1) Thai stock market overview
Thailand’s SET Index closed at 1,647.39 points, decreased 5.37 points or 0.32% with a trading value of 114 billion baht. The analyst stated that the Thai stock market traded lower amid selloffs, especially JMART and its group after poor performance in 2022 results and 2023 remains cloudy. Meanwhile, baht started to depreciate at a faster pace, prompting foreign investors to withdraw from the market.
2) Thai finance minister sees economy to recover steadily in 2023, with tourism driving growth
Thailand’s finance minister said on Wednesday that the country’s economy is slowly but steadily rebounding this year, aided by a comeback in the vital tourism sector, which would continue to be a significant engine of growth.
Arkhom Termpittayapaisith stated at an economic event that increased spending in the current fiscal year and the next would also stimulate investment. He noted that a stronger baht would lower import costs but would also lower export volumes.
Additionally, he emphasized that accommodating policy that did not incur financial costs was necessary to guarantee the country’s economic stability, which required cooperation between monetary policy and fiscal policy.
Thailand’s economy may grow faster than expected this year, Arkhom told Reuters on Monday, thanks to a recovery in tourism and the “reasonable” pace of monetary tightening to contain inflationary pressures.
3) UK inflation falls for third straight month to 10.1% in Jan
The United Kingdom’s inflation rate declined for the third month in a row to 10.1% in January, falling short of economists’ predictions, but high food and energy prices continued to put pressure on British households.
Reuters polled economists predicted that inflation would fall to 10.3%, down from 10.5% in December. After reaching a 41-year high of 11.1% in October, inflation has steadily declined since then.
The Office of National Statistics reported on Wednesday that core CPI (CPI excluding food, energy, alcohol, and tobacco) was 5.3%, down from 5.8% in December.
4) Chinese chip industry group opposes exports ban from U.S.
The China Semiconductor Industry Association (CSIA), the country’s leading chip industry group, opposed the export restrictions from the United States, Japan, and the Netherlands.
The group said that the restriction by the U.S. could harm the semiconductor industry in China and damage the global economy.
The CSIA appeals to China’s government to establish the rules that maintain the good development of the global semiconductor industry ecosystem.
