Thailand’s SET Index closed at 1,385.11 points, decreased 6.62 points or 0.48% with a trading value of 36.80 billion baht. The analyst stated that the Thai stock market declined following the larger-than-expected US inflation data, which would lead to slower rate cut by the US Federal Reserve. Expectation that interest rate would remain higher for longer caused bond yield and the US dollar to edge up and pressure the stock market. Stocks related to electronic parts dropped immensely after KCE announced a disappointing 2023 business performance.
The analyst expected the market to have a potential rebound tomorrow, while also suggesting investors to pay attention to the progress of the digital wallet scheme.
U.K. inflation in January maintained at 4% year-on-year, contributed by an easing in prices for furniture and household goods, food and non-alcoholic beverages. On a month-on-month, headline inflation fell to -0.6% after a surprise increase in December last year to 0.4%.
Economists polled by Reuters expected a 4.2% YoY rise and -0.3% MoM decline.
Meanwhile, core inflation, which excludes volatile food, energy, alcohol and tobacco prices, was at 5.1% in January, which was below a consensus estimate of 5.2% polled by Reuters. On a monthly basis, core inflation dipped to -0.9%, also below a -0.8% forecast.
