Thailand’s SET Index closed at 1,465.03 points, decreased 5.07 points or 0.34% with a trading value of 64.7 billion baht. The analyst noted that the Thai stock market fluctuated during today’s trading session, pressured by a selloff in China Play, energy and petchem stocks in a disappointment that Beijing did not announce a stimulus plan to boost the market to the extended traders had hoped.
On top of that, OPEC also slashed global oil demand as well.
The analyst expected SET Index to continue moving in a similar trend as today’s with a support level at 1,450 points and a resistance level at 1,470 points.
The Baht is now hovering around THB33.25 to USD1.00 after hitting THB32.18 in late September, marking the lowest level in more than two years. Traders are looking ahead to the Thai Monetary Policy Meeting, scheduled tomorrow with a consensus that the Bank of Thailand will maintain interest rate at 2.50% despite calls from the government and private sector to cut rates.
Chinese banks are anticipated to reduce interest rates on approximately 300 trillion yuan worth of deposits, potentially as early as this week, according to sources familiar with the situation as reported by Bloomberg News.
Leading financial institutions, such as the Industrial & Commercial Bank of China and the China Construction Bank Corp, are expected to follow the guidance set by the People’s Bank of China’s interest rate self-disciplinary mechanism to decrease rates on several deposit products.
The expected reductions include a minimum of 20 basis points on one-year time deposits, and at least 25 basis points on longer tenures.
TISCO reported a net profit of 1,713.43 million baht, decreased by 161.05 million baht or 8.6% from the third quarter of 2023 mainly due to the setup of expected credit loss (ECL).
The reported earnings were also lower than a forecast by LSEG, expecting the bank to book 1,720 million baht.
