Thailand’s SET Index closed at 1,321.31 points, decreased 6.12 points or 0.46% with a trading value of 36.02 billion baht. The analyst stated that the Thai stock market decreased and was in line with the regional markets following a dull investment condition. Stock markets were pressured by concerns over a slowdown in the Chinese economy after the country’s 2Q24 GDP figures missed expectations while there were also no additional stimulus measures from the government.
The Thai stock market was pressured by the selloff of energy and retail stocks, as well as short-term speculations among telco stocks. The slump of EA, hitting the floor level, also played an important role for the market, causing it to decrease by 1 point.
The analyst expected the market to trade sideways tomorrow, while investors awaited the announcement of 2Q24 performance from banks.
Federal Reserve Chair Jerome Powell addressed the Economic Club of Washington D.C., stating that the central bank will not delay interest rate cuts until inflation reaches 2%.
He emphasized that due to the time lag in the impact of central bank policies, waiting for inflation to hit 2% might be too late as continued tightening measures could push inflation below the target level.
Powell stressed that the Fed is seeking stronger confidence in the return of inflation to the 2% threshold, while also noting that positive inflation data in recent times has contributed to this growing confidence.
