Thailand’s SET Index closed at 1,387.13 points, decreased 2.44 points or 0.18% with a trading value of 46.1 billion baht. The analyst stated that the decline in the Thai stock market was due to a selloff, especially on stocks that reported lower-than-expected earnings.
Thai PM chief advisor Kittirat Na-Ranong affirmed to the market that there were no “naked short sell” in the Thai stock market, trying to bring back confidence to the market.
The analyst expected the SET Index to continue fluctuating due to a lack of new catalysts, while recommending investors to monitor the US inflation data.
Global rating agency Fitch affirmed Thailand’s rating at ‘BBB+’ with ‘Stable’ outlook, citing robust external finances against its ‘BBB’ category peers and an acceleration of GDP growth next year from tourism and export momentum as well as higher domestic demand.
Moreover, Fitch noted that it believes the World Bank Governance Indicators will improve to reflect a greater degree of political stability after the end of Senate’s terms from 2024 moving onward.
Meanwhile, Fitch Ratings saw some near-term uncertainty in terms of parliamentary approval for the government to fully fund the scheme with new debt. This could imply slippage in near-term consolidation targets and further constrain fiscal headroom.
Chinese chipmaker Yangtze Memory Technologies Co (YMTC) has filed a lawsuit against U.S. rival Micron Technology and its consumer products unit over an allegation of infringement of eight of its patents on November 9 in the U.S. District Court for the Northern District of California.
According to the lawsuit as reported by Reuters, YMTC alleged that Micron turned to its patented technology amid high competition from YMTC and to take advantage of market share. In the lawsuit, YMTC said that Micron was not paying its fair share to use the patented inventions.
