Thailand’s SET Index closed at 1,377.94 points, increased 7.60 points or 0.55% with a trading value of 26.47 billion baht. The analyst stated that the Thai stock market rebounded as it was supported by the strengthening baht in the morning session.
The analyst expected the market to gradually recover next week, while also stating that the current level of the index was attractive. Meanwhile, investors paid attention to the announcement of the PCE index from the US coming tonight, which would signal the direction of the Fed’s decision on interest rate.
The retail price of 96.5% gold ornaments in Thailand saw a robust surge on Friday, climbing by THB 550 and setting a continuous record high of THB 39,000 per gold baht.
As reported by the Gold Traders Association, the domestic gold bar buying rate stood at THB 38,400 per gold baht, with a selling rate of THB 38,500 per gold baht. For gold ornaments, the buying rate was THB 37,702.92 per gold baht, with a selling rate of THB 39,000 per gold baht.
“Gold is making yet another all-time high of $2,234,” according to an analysis provided by Hua Seng Heng Gold Futures Co., Ltd. They noted that technical factors are supporting gold prices, despite some better-than-expected US economic data such as Q4 GDP and weekly jobless claims figures. Gold’s performance in March outperformed other assets, growing stronger by over 9% and having the best month in over three years, while the SPDR Fund’s gold holdings remained the same.
According to the government’s official data, Vietnam’s Q1 GDP grew by 5.66%, compared to the 3.41% increase in the same period last year, as the country’s export numbers rose, though shipping costs also increased by 55%-73% due to uncertain circumstances in the Red Sea.
The General Statistics Office (GSO) reported an increase of 17% in Q1 goods exports from Vietnam compared to the same period last year, reaching $93.06 billion, while import figures also rose 13.9% to $84.98 billion.
Vietnam targeted 6.0%-6.50% GDP growth in 2024 after missing last year’s target as the country encountered weak global demand and brief power shortages, while Prime Minister Pham Minh Chinh reaffirmed to investors that the government would not repeat the same mistake on power shortages as it was ramping up coal imports.
Prime Minister Srettha Thavisin presented a case regarding the consideration of a report on legalizing the entertainment complex that includes casinos or gambling establishments for approval by the Thai Parliament. He emphasized that the matter is not merely about casinos but about establishing the entertainment complex, bringing the informal economy to light, ensuring proper regulation, safety measures, and tax compliance.
As for some parties with different views on the topic, the PM noted that the matter must be assessed through Parliament as a representative of the people. It is believed that legalizing casinos could be a step towards eliminating illegal gambling. Additionally, if casinos are legalized, visitors would be required to abide by the established laws.
Julapun Amornvivat, Deputy Minister of Finance, stated on Friday that the government expects to pass a law that will legalize casinos during the current term.
Using Singapore as a model, the minister added that Thailand expects to earn more revenue than neighboring countries that operate casinos. More importantly, the government will use a ‘sin tax’ to subsidize social benefits.
