Thailand’s SET Index closed at 1,322.75 points, increased 1.89 points or 0.14% with a trading value of 36.83 billion baht. The analyst stated that the Thai stock market initially rose in the morning session, aligning with regional market trends. However, it experienced a slight decline towards the end of the afternoon session, influenced by speculative selling pressure following a continuous four-day surge in the SET index, which saw an increase of over 30 points.
Despite the upward momentum, the market lacked significant catalysts to sustain its progress.
The analyst anticipates that tomorrow’s market performance will likely mirror today’s direction, trading relatively sideways.
Iran’s supreme leader, Ayatollah Ali Khamenei, has mandated an attack on Israel in response to the assassination of Hamas’s leader, Ismail Haniyeh, in Tehran.
The order was given at an emergency meeting of Iran’s Supreme National Security Council on Wednesday morning, following Iran’s declaration of Mr. Haniyeh’s death.
Fed Chair Powell revealed that the Federal Reserve chose to keep interest rates steady at 5.25%-5.5%. However, there was a noticeable shift towards a more balanced approach, highlighting equal consideration for inflation and employment.
The Fed’s updated statement now reflects a focus on risks associated with both elements of its dual mandate, indicating a departure from the previous emphasis solely on inflation concerns.
In China, manufacturing activity experienced a contraction in July for the first time in nine months due to a decrease in new orders.
The Caixin/S&P Global manufacturing PMI dropped to 49.8 in July from 51.8 in the previous month, marking its lowest level since October last year and falling short of analysts’ expectations of 51.5.
Japanese authorities utilized 5.53 trillion yen, equivalent to $36.8 billion, in July to bolster the yen. Data from Japan’s Ministry of Finance revealed the expenditure covering the period from June 27 to July 29.
This action aligned with market expectations and was a response to previous warnings from Japanese authorities about intervening in the currency market to address excessive volatility.
