1) Thai stock market overview
Thailand’s SET Index closed at 1,555.45 points, decreased 8.22 points or 0.53% with a trading value of 62 billion baht. The analyst stated that the Thai stock market moved in the same direction as regional markets, while the European markets edged lower at the open as the global financial situation continued to pressure the market, especially the impact of loss from bonds.
The analyst expected the market to continue fluctuating tomorrow. However, this would be a short-term sentiment and the Fed’s meeting could shed some light to the market.
2) Thailand’s Prayut dissolves parliament, paving ways for election in May
Thai Prime Minister Prayut Chan-O-Cha has dissolved the country’s parliament, according to a decree published in the royal Gazette on Monday, paving the way for a general election in May.
The 4-year term of the Thai parliament was supposed to conclude this Thursday (March 23), but PM Prayut has already announced that he will dissolve the Parliament in order to shorten the time that MPs had to wait before switching parties (30 days before Election Day vs. 90 days).
A general election must be held between the 45th and 60th day following the dissolution, as mandated by the electoral regulations.
3) Asia’s authorities say banking sector remains safe and healthy after Credit Suisse takeover
Asian banking regulators assured the public on Monday that their countries’ financial systems were unaffected by UBS’s $3.2 billion acquisition of Credit Suisse.
The Hong Kong Monetary Authority, for example, said the city’s banking system is robust thanks to healthy levels of capital and liquidity. Around HK$100 billion was held by Credit Suisse’s Hong Kong office; this was less than 0.5% of the total assets held by Hong Kong banks. Therefore, the city’s authorities reaffirmed that the local banking sector’s exposure to Credit Suisse is insignificant.
As for Japan, Cyrus Daruwala, managing director of IDC Financial Services, believes the country’s banking system is unlikely to be affected by the deal.
The Monetary Authority of Singapore has also confirmed that Credit Suisse would be able to go on business as usual in Singapore, without any “interruptions or restrictions.”
