Thailand’s SET Index closed at 1,235.85 points, decreased 10.36 points or 0.83% with a trading value of THB 42.20 million. The analyst stated that the Thai market plunged due to the selloff in major stocks following the trend seen in the foreign market, as the Dow Jones Industrial Average (DJIA) was weighed by the disappointing U.S. economic data, while the Thai market lacked new factors to support growth. Meanwhile, investors are closely monitoring the resolution of the Monetary Policy Committee’s meeting.
For tomorrow, the analyst expected the Thai market to trade sideways.
Thailand’s target of drawing up to 9 million Chinese tourists by 2025 is under threat, following a surge in flight cancellations, attributed to safety concerns raised by the kidnapping of a Chinese actor in Thailand, while many Chinese travelers redirected their choice to safer destinations like Japan and Singapore.
The Bank of Thailand is expected to maintain its benchmark interest rate at 2.25% this Wednesday. Despite experiencing slower-than-anticipated economic growth in the final quarter of 2024, international uncertainties and potential trade issues with the United States constrain the immediate ability to lower rates.
The Federation of Thai Industries reported that in January, car production in Thailand slumped 24.63% to 107,103 units, a significant decline from the previous year due to fading domestic sales and exports.
Vietnam will employ an anti-dumping tax on Chinese steel following South Korea and other countries’ effort of combating over supply from the world’s largest producer.
Starting from early March, the nation will put around 19.38-27.83% of temporary tariffs on some hot-rolled coils.
The Christian Democratic Union and the Christian Social Union alliance (CDU-CSU) emerged victorious in Germany’s federal elections, securing the largest vote share according to exit polls from ZDF. This result positions Friedrich Merz as the frontrunner to succeed Olaf Scholz as chancellor of Europe’s leading economy.
