Thailand’s SET Index closed at 1,400.37 points, increased 5.47 points or 0.39% with a trading value of 42.4 billion baht. The analyst stated that the Thai stock market edged higher in the same direction as regional markets as bond yields continued to shrink and could reach a record low in response to hopes for Fed’s rate cut next year.
Meanwhile, there was a buy back in TRUE, IVL, CPALL and other big-cap stocks. The analyst expected positive sentiment in the market to carry on to tomorrow.
Thailand is expecting its 2024 fiscal budget of 3.48 trillion baht to be ready in early May, which would be about a seven-month delay from the fiscal year that began on October 1st, according to Deputy Finance Minister Julapun Amornvivat on Wednesday.
Meanwhile, a senior government official said that Thailand will stick with the previous plan of raising the average daily minimum wage that they agreed upon, despite earlier comment from the prime minister to reconsider the plan as some parts of the region are expected to see a very small margin of raise, which would not make any difference in this age.
It was resolved a few weeks ago that Thailand will raise its average daily minimum wage to 330 baht to 370 baht, which is equivalent to only about 2.37% raise.
Still, a senior official noted that there will be two raises next year.
Inflation in the United Kingdom fell more than expected in November to 3.9%, marking its lowest annual reading since September 2021.
Economists in a Reuters poll forecast the former EU country to record a modest decline in headline inflation to 4.4% after recording an annual reading of 4.6% in October.
On a monthly basis, consumer price index (CPI) fell by 0.2%, compared to a forecast of 0.1% increase.
Meanwhile, core inflation, which excludes volatile food, energy, alcohol and tobacco prices, fell to 5.1% from last year. The reading was better than a 5.6% forecast.
Major contributors for the drop in consumer price in November were transport, recreation and culture, and food and non-alcoholic beverages, according to the Office for National Statistics statement on Wednesday.
