Advanced Info Service Public Company Limited (SET: ADVANC), SKY ICT Public Company Limited (SET: SKY) and True Corporation Public Company Limited (SET: TRUE) are the only three stocks in Thailand’s SET100 Index that remain in a positive territory in the afternoon session, following a selloff in global market in concerns of US recession.
The share price of ADVANC rose slightly by 0.84% to THB240 per share, while SKY gained 3.95% to THB15.80 and TRUE increased 2.66% to THB9.65 per share as of 15:27 BKK time on Monday.
Meanwhile, the SET Index plunged 2.85% to 1,275.67 points.
The selloff came after a recent report demonstrating signs of a weakening job market. This led to Goldman Sachs now estimating a 25% probability of an economic downturn, up from their previous projection of 15%.
Goldman Sachs analysts have adjusted their expectations for forthcoming rate cuts, anticipating a decrease of 25 basis points post each of the Fed’s meetings in September, November, and December. This shows a sharp u-turn from their earlier estimation of rate cuts occurring quarterly.
Stocks in Asia led the plummet on Monday as Japan’s Topix and Nikkei recorded significant drops of over 12%, marking its worst performance since the infamous “Black Monday” crash of 1987.
The plummet came amid the Bank of Japan’s decision to raise its benchmark interest rate to about 0.25% last week, compared to the previous range of 0% to 0.1%. Under Ueda’s leadership, the BOJ has increased rates by a total of 35 basis points in just four months.
Meanwhile, Korea’s Kospi dropped 8.77%. Shanghai SSEC fell 1.54%, HongKong’s Hang Seng dipped 1.46% and Australia’s ASX200 decreased 3.70%.
