Thai stocks overview
Thailand’s SET Index closed at 1,340.50 points, decreased 0.13 points or 0.01% with a trading value of 26 billion baht. The analyst stated that the Thai stock market exhibited narrow movement in contrast to the upward trend in other Asian markets. These regional increases were fueled by positive economic data from China last week, which exceeded expectations, thereby bolstering Chinese stocks.
Additionally, market sentiment received a boost from reports of a positive phone conversation between U.S. President-elect Donald Trump and Chinese President Xi Jinping on January 17. Trump posted on the Truth Social platform stating that the discussion went well and was mutually beneficial for both nations.
However, the Thai stock market did not follow suit with the Asian rally, likely due to ongoing domestic issues, particularly concerning investor confidence. There is also an element of caution as investors await Trump’s upcoming inauguration ceremony. This mix of internal uncertainties and pivotal international events has contributed to the restrained performance of the Thai market amidst its regional counterparts.
Thai refinery stocks extend losses
The share price of several Thai refinery stocks extended losses on Monday following negative sentiment in the refining market that saw margin of refining oil near zero, according to LSEG. Meanwhile, refiners in Thailand are concerned about a potential cancellation of a quoted price of Singapore Refinery Margin for Domestic sales that some analysts expect to erode profits of Thai refiners.
Thai industrial sentiment dips in December
The industrial sentiment index in Thailand experienced a setback in December, marking the first decline in three months. This downturn was primarily driven by subdued domestic demand and intensifying competition from Chinese imports, as reported by the Federation of Thai Industries (FTI) on Monday.The FTI revealed that the sentiment index fell to 90.1 in December from 91.4 in November. This decline underscores growing challenges within the industrial sector, raising concerns about the immediate economic outlook amidst global competition and weaker local market conditions.
