Thailand’s SET Index closed at 1,391.03 points, decreased 8.32 points or 0.59% with a trading value of 49.5 billion baht. The analyst stated that the Thai stock market moved in a negative territory all-day long, following a holiday yesterday that saw regional markets edging lower. Meanwhile, the market was also pressured by rising bond yield and a selloff in energy stocks from declining oil prices on Monday.
The analyst stated that there could be a technical rebound if the SET Index could maintain within the range of 1,380-1,390 as the index was in oversold territory, while having an attractive valuation.
Thailand’s exports in September saw stronger demand than expected as outbound shipment expanded 2.1% year-on-year, compared to a drop of 1.75% in a Reuters poll. Meanwhile, imports fell 8.3%, compared to 5.55% expected in a Reuters poll, according to data released by the Commerce Ministry.
Thailand recorded 2.1 billion dollars of trade surplus in September, much higher than 0.49 billion dollars expected by Reuters.
The ministry also saw exports surging in the final quarter of this year as well.
Bill Ackman, Pershing Square (hedge fund) manager, revealed on Monday (23 Oct) that he already covered his bet against T-Bond or US 30-year treasury, citing the growing geopolitical risk that may incentivise many to buy safer long-term treasuries as the Israel-Palestine conflict continues.
The near-term futures of T-Bond price (ZBZ23) is currently at 109.28 which is a way below this year’s peak from over 134.00 in April. Meanwhile, the T-bond yield just broke the 5.00% ceiling to over 5.10% last week, although it fell back to 4.99% at noon today (12:00, GMT+7, Bangkok Time), which is a way higher than the year low in April at around 3.54%.
