1) Thai stock market overview
Thailand’s SET Index closed at 1,645.29 points, increased 11.84 points or 0.72% with a trading value of 67 billion baht. The analyst stated that the Thai stock market moved in a different direction of global markets in response to a buy back in big-cap stocks, especially the banking sector that would benefit from interest rate hikes and the possibility for a termination of emergency decree as well as cutting isolation periods for Covid patients.
The analyst expected these factors would drive the Thai economy in the last quarter.
2) Thailand car exports up 23% to 73,325 units in August
Thailand’s car exports rose to 73,325 units in August, official data showed on Thursday.
The Federation of Thai Industries (FTI) reported that the country’s exports of cars increased by 23.09% year over year in August, bringing the total for the first eight months of the year (Jan-August) to 606,055 units, up slightly by 0.40% over the year.
The overall value of exports rose 4.80% to THB551,483.9 million.
According to FTI spokesperson Surapong Paisitpattanaphong, if sales continue at the same pace as they did in August, exports of automobiles this year should reach the target of 900,000 units.
3) Japan intervenes FX market to prevent yen’s sliding
Japan has confirmed its intervention in the currency markets for the first time since 1998 to save the yen from further decline after the Bank of Japan (BOJ) decided earlier to keep its ultra-low interest rate to support its fragile economy that is currently in a recovering stage from the Covid-19 outbreak.
4) Vietnam denies deal with Thai government to jointly lift rice prices
Vietnam’s agricultural minister stated on Thursday that the country is not in talk with Thailand to jointly raise rice prices, and that the two countries “have only conducted general cooperation activities”.
According to Reuters, the latest statement issued by the Vietnamese government on Thursday comes less than a month after a Thai agricultural official stated that the two countries had agreed to cooperate in raising the global price of rice.
The two countries began talks in May, said in a Reuters report. The goal of hiking prices, according to a Thai government’s spokesperson, was to improve their leverage in the worldwide market and boost farmers’ incomes.
The US Department of Agriculture estimates that Thailand and Vietnam are responsible for roughly 10% of global production of rough rice and roughly 26% of global exports.
