Thailand’s SET Index closed at 1,303.82 points, increased 6.41 points or 0.49% with a trading value of 63.02 billion baht. The analyst stated that the Thai stock market decreased larger than the regional markets in the morning session and rebounded above the 1,300 level at the end of the trading session, following short covering activity.
The overall outlook of the market was still affected by political uncertainties and was pressured by the base adjustment of small- and medium-sized stocks, which raised concerns over a potential increase of forced sell.
Moreover, the selloff of bank stocks following the anticipation for a slowdown in loans also played a notable role in the market.
The analyst expected the market to potentially continue a technical recovery.
Nvidia, traditionally associated with graphics chips in the gaming industry, has now emerged as the most valuable public company globally.
The chipmaker’s stocks rose by 3.6% on Tuesday, propelling its market capitalization to $3.34 trillion, surpassing Microsoft, currently valued at $3.32 trillion. In a recent milestone earlier this month, Nvidia surpassed Apple to reach the $3 trillion market cap mark.
Thai Prime Minister Srettha Thavisin tabled a budget of 3.753 trillion baht ($102 billion) for the 2025 fiscal year to revitalize the country’s sluggish economy as parliament commenced a three-day deliberation. The budget is designed to propel economic growth to its maximum capacity, Srettha informed the House of Representatives.
Thailand is forecasted to expand by 2.5% to 3.5% in 2025, with inflation anticipated to be between 0.7% and 1.7%, he added. The government aims for a growth rate of at least 3% this year, following last year’s 1.9% growth rate that fell short of its regional counterparts. Srettha emphasized the importance of deficit budgeting to stimulate significant growth in a sluggish economy.
Fed officials, including Governor Adriana Kugler and St. Louis Fed President Alberto Musalem, emphasized the importance of substantial evidence of easing inflation before considering a rate cut.
Recent economic reports have provided mixed signals for the economy, with consumer spending moderating despite robust employment growth and a cooling of inflation following an unexpected surge in the first quarter.
The Office for National Statistics reported on Wednesday that UK inflation dropped to the Bank of England’s target of 2.0% in May, marking the final release of this crucial economic indicator before the national elections in July.
The headline figure decreased from 2.3% in April, aligning with the 2% forecast from economists surveyed by Reuters. Services inflation, particularly significant for the BOE due to its prominence in the UK economy and its representation of domestically-driven price increases, stood at 5.7% in May, down from 5.9% in the prior month. Core inflation, excluding energy, food, alcohol, and tobacco, declined to 3.5% from 3.9% in April.
