Thailand’s SET Index closed at 1,452.20 points, increased 7.95 points or 0.55% with a trading value of 49.39 billion baht. The analyst stated that the Thai stock market saw an uptick in tandem with the regional markets, following the purchase of retail stocks from the Vayupak Fund. Meanwhile, tensions in the Middle East limited gains in the Thai market.
The analyst expected the market to trade sideways tomorrow, with expectations of continued support from the Vayupak Fund. Furthermore, the analyst predicts that the Monetary Policy Committee will uphold key interest rates, which could bolster bank stocks with a positive market momentum.
The commerce ministry announced that Thailand’s headline Consumer Price Index (CPI) had a year-on-year increase of 0.61% in September, up from the previous month’s 0.35% rise.
Still, the figure fell short of the 0.80% forecasted in a Reuters poll and remains under the central bank’s target range of 1% to 3%. The core CPI, excluding volatile food and energy prices, rose by 0.77% year-on-year in September.
Thailand’s Finance Ministry is considering proposing an elevated inflation target of 1.5%-3.5% for the upcoming year. This move is anticipated to heighten pressure on the central bank to reduce its key interest rate.
Panic spread as Iran may close the Hormuz strait in the event of an Israeli attack on Iranian oil fields, broker estimated oil prices exceeding $100 per barrel but not over $200 per barrel if Middle Eastern oil disappeared from the market.
CNN reported that, according to a U.S. official on Oct. 4, Israel has not guaranteed not to target any Iranian nuclear facilities as part of its retaliatory attack on Iran for its 180 missile strike on Israel during Oct. 1.
