Thailand’s SET Index closed at 1,301.02 points, decreased 3.37 points or 0.26% with a trading value of 41.67 billion baht. The analyst stated that the Thai market slightly decreased at the end of the trading session after showing a rebound in the morning. This was influenced by China’s retaliatory tariff measures against the US, leading to a drop in oil prices that, in turn, impacted energy and electronic stocks.
The analyst expected the Thai market to trade sideways tomorrow.
Thailand is set to ramp up imports of American ethane and agricultural products to shield its export-driven economy from potential repercussions of U.S.-instigated trade wars.
Pongsarun Assawachaisophon, deputy secretary-general to Prime Minister Paetongtarn Shinawatra, disclosed that the government has urged Thai petrochemical firms to increase their purchase of U.S. ethane by at least 1 million tons, an investment estimated at around $200 million.
Indonesia’s parliament passed a law to lay a foundation for a new state-owned company to manage billions of dollars in state assets, while also seeking investment from both within the country and potentially abroad.
State-Owned Enterprises Minister Erick Thohir said in the parliament that the new law would lay the ground for the creation of Daya Anagata Nusantara, or Danantara, to consolidate Indonesia’s state-owned companies, while also supervising their operations, investment, and dividends.
China’s State Administration for Market Regulation stated that it would launch an investigation into Google due to alleged violations of China’s anti-monopoly regulations.
The probe comes shortly after China unveiled increased tariffs on specific U.S. imports, with plans to impose a 15% tariff on coal and liquefied natural gas shipments from the U.S. effective from February 10. Additionally, they will raise duties by 10% on American crude oil, agricultural machinery, and selected vehicles.
Amidst escalating trade tensions, US President Donald Trump indicated that his administration is planning to engage in talks with China, suggesting a potential reprieve from the looming 10% tariff set to take effect soon.
Any discussions between leaders from the two nations are expected to include deliberations on the division of ownership for the Chinese-owned application TikTok, which the Republican leader has set a 75-day deadline for its parent company, ByteDance Ltd., to secure a US partner if it wishes to continue the operations in the United States, following national security concerns raised by officials.
