1) Thai stock market overview
Thailand’s SET Index closed at 1,560.20 points, increased 2.79 points or 0.18% with a trading value of 51 billion baht. The analyst stated that the Thai stock market moved narrowly, but made the last push at the end, buoyed by the banking sector and laggard stocks, especially petchem and refinery. The market also had a positive outlook on the speech from Fed’s chair at the Jackson Hole Symposium. The analyst expected the positive trend in the Thai market to continue into next week to welcome the new cabinet.
2) Isuzu reaffirms footprint in Thailand, planning to deliver first EV truck by 2025
Isuzu Motors has announced its plan to launch a made-in-Thailand electric pick-up truck in 2025, reported Nikkei Asia on Friday.
The move is Isuzu Motors reaffirming its footprint in Thailand after the report in June saying that it might relocate to Indonesia. Later Isuzu Motors denied that claim and said that it was not planning to move manufacturing from Thailand to Indonesia.
Currently, pickup trucks account for about 50% of Isuzu’s global sales volume. This will be the first time for Isuzu to release an EV pickup truck.
3) China eases mortgage rules in new move to boost economy
China has announced further mortgage easing policies nationwide to boost its slumping economy, especially the residential property market.
Xinhua news agency reported that Beijing is proposing that it will allow local governments to scrap a rule that disqualifies people who have ever had a mortgage, even if it has been fully paid, from being considered a first-time buyer in major cities.
The measure came after the latest development in the property market that saw one of its biggest property developers Country Garden flagging for its first-ever default.
4) Thai exports fall larger-than-expected rate in July at 6.2%
Thailand’s exports continued to drop in July as global trade demand has yet to recover due to elevated inflation and central banks hiking interest rates that pressures the economy.
Customs-based exports for Thailand fell 6.2% in July from the same period last year, according to the report by the commerce ministry on Friday. The reading exceeded a forecast for a 0.75% drop in a Reuters poll and slightly better than a 6.4% fall in June.
Meanwhile, imports fell 11.1% from a year ago, compared to a drop of 8.1% forecast by a Reuters poll and a fall of 10.3% last month.
Thailand recorded a trade deficit of 1.98 billion baht in July.
In the first seven months, Thailand’s exports contracted 5.5% from a year earlier while imports fell 4.7% and the trade deficit stood at $8.29 billion.
