Thailand’s SET Index closed at 1,452.80 points, increased 0.60 points or 0.04% with a trading value of 54.74 billion baht. The analyst stated that the Thai stock market traded within range, with notable activity in bank stocks in anticipation of 3Q24 earnings disclosures. Moreover, there was a notable uptick in trading activity regarding insurance stocks following the uptrend in US bond yields. However, investor sentiment was dampened by the absence of additional stimulus announcements from the Chinese government.
The analyst expected the market to trade sideways tomorrow.
Thailand has welcomed 26.6 million foreign tourists so far this year, marking a substantial 30% rise compared to the corresponding period in 2023.
The nation has set its sights on attracting approximately 40 million foreign visitors in 2025. Assisting in achieving the 2025 target, a government representative disclosed plans for promotional initiatives aimed at driving foreign tourist arrivals.
The World Bank has upheld its forecast for Thailand’s economic growth in 2024 at 2.4%, reflecting an improvement from the 1.9% growth recorded in 2023, suggesting that the Thai economy will exhibit enhanced performance in the second half of 2024, driven by key factors such as acceleration in government budget spending, exports, tourism, and private services.
The resurgence in onshore Chinese stocks following a week-long holiday was short-lived as traders expressed doubts about Beijing’s commitment to introducing additional stimulus measures, resulting in a decline in shares in Hong Kong and a sharp decline of gains in mainland stocks.
