Thailand’s SET Index closed at 1,289.84 points, decreased 2.85 points or 0.22% with a trading value of 41.30 billion baht. The analyst stated that the Thai stock market experienced significant losses compared to markets in the region due to political uncertainties, leading to a state of political vacuum in the country.
Investors are closely monitoring the situation amid concerns about potential repercussions such as a downgrade in GDP growth, poorer-than-anticipated corporate performances, and delays in the formation of the new cabinet, a process anticipated to extend over a month. Meanwhile, hopes are pinned on the introduction of the Vayupak Mutual Fund by September to potentially boost the Thai market.
The analyst anticipates the market may either sustain its losses or witness a rebound in the upcoming trading session.
Fitch Solutions’ BMI analysts noted that the Bank of Japan (BOJ) is expected to proceed cautiously with interest rate hikes to prevent a rapid appreciation of the yen following the recent turbulence in global markets.
They anticipate a modest 25 bps increase to 0.50% this year, a downgrade from the initial projection of 50 bps.
The British economy expanded by 0.6% in the second quarter of 2024, aligning with predictions by economists. This growth built upon a 0.7% recovery in the first quarter following a mild recession in the latter part of 2023.
The Office for National Statistics reported that the GDP level in June remained steady, in line with expectations from a Reuters poll. Year-on-year, the GDP was 0.7% higher.
The 3.75 trillion baht ($107.17 billion) national budget for the 2025 fiscal year will not face delays, according to the caretaker of Thailand’s Deputy Finance Minister on Thursday, a day after the dismissal of former Prime Minister Srettha Thavisin by the court.
The bill is yet to undergo second and third readings in the lower house before proceeding to the Senate and eventually obtaining royal approval.
