Thailand’s SET Index closed at 1,452.78 points, increased 10.15 points or 0.70% with a trading value of 38.89 billion baht. The analyst stated that the surge in the Thai stock market came from the announcement of Thai economic growth in the third quarter that beat expectations, boosting the overall sentiment in the market.
Still, the analyst pointed out that the Thai stock market has limited upside due to the lower-than-expected earnings from listed companies in the third quarter, which could result in a revised down.
In remarks made ahead of the Bank of Japan’s December meeting, Governor Kazuo Ueda did not suggest any clear inclination towards adjusting interest rates.
The governor suggested in the last major speech that the central bank’s stance is tied closely to economic factors and prices, keeping the door open for another rate hike amid changing conditions.
Ueda’s silence on a potential rate increase at the forthcoming December meeting risks further selling of the yen. However, he maintained that subject to the realization of the bank’s economic activity and price outlooks, the policy rate will continue to rise.
Ueda highlighted the importance for the bank to carefully monitor a variety of risks, particularly those associated with the US economy and their potential repercussions. Meanwhile, he expressed optimism regarding a soft landing for the US economy due to recent favorable data.
Goldman Sachs Group Inc. has pointed out that gold prices would make a record next year due to the Federal Reserve buying and cutting interest rates. The bank also added that gold may receive an extra boost under Donald Trump’s administration.
Goldman analysts including Daan Struyven noted that before the end of 2025, gold should be the top trading priority at a target price of $3,000 per ounce. The major driver of the expectation is increasing demand from the Fed, while a cyclical lift would come from the flow of traded funds as the central bank slashes the rate down, according to Goldman’s analysts.
CGS International Securities (Thailand) (CGSI) has an increasingly positive outlook for Bangkok Bank and Krung Thai Bank in the second half of 2025 following the initiation of Voluntary Debt-to-Equity Conversion Right for creditors from Thai Airways.
Thai Airways disclosed to the Stock Exchange of Thailand earlier this morning that its filing is approved by the SEC and becomes effective on 18 Nov 2024.
This will allow Thai Airways’s creditors and bondholders to excercise their right for debt-to-equity conversion at the price of THB2.5452 during 19-21 Nov 2024.
CGSI wrote in a note that it believes that Thai Airways’ successful recapitalization plan will pave the way for asset quality improvement in 2H25F at BBL and KTB which are its major financial lenders with total loan exposure of THB11.9 billion and THB5.8 billion, respectively.
