is preparing to legalize casinos by next year in a bid to draw foreign investments and boost tax revenues, a move that is likely to present promising opportunities for international operators who have long advocated for such legislation. Given Thailand’s reputation as a popular tourist destination, this initiative presents a potential windfall.
China’s retail sales experienced a year-on-year growth of 4.8%, surpassing the anticipated 3.8% growth from economists polled by Reuters, and marking an increase from September’s 3.2% growth.
Real estate investment from January to October decreased by 10.3% year-on-year, a sharper fall than the 10.1% decline recorded from January to September, indicating the worsening condition of the property market and marking the most significant drop since August 2021.
UK’s Gross Domestic Product (GDP) experienced a marginal increase of merely 0.1% in the quarter ending in September, compared to the preceding quarter. This was notably lower than the 0.2% growth anticipated by a Reuters poll, and followed a 0.5% growth in the second quarter.
Chairman of the Federal Reserve, Jerome Powell, hinted at a watchful approach towards trimming interest rates, given the strong configuration of the U.S. economy.
Powell dismissed the need for hasty decisions regarding rate cuts while speaking at a business event in Dallas. He accredited this relaxed stance to the solid position of the current economy.
