Thailand’s SET Index closed at 1,307.21 points, increased 15.63 points or 1.21% with a trading value of 40.14 billion baht. The analyst stated that the Thai stock market rose following stronger-than-anticipated GDP data from the US. Sectors related to para rubber, animal feed, and electronic components exhibited notable growth, despite lackluster export figures from Thailand in June, prompting speculative buying in these segments.
The analyst expected the market to trade sideways next week, as investors monitored the announcement of 2Q24 performance reports from listed companies, politics in the country, and PCE figures from the US coming tonight.
Thai exports faced a decline for the first time in three months in June, attributed to a slowdown in agriculture and food sales, the commerce ministry revealed on Friday. Despite this setback, the ministry maintains an optimistic outlook for overall export growth in 2024.
In June, exports fell 0.3% year-on-year, falling short of analysts’ expectations of a 2.6% increase as per a Reuters poll. This downturn followed a 7.2% growth recorded in May on an annual basis. Key export sectors such as agro-industrial products experienced a 4.8% decline, while segments including auto parts, computer accessories, and jewelry witnessed growth.
Thailand’s Ministry of Finance has revised its economic growth forecast for 2024 to 2.7%, up from the previous estimate of 2.4%, citing increased foreign tourist arrivals and exports as contributing factors.
Deputy Finance Minister Paopoom Rojanasakul highlighted positive signs in exports, driven by improving economic conditions in trading partner countries, and expressed optimism that growth could reach 3% this year with the implementation of pending policies.
Tokyo’s core Consumer Price Index (CPI), excluding volatile fresh food costs, showed a 2.2% increase in July compared to the previous year, in line with market projections. This reflects a slight acceleration from June’s 2.1% uptick.
The latest data was unveiled just ahead of the Bank of Japan’s two-day policy meeting scheduled to conclude on Wednesday. During the meeting, policymakers will deliberate on the possibility of raising interest rates and outline strategies for scaling back extensive bond purchases.
The French railway operator, SNCF, encountered “malicious acts” on its railway network, including deliberate arson attacks, resulting in the cancellation of train services shortly before the commencement of the Olympic Games in Paris.
SNCF announced in a statement that multiple simultaneous attacks occurred on Thursday night, resulting in fire damage to its facilities. The high-speed LGV Atlantique line connecting Paris to the coast, as well as the northern and eastern lines, were impacted by these attacks.
Goldman Sachs stated that regardless of the outcome of the U.S. presidential election in November, the incoming administration will have limited tools to significantly increase domestic oil production next year.
In a note to clients, the US investment bank highlighted that the strategic petroleum reserve inventories are at low levels, and any relaxation in regulations may only have a limited impact on enhancing long-term oil supply in the United States.
