The Thai shares began the year 2023 in positive territory, due to investors’ optimism by the SET’s outstanding return compared to worldwide stock markets in the previous year.
As of 10.59 A.M. (Thai time), the SET index rose 11.36 points, or 0.68%, to 1,680.02.
Despite the overall stock market’s high volatility in 2022, the SET saw internal factors that helped support it, such as the Thai economy began to revive when COVID-19 subsided, which drove numerous economic activities back into activity. As a result, the SET has outperformed global stock markets over the last year.
Maybank Securities (Thailand) (MST) said that the Thai market managed to rebound and close the year at 1,668.66 points, in a positive territory (+0.67%). The significant factors in the past year, including; 1) clash between Russia and Ukraine, 2) energy crisis, 3) world inflation increases sharply, 4) rising interest rates around the world to combat inflation, 5) concerns about recession.
The brokerage also stated that the Thai economy’s recovery remained favorable for investment. Spending is expected to increase further this year. In the short term, it will be pushed by the “Shop Dee Mee Kuen” (shopping with refunds) scheme, which is available from January 1 to February 15, 2023, and the fact that China will remove quarantine for tourists from January 8. This is a big boost to the tourist and consumption sectors.
Meanwhile, UOBKayHian Securities (Thailand) said that a rally in Thai equities was fueled by investors’ positive sentiment over SET’s higher returns when compared to global markets, as well as a gain in DELTA’s share, which helped lift the index by 4.5-5 points during the morning session.
