Thailand’s SET Index closed at 1,451.69 points, decreased 3.15 points or 0.22% with a trading value of 67.53 billion baht. The analyst stated that the Thai stock market saw early morning gains in alignment with other Asian markets, but later dipped in the afternoon as investors adopted a sell-on-fact approach upon recognizing key catalysts. Additionally, the market is overbought, resulting in a market downturn.
The analyst expected the market to trade sideways within range next week.
The Bank of Thailand governor stated on Friday that Thailand is not required to reduce interest rates following the Federal Reserve’s 0.5% rate cut. The governor addressed reporters, emphasizing that lowering rates would not address the country’s debt issues and dismissed the necessity for an off-cycle rate meeting. He noted the bank’s attention to monitoring borrowers’ credit risks.
The Bank of Japan (BOJ) opted to keep interest rates unchanged on Friday, affirming its stance that the economy was progressing steadily towards a modest recovery.
As widely anticipated, the central bank maintained the overnight call rate target at 0.25% through a unanimous vote.
China maintained its main benchmark lending rates unchanged at the monthly fixing, keeping the one-year loan prime rate (LPR), affecting corporate and most household loans, at 3.35%, and the five-year LPR, a benchmark for mortgage rates, at 3.85%.
Reuters market watchers’ poll predicted some shaving after the Federal Reserve’s 50 basis point rate cut allowed China to lower its domestic borrowing costs without triggering a significant depreciation in yuan.
China is also contemplating lifting some of the most significant remaining constraints on home buyers after previous interventions failed to resuscitate a stagnant housing market.
Regulators are reportedly formulating a plan that would permit major cities like Shanghai and Beijing to relax restrictions for non-local buyers – individuals lacking a Hukou residence permit for that specific locale. This barrier has already been eliminated by many smaller cities.
UK retail sales exhibited a significant uptick in August, fueled by consumer enthusiasm to leverage sunny weather and summer promotions, countering escalating political and fiscal concerns.
The Office for National Statistics reported a 1.0% increase in the volume of goods sold in stores and online, with robust spending observed in food and clothing categories. This growth surpassed economists’ expectations of a 0.4% rise and followed a revised 0.7% gain in the previous month.
