Thailand’s SET Index closed at 1,357.46 points, increased 7.94 points or 0.59% with a trading value of 46.62 billion baht. The analyst stated that the Thai stock market rose and conformed to most of the regional markets after concerns over an escalation of the conflict in the Middle East eased. As for domestic factors, 1Q24 earnings reports among banks and SCGP exceeded market expectations, giving positive sentiments to the Thai stock market, while a cover short support the rise in SET Index.
The analyst expected the market to trade narrowly tomorrow.
A recent business survey revealed that Japan’s factory activity experienced a contraction in April but showed signs of nearing the break-even point, indicating a potential upturn in the key sector following a period of sluggishness.
The au Jibun Bank flash Japan Manufacturing Purchasing Managers’ Index (PMI) increased to 49.9 in April from 48.2 in March. Although it remained below the critical 50.0 threshold that distinguishes between growth and contraction for the 11th consecutive month, the index was closest to the break-even level since entering a contraction phase in June.
The au Jibun Bank flash Services PMI increased to 54.6 in April, the highest level recorded since May last year. A notable aspect was the subindex for new business, which reported the most rapid expansion in 10 months, contributing significantly to overall growth.
Furthermore, the au Jibun Bank flash Japan Composite PMI, amalgamating both manufacturing and service sector activity, surged to 52.6 in April, matching the peak level observed in August.
Thailand Prime Minister Srettha Thavisin stated that on Tuesday morning, he had invited Bangkok Bank Public Company Limited (SET: BBL), Krung Thai Bank Public Company Limited (SET: KTB), SCB X Public Company Limited (SET: SCB), and Kasikornbank Public Company Limited (SET: KBANK) to discuss the possibility for the banks to reduce interest rates for vulnerable groups, including SMEs and small entrepreneurs, following the strong 1Q24 earnings reported by the four banks.
The Thai PM noted that the government perceived grievances from the people in the country who encountered problems with interest rates. The call for discussion was not for business competition or any kind of rivalry among financial institutes but for Thai people to support each other and unite as one. Thus, he urged the banks to take the matter into consideration.
The Thai government has agreed to a recommendation from the country’s Foreign Ministry to remove the visa requirement for Russian travelers visiting Thailand for up to 60 days. The new visa-free scheme for Russian passport holders is set to be enforced starting May 1, as confirmed by the Thai cabinet of ministers.
The Ministry of Tourism and Sports has updated the latest tourism situation, revealing that from January 1 to April 21, 2024, Thailand welcomed a total of 11,296,762 foreign tourists. This generated an estimated revenue of approximately 544,861 million baht from the spending of these international travelers.
The top five nationalities that visit Thailand are China, Malaysia, Russia, South Korea and India.
