1) Thai stock market overview
Thailand’s SET Index closed at 1,547.17 points, decreased 3.19 points or 0.21% with a trading value of 34 billion baht. The analyst stated that the Thai stock market moved narrowly without a positive catalyst to boost the market and concerns over Fed maintaining interest rates at a higher level longer continued to weigh on the market sentiment. Meanwhile, the decline in oil prices also pressured the Thai stock market.
The analyst noted that the Thai stock market lacked foreign inflows, seeing unattractive valuation in the Thai market as listed companies’ EPS decreased to THB89 per share.
2) Thai Finance Minister expects economy to grow 2.8%
Thailand’s economic growth may be in line with forecast this year, according to Deputy Finance Minister Krisada Chinavicharana’s statement at a business event on Friday.
The economy is expected to grow 2.8% this year, boosted by public consumption and investment after the political vacuum has ended with the new government formation. Moreover, public investment and spending will also attract more private investment, while private consumption and tourism continue to grow.
Earlier, the finance ministry forecast for an economic growth by 3.5% in 2023, but the National and Social Development Council, the state planning agency, expected to see a 2.8% growth this year.
The new chapter for Thailand is beginning after Mr. Srettha Thavisin took the helm as Thailand’s new prime minister. More stimulus measures are expected to be introduced, especially a THB 10,000 handout to drive spending, but this is due next year.
3) $74 billion at risk as China bans officials from using iPhone
The fear of electronics spying between the US and China continues as China moves to ban Apple’s products for government officials at work. This could potentially hit Apple’s third largest revenue source worth $74 billion of mostly iPhone sales and accounting to 20% of Apple’s total revenue in 2022.
According to Forbes, the plant in Zhengzhou makes about 85% of iPhone and it could take some years to relocate. Possibly billions of dollars and hundreds of thousands of Chinese workers are about to be hit as well if Apple committed to.
The ban might be a strategic move for sustaining Chinese smart device manufacturers such as Huawei that have been getting a lot of chip bans from both the US and EU.
The ban news knocked Apple (NASDAQ : APPL) total value down by $200 billion in yesterday trading session (7 Sep), dropping the APPL price from $189 to $176, compared to the all-time high at $195 per share in July. The drop in APPL yesterday also contributed to a decline NASDAQ by 0.89%.
