Thailand’s SET Index closed at 1,319.79 points, decreased 1.52 points or 0.12% with a trading value of 46.50 billion baht. The analyst stated that the Thai stock market increased in the morning session following the amalgamation between GULF and INTUCH, which also supported the prices of ADVANC and THCOM, and the speculative-buy of DELTA.
Meanwhile, the market moved downward to the negative territory, as it was pressured by the selloff of EA after the stock hit the floor limit for the second consecutive day. This development raised concerns among banks, who are borrowers of EA, regarding the 2H24 reserve budget.
The analyst expected the market to trade sideways tomorrow.
The International Monetary Fund (IMF) raised its growth forecast for the U.K. in 2024 to 0.7% from 0.5%, providing a significant boost to the country’s newly established government, while also maintaining its prediction of 1.5% growth for the U.K. in 2025 in its July update of the World Economic Outlook.
This positive revision follows two years of stagnation, during which the U.K. entered a mild recession in the latter half of 2023. Despite this, May saw GDP growth surpassing analyst expectations at 0.4%, with events like the Euro 2024 soccer championship and Taylor Swift’s Eras Tour expected to further stimulate economic activity.
U.K. inflation remained stable at the Bank of England’s 2% target in June.
The headline figure of 1.9% surpassed analyst predictions and matched the previous month’s reading of 2% in May. Services inflation, a key indicator for the central bank due to its significant role in the U.K. economy, stayed at 5.7% in June.
Core inflation, which excludes energy, food, alcohol, and tobacco prices, was recorded at 3.5%, consistent with May’s figure.
The primary drivers of upward inflationary pressure were higher prices in the restaurant and hotel sectors, while the greatest decreases were seen in clothing and footwear costs.
The Federation of Thai Industries (FTI) reported that the Thai industrial sentiment index decreased for the third consecutive month in June, reaching its lowest point in two years. The decline, attributed to a sluggish economy, poor demand, and issues with bad debt, saw the index fall to 87.2 from 88.5 in May, according to the FTI’s statement on Wednesday.
