Thailand’s SET Index rose 10.95 points to 1,311.99, driven by retail stocks and speculative electronic component buys. Lower-than-expected inflation may influence interest rates. Political uncertainties loom.
Key Takeaways
- Thailand’s SET Index rose due to retail stocks and speculative electronic component buys, driven by the digital wallet scheme and expectations of positive 2Q24 earnings.
- Lower-than-expected inflation in Thailand may influence interest rates and encourage yield play investments.
- Political uncertainties in various countries, including the U.S., France, and the U.K., are impacting the global political landscape.
Thailand’s SET Index Performance
Thailand’s SET Index closed at 1,311.99 points, rising 10.95 points or 0.84%, with a trading value of 32.90 billion baht. Analysts noted the Thai stock market outperformed regional counterparts, driven by gains in retail stocks due to the digital wallet scheme and speculative buying in electronic component stocks expecting positive 2Q24 earnings.
Low inflation and flexible monetary policy also encouraged yield play investments. Next week, market movements are expected to be minimal amid political uncertainties.
Key International Developments
Frujsonated congressional Democrats are urging President Biden to consider stepping aside following a weak debate performance against Donald Trump. They are concerned that Biden’s performance may have weakened the Democratic party’s position and believe that a new candidate may have a better chance of winning the election. However, despite these calls, Biden remains firm in continuing his campaign.
In France, Emmanuel Macron’s call for snap elections has raised concerns about political stability during the Paris Olympics 2024, with fears of far-right influence. Meanwhile, the U.K.’s Labour Party achieved a significant victory, ending the Conservatives’ 14-year rule, with Keir Starmer set to become the next prime minister.
