Thailand’s SET Index closed at 1,245.61 points, decreased 16.66 points or 1.32% with a trading value of THB 56.18 million. The analyst stated that the Thai market plunged due to negative sentiment caused by catalysts from both domestic and overseas.
Internationally, concerns grew over the likelihood of the US Federal Reserve abstaining from further rate cuts this year, and the potential resurgence of the Russo-Ukrainian war.
Domestically, the Thai market was pressured by the selloff of GULF, an upcoming ex-dividend date for ADVANC today, and the selloff of LTFs.
For tomorrow, the analyst expected the Thai market to remain steady, with a possibility of further decline, yet also an opportunity for a technical rebound.
Kazuo Ueda, Governor of the Bank of Japan, convened a regular meeting with Prime Minister Shigeru Ishiba to discuss the economy and financial market before next week’s meeting with the Group of 20 (G20).
The People’s Bank of China (PBOC) opted to keep its benchmark lending rates steady, reflecting a cautious approach to monetary policy that underscores financial and currency stability over aggressive stimulus measures.
The one-year and five-year loan prime rates remained at 3.10% and 3.60%, respectively, aligning with expectations polled by Reuters.
The Federal Reserve decided to halt any further interest rate cuts during its January meeting. While officials still keep the option of lowering borrowing costs open in the future, concerns over inflation control and uncertainty regarding President Trump’s economic strategies have led them to maintain the current interest rates until there is more clarity on the economic landscape.
A day after US President Donald Trump blamed Ukraine for causing Russia’s 2022 invasion, he is now accusing Ukrainian President Volodymyr Zelenskiy of being a dictator and warned him to make haste on making the peace deal with Russia or risk losing his country.
Donald Trump’s assertive trade policies and persistent inflationary pressures are creating uncertainty among investors and economists within the U.S. market amid concerns of a potential return to stagflation reminiscent of the 1970s.
