Thailand’s SET Index closed at 1,231.14 points, increased 24.75 points or 2.05% with a trading value of THB 62.53 million. The analyst stated that the Thai market gained sharply due to flows of stock buyout following the Monetary Policy Committee’s decision to slash policy rate by 0.25%, and the purchase of stocks with positive financial results strengthening the index.
For tomorrow, the analyst expected the Thai market to trade sideways.
Thailand’s tourism sector is experiencing a noticeable recovery with foreign arrivals from January 1 through February 23 reflecting a 10.3% increase compared to the same period last year.
The country welcomed approximately 6.35 million international visitors during this timeframe, highlighted by a significant contingent from China, totaling 988,451 visitors.
The Bank of Thailand (BOT) came to a resolution to lower its key interest rate during a policy review on Wednesday, with a 6 to 1 vote, opting to decrease the one-day repurchase rate by 25 basis points to 2.00%.
This came as a surprise for analysts as the adjustment defied widespread market forecasts that anticipated the rate would remain steady at 2.25%.
In January, Australia saw a month-on-month dip in consumer prices, mainly due to a slowdown in housing costs paired with decreased holiday travel. This trend could provide comfort to policymakers, indicating that inflation might be on a stable course.
US President Donald Trump had removed another traditional US policy by announcing a replacement of EB-5s visas with what he calls a “gold card” visa, ending the 35-year-old initiative.
Trump claimed that the card will push people to spend more money on purchasing and paying taxes, while companies will hire more employees.
