Thailand’s SET Index closed at 1,203.72 points, decreased 12.01 points or 0.99% with a trading value of THB 74.43 billion. The analyst stated that the Thai market exhibited a downward trend, in line with foreign markets due to pressures from the U.S. trade war, causing concerns over the waning global economy.
Traders are diverting their investment from risky assets to bonds or cash, while closely monitoring the development of the situation.
The analyst expected the Thai market to trade sideways next week.
According to a Reuters report citing sources familiar with the matter, on Friday, an independent panel selected the government-backed nominee Somchai Sujjapongse, a former permanent secretary of the finance ministry, to serve as the new chair of the Bank of Thailand’s board.
This came after an unsuccessful attempt to appoint a loyalist from the Pheu Thai Party the previous year, which had faced criticism from previous central bank leaders and numerous economists who raised concerns about maintaining the institution’s independence.
On Thursday, U.S. President Donald Trump posted on Truth Social, stating that the upcoming tariffs on Mexico and Canada will go into effect on March 4. He also announced an additional 10% tariffs on Chinese imports.
Following the circumstances, China’s Ministry of Commerce on Friday expressed strong disapproval of the declaration, warning of potential counteractions if required.
