Thailand’s SET Index closed at 1,447.90 points, decreased 3.79 points or 0.26% with a trading value of 50.67 billion baht. The analyst stated that the Thai stock market decreased as it was pressured by the profit-taking sales of communication, power plant, and finance stocks following a positive trend from the Vayupak Fund and the downward trajectory of the Fed’s interest rates, as well as the rebound of the 10-year bond yield.
Investors are keeping their eyes on the inflows from the Vayupak Fund in early October.
The analyst expected the market to trade sideways with limited downside tomorrow.
Thailand has decided to postpone the planned raise of the minimum wage to 400 baht ($12.15) per day, initially set for October 1, by approximately two weeks due to challenges in achieving a quorum during committee meetings dedicated to the wage hike.
The committee, comprising representatives from employers, labor unions, and the government, faced difficulties in reaching a quorum during their two previous meetings.
The People’s Bank of China (PBOC) has implemented a reduction in a short-term policy rate, continuing the series of cuts initiated in July as the country faces a further deceleration in its domestic economy.
The central bank decreased the 14-day reverse repurchase rate from 1.95% to 1.85%, while also releasing 74.5 billion yuan ($10.6 billion) into the banking system through the tool, according to an official statement. This decision comes ahead of the upcoming National Day Holiday, which spans seven days starting from October 1.
India’s Minister of Commerce and Industry, Piyush Goyal, confirmed that India will not be a part of the Regional Comprehensive Economic Partnership (RCEP), emphasizing that it is not in the nation’s best interest to engage in a free trade agreement with China.
The U.S. Commerce Department is anticipated to announce a proposal on Monday that would forbid the use of Chinese software and hardware in connected and autonomous vehicles operating on U.S. roads, citing national security worries.
The Biden administration has expressed alarm over Chinese companies’ data collection practices involving American drivers and infrastructure, as well as the potential foreign interference with connected vehicles.
