Thailand’s SET Index closed at 1,291.58 points, decreased 6.50 points or 0.50% with a trading value of 34.12 billion baht. The analyst stated that the Thai stock market decreased and was in line with the global markets, as 2Q24 earnings reports from tech stocks in the US missed expectations.
Domestically, investors awaited the consideration of Prime Minister Srettha Thavisin on August 14, while the performance of bank stocks’ earnings reports also contributed significantly to the market’s downturn.
The analyst expected the market to trade narrowly within range tomorrow.
Thailand’s car production experienced a significant decline in June of 2024, dropping by 20.11% compared to the previous year, totaling 145,557 units. This decrease was attributed to decreased production of pickup trucks and stricter financing conditions.
Compared to May, when there was a 16.19% year-on-year decrease, the June figures indicate a further downturn in the country’s automotive sector. Despite a minor improvement in June’s car exports, which increased by 0.28% year-on-year (compared to a 3.39% increase in May), the domestic car sales in Thailand suffered a notable setback.
China’s central bank conducted an unscheduled lending operation on Thursday at significantly lower rates, marking its second surprise action of the week. This initiative suggests a deliberate effort by authorities to provide robust monetary stimulus to support the country’s economy.
The People’s Bank of China (PBOC) issued 200 billion yuan ($27.5 billion) in one-year loans under its medium-term lending facility (MLF) at a reduced rate of 2.30%, down by 20 basis points from the previous MLF loan.
The unexpected MLF rate cut was partially in response to sharp declines in the stock market.
South Korea has announced a series of proposed tax benefits aimed at bolstering its economy and stock market, amidst challenges posed by an aging population and sluggish consumption.
The proposed tax reforms include lowering the inheritance tax ceiling to 40 percent from 50 percent and eliminating a rule that imposes additional burdens on controlling shareholders.
Despite projections of a reduction in government revenue of approximately 4.4 trillion won over five years due to these reforms, Finance Minister Choi Sang-mok remains optimistic about the potential benefits. The government plans to present the proposals to parliament following formal approval at a late August cabinet meeting.
