Thailand’s SET Index closed at 1,288.58 points, decreased 10.77 points or 0.83% with a trading value of 38.21 billion baht. The analyst stated that the Thai stock market extended losses in almost every sector despite the implementation of the uptick rule. The uptick rule lowered the trading volume in the market and had not eased the selloff of stocks, as the EPS of listed companies were still low and grew gradually. In addition, investors also awaited improvement on the political uncertainties in the country.
The analyst expected the market to continue decreasing, while investors monitored the announcement of economic data and speeches from the US Federal Reserve.
Thailand welcomed 17.5 million foreign tourists in the first half of 2024, marking a 35% increase compared to the same period in the previous year, according to the announcement from the tourism ministry.
These visitors contributed 825 billion baht in revenue, with China, Malaysia, and India being the leading source markets.
Thailand’s cabinet has granted approval for an extra 276 billion baht in borrowing for the 2024 fiscal year to support a household assistance program aimed at boosting the economy.
The newly approved borrowing brings the total new borrowing for the fiscal year to 1 trillion baht.
This supplementary borrowing is part of a broader restructuring of the debt management strategy for the fiscal year, which covers the handling of the existing debt amounting to 2.04 trillion baht and debt repayments totaling 454 billion baht.
The European Union’s statistics agency reported a decrease in headline inflation to 2.5% in June, aligning with economists’ expectations.
Core inflation, excluding the volatile effects of energy, food, alcohol and tobacco, remained at 2.9%, slightly missing analysts’ forecast of 2.8%. Meanwhile, services inflation maintained at 4.1%.
Investors are now analyzing the implications of these figures on interest rate trends in the euro zone after the European Central Bank’s recent 25 basis points rate cut in June.
