Thailand’s SET Index closed at 1,298.08 points, decreased 3.46 points or 0.27% with a trading value of 29.57 billion baht. The analyst stated that the Thai stock market declined following the selloff of energy and bank stocks, as investors raised concerns over their business performances.
Additionally, the Thai market experienced pressure from regional markets as tech stocks saw a downturn following disappointing earnings reports from Alphabet and Tesla. On the domestic front, the upcoming evaluation of Prime Minister Srettha Thavisin’s qualifications was scheduled for next month.
The analyst expected the market to potentially rebound tomorrow.
Japan’s factory activity experienced a slight contraction in July, marked by declines in output and new orders, with firms facing continued pricing pressures. However, an expansion in the service sector contributed to an overall return to growth in Japan’s private sector for the same month.
The au Jibun Bank flash Japan manufacturing purchasing managers’ index (PMI) dipped to 49.2 in July from 50.0 in June, dropping below the 50.0 threshold that distinguishes growth from contraction on a monthly basis for the first time in three months.
Conversely, the service sector witnessed a rebound in July, showing significant growth in new business. The au Jibun Bank flash services PMI surged to 53.9 in July, marking a three-month high and a sharp improvement from the 49.4 recorded in June.
Thailand’s Ministry of Finance has disclosed plans for the commencement of the Digital Wallet Scheme registration process through smartphones from August 1 to September 15, 2024, and subsequently through general applications from September 16 to October 15, 2024.
The Finance Minister of Thailand, Pichai Chunhavajira, emphasized that the 500 billion baht “digital wallet” stimulus initiative is imperative to invigorate the economy, which has been hindered by low incomes and high household debts. The registration for participating stores will commence on October 2, with the official launch slated for the final quarter of this year.
