Thailand’s SET Index closed at 1,146.86 points, decreased 6.91 points or 0.60% with a trading value of THB 40.58 billion. The analyst stated that the Thai market exhibited a downward trend, contrasting with the positive trajectory seen on Wednesday. The decline was driven by a selloff in energy stocks due to falling oil prices, along with pressure from AOT’s shares.
Additionally, trade war concerns persist among investors after the U.S. Treasury secretary’s statement that easing import tariffs on China would first require negotiations.
The analyst expected the Thai market to trade sideways tomorrow.
Thailand’s exports surged by 17.8% in March compared to the previous year. This result exceeded the anticipated 13.5% year-on-year increase projected in a Reuters poll and followed a 14.0% rise in February.
Moreover, the decline of Chinese tourists traveling to Thailand persisted during the month, following a high-profile incident involving a Chinese celebrity who was scammed and kidnapped while visiting the country. This event has heightened security concerns among travelers.
Amidst uncertainties in global trade, China has announced plans to increase the use of its currency, the yuan, for international transactions. The strategy aims to challenge the entrenched global reliance on the U.S. dollar in trade and establish Beijing as a significant force in the arena.
In addition, the country declared that it is not currently engaged in tariff discussions with the U.S., despite recent signals from the White House suggesting a possible easing of tensions.
Vietnam’s trade minister and U.S. Trade Representative Jamieson Greer held a telephonic conversation to commence dialogue over looming 46% U.S. tariffs that could impede growth in Vietnam.
With a trade surplus reaching $123.5 billion last year, Vietnam ranks as the fourth-largest among U.S. trading partners.
