Thailand’s SET Index closed at 1,370.67 points, decreased 11.38 points or 0.82% with a trading value of 73.54 billion baht. The analyst stated that the Thai stock market decreased as the revision of the MSCI Rebalance withdrew some big-cap stocks, including BJC, OSP, and BANPU, out of MSCI Global Standard. There was also a selloff of stocks after most of the listed companies reported lower-than-expected 4Q23 and 2023 earnings.
The analyst expected the market to trade sideways tomorrow, while investors awaited PCE figures from the US tonight.
The U.S. economy expanded at an annualized rate of 3.2% in the final quarter of 2023, the Commerce Department reported Wednesday in its second estimation.
Growth slowed down from the first estimation of 3.3% by the Commerce Department last month and down from 4.9% in the third quarter. Still, growth for the world’s largest economy rose above 2% for six straight quarters despite high interest rates that many were afraid of pressuring the economy into a recession. Growing exports also contributed to the U.S. economic growth in the fourth quarter.
In the meantime, consumer spending, which accounts for about 70% of U.S. economic activity, rose at an annual pace of 3% in the final quarter.
Inflation in the fourth quarter of last year also declined as the personal consumption expenditures price index rose 1.8% from the same period in 2022, and also down from 2.6% in the third quarter.
