Thailand’s SET Index closed at 1,438.45 points, decreased 14.10 points or 0.97% with a trading value of 41 billion baht. The Thai stock market was pressured by the selloff in Delta Electronics (Thailand) that plunged the Thai bourse by 4.5 index points. Meanwhile, the recent analysis from UBS on Thailand’s power producers that showed a negative outlook also pressured Thai stocks, especially Gulf Energy Development Pcl. that impacted SET Index by nearly 2 index points. Meanwhile, other big-cap stocks also recorded losses in today’s session as well.
Mr. Pakorn Peetathawatchai, the President of Stock Exchange of Thailand (SET) said after meeting with the Prime Minister that there’ll be a hearing on the extension of SET trading session after the completion of its feasibility study. He pointed out that the system is capable and ready to extend the session.
Currently, the Thai capital market has a total trading session of four and a half hours, while the European have eight and a half hours, the commonwealth and ex-British colonies have six or a half hours, and the Chinese indices only have four hours.
There’ll also be a feasibility study to consider who is really benefiting from this extension. Whether it’ll cover the most of Asian and European sessions, or should the morning, afternoon or the noon break session be cut or extended in which president noted that there will be pros and cons to the decision.
Wall Street brokers raised their outlook for China’s annual economic growth, saying that its economic indicators and the recent support measures helped boost its economic momentum.
Citigroup has raised its growth forecast for China to 5% in 2023 from its earlier revised forecast for 4.7%, citing promising data that helps build consensus on the ability to achieve its official government target.
Meanwhile, JPMorgan also lifted China’s 2023 GDP growth forecast to 5% from 4.8% and also raised its 2024 GDP forecast to 4.4% from 4.2%.
