Thailand’s SET Index closed at 1,299.35 points, decreased 1.61 points or 0.12% with a trading value of 29.73 billion baht. The analyst stated that the Thai stock market traded sideways with low volume as it was pressured by the selloff of some stocks such as AOT, DELTA, BDMS, and BH. There were no supporting factors for the Thai market, while foreign investors kept on divesting.
In addition, technical catalysts were still on the downtrend and awaited signals for the rebound.
The analyst expected the market to trade sideways tomorrow, while investors monitored the cabinet’s meeting and the announcement of inflation numbers.
Asian factory activity expanded in June, supported by the strong global economy and promising prospects for semiconductor output, even as concerns about soft Chinese demand lingered.
China’s Caixin/S&P Global manufacturing Purchasing Managers’ Index (PMI) increased to 51.8 in June, surpassing market expectations and marking the quickest growth in over three years.
In South Korea, factory activity accelerated in June, driven by a surge in new orders, reflecting the region’s alignment with robust global demand.
While Japan’s factory activity expanded in June, it did so at a slower rate than in May, with rising costs due to the weakened yen posing challenges.
The International Monetary Fund (IMF) anticipates a gradual economic slowdown in Asia and projects a deceleration in regional growth from 5% in 2023 to 4.5% in 2024 and 4.3% in 2025.
Mr. Nikorndej Balankura, Director-General of the Department of Information and Ministry of Foreign Affairs’ Spokesperson, has made further clarification on Monday to the report by the U.N. special rapporteur saying that Thai banks are the main supplier to provide financial services to Myanmar’s government, especially arms that will be used on pro-democratic fighters.
He clarified further that transactions related to Myanmar as mentioned in the report are a number of transactions for payment of utilities, consumables, and energy in the past. The Bank of Thailand has instructed financial institutions to comply with the measures of the Financial Action Task Force (FATF) as well as measures in line with the practices of the Anti-Money Laundering Office. Financial institutions must verify the facts about customers who transact with countries at high risk thoroughly.
