Thailand’s SET Index closed at 1,489.82 points, decreased 5.20 points or 0.35% with a trading value of 64.65 billion baht. The analyst stated that the Thai stock market settled slightly lower after a 1,500 points breakthrough during the trading session, while positive sentiment persisted. Key economic indicators from the US and China exhibited positivities and benefited the Thai market.
For next week, the analyst expected the market to adjust its base after experiencing a sharp increase, while suggesting investors to pay attention to 3Q24 earnings reports from banks, expecting to show a 4% decline QoQ.
Chinese GDP data for the third quarter revealed that the economy expanded in line with expectations, although growth rates remained below the nation’s annual target of 5%.
The GDP grew by 4.6% year-on-year in the period ending on September 30, meeting forecasts but down from the 4.7% growth seen in the previous quarter.
Meanwhile, the People’s Bank of China (PBOC) also launched two funding schemes aimed at injecting 800 billion yuan ($112.38 billion) into the stock market through newly created monetary policy tools.
Retail sales in the UK unexpectedly saw a rise in September driven by the demand for consumer technology, providing a welcomed lift for the new government amidst concerns of tax increases in the upcoming budget set for this month.
The Office for National Statistics (ONS) reported a 0.3% increase in the volume of goods sold in stores and online. Despite showing a slower growth pace compared to the 1% surge in the previous month, the figure marked the third consecutive monthly rise and surpassed economists’ expectations of a 0.4% decline.
IMF Managing Director Kristalina Georgieva raised concerns on Thursday regarding the challenges posed by high debt levels and sluggish growth rates, emphasizing that these factors continue to hinder the global economy’s progress.
Despite acknowledging advancements in the economic recovery on a global scale, Georgieva cautioned that governments’ reliance on borrowing coupled with lackluster growth could exacerbate the difficulties in servicing existing debt obligations.
