Thailand’s SET Index closed at 1,376.28 points, increased 8.13 points or 0.59% with a trading value of 39.3 billion baht. The analyst stated that the Thai stock market rose in today’s session but with low volume, following the uptrend of the Asia market. The positive factors from the rise in crude oil prices supported energy stocks. Moreover, the Thai-Chinese visa waiver was also a positive sentiment to tourism stocks as well.
The analyst expected the market to grow slightly tomorrow.
A Hong Kong court ordered the liquidation of China Evergrande Group on Monday after its overseas creditors failed to reach a deal this weekend to restructure the debt-piling real estate company.
The order to wind up could send waves of concerns through China’s financial markets as the company carrying over $300 billion of liabilities will be liquidated amid authorities’ effort to shore up the stock market. The crash of Evergrand since the default of its offshore debentures in late 2021 had caused other developers to crumble as well.
The share price of Evergrande (HK: 3333) plunged 20% in the morning session before being halted by regulators following the court order.
Thailand and China have signed the long-awaited visa waiver on Sunday that would allow the two countries to enter each nation without visa requirement.
Mr. Parnpree Bahiddha-Nukara, Deputy Prime Minister and Minister of Foreign Affairs, and Mr. Wang Yi, the Minister of Foreign Affairs of the People’s Republic of China, jointly signed an agreement between the government of Thailand and the People’s Republic of China regarding the visa waiver between two countries for travelers holding ordinary passports and public affairs passports on 28 January 2024. Meanwhile, the visa waiver will take effect on 1 March 2024.
