Thailand’s SET Index closed at 1,429.62 points, decreased 3.76 points or 0.26% with a trading value of 45.2 billion baht. The analyst stated that the Thai stock market traded narrowly following a profit taking from investors after a surge yesterday. Stocks in the asia market all fell in a similar trend. The possibility of the January Effect is still high. The analyst expected the Thai stock market to move in a sideways trend tomorrow.
The US Treasury Department stated on Tuesday that the country had reached the total public debt of $34 trillion for the first time in history, putting the US debt up 100% since 2014.
This debt balance exceeds the value of the economies of China, Germany, Japan, India and the UK combined, as the Daily Treasury Statement for Friday displayed the total public debt outstanding, which surged from $33.911 trillion on Thursday to $34.001 trillion.
The congress will resume its meeting on January 19 and February 2 to resolve the government spending through September, amid the request by the Republican to lower the 2024 fiscal discretionary spending to below the limit that was agreed in June.
The government will be forced to shut down if it fails to approve the fiscal 2024 spending bills, while it becomes harder to achieve the goal as the November presidential and congressional elections get closer.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, entitled the debt figure as “a truly depressing achievement,” but also stated that the committee were still hopeful that policymakers will deploy measures to further cut the country’s borrowing.
Tourism-related stocks in the Thai stock market made a run yesterday as seen in Airports of Thailand Pcl. (SET: AOT), a major airport operator in Thailand, saw its share price rise 4%, following the announcement of Thai-China visa waiver.
Mr. Koraphat Vorachet, Head of Investment strategy of Krungsri Capital Securities (KCS) stated that on Tuesday, the Thai Prime Minister Srettha Thavisin gave an interview after the meeting with the cabinet on the topic of the waiver of visa entry requirements for Chinese citizens starting from 1 March 2024 onwards, as tourists from Thailand and China can go roundtrip to one another without visa required (permanently free visa).
The focus is on AOT, CENTEL, and MINT, as these stocks are expected to regain their profits in 2024. Moreover, CPALL, having branches for around 10% in tourist areas, is another stock to take positive sentiment.
