1) Thai stock market overview
Thailand’s SET Index closed at 1,561.51 points, decreased 4.43 points or 0.28% with a trading value of 48 billion baht. The analyst stated that the Thai stock market moved in an opposite direction of regional markets from a profit taking in the energy and power generator in response to the new government measure, aiming to reduce electric bills and gas. The partial default of JKN on its debenture also posted a negative sentiment to the market.
The analyst recommended investors to monitor the U.S. non-farm payroll data tonight, which could make an impact to the Fed’s decision on monetary policy in September.
2) Thai King reduces former PM Thaksin’s jail sentence to one year
Thai King Maha Vajiralongkorn has reduced former prime minister Thaksin Shinawatra’s eight-year prison sentence to one year, according to the royal gazette on Friday.
“Thaksin accepted his crime and showed remorse,” the letter claimed, adding that the former prime minister was ill and that the royal pardon was granted so that Shinawatra may leverage his expertise and experiences to benefit citizens and the country.
3) ‘Line Man Wongnai’ expects a listing in Thai stock market in 2025
Line Man Wongnai, Thailand’s e-Commerce platform for services and food delivery, has begun appointing advisors in preparation for an initial public offering that is targeted to be as soon as 2025, according to a report from Reuters citing an executive in the company.
In an interview with Reuters, Chief Financial Officer In Young Chung said that Line Man Wongnai is expecting a listing in Bangkok, Thailand, but would also consider a dual listing in another market such as Wall Street, providing that there is sufficient interest from investors.
Currently, Thailand has two major food delivery operators; Line Man and Singapore-based Grab. Food delivery is widely used in the kingdom, especially since the Covid pandemic.
