Thailand’s SET Index dropped by 0.58% due to mixed bank earnings and concerns over power plant stocks. Meanwhile, China’s leadership is concentrating on technological progress. Additionally, a Microsoft outage has disrupted airlines and various businesses.
Decline in Thailand’s SET Index
Thailand’s SET Index closed at 1,317.14 points, down 7.62 points or 0.58%, with a trading value of 37.79 billion baht. The decline matched the trend in foreign markets, driven by speculative sales following signals of US Federal Reserve rate cuts.
Domestically, mixed performances in bank stocks’ 2Q24 earnings and concerns over electricity rate pegs in power plant stocks contributed to the decrease. Analysts predict the market will trade sideways next week as investors await further 2Q24 earnings announcements.
Recent Global Political and Technological Developments
Former House Speaker Nancy Pelosi has reportedly suggested to some House Democrats that President Biden should consider withdrawing from the presidential race due to concerns about his November prospects. Despite stepping down in 2022, Pelosi remains influential and is addressing uncertainties stemming from Biden’s debate performance.
The Third Plenum of the 18th Central Committee of the Communist Party of China, which took place in November 2013, focused on promoting economic and social reforms. The emphasis on enhancing domestic technology reflects China’s goal of reducing its reliance on foreign technology and increasing its own innovation capabilities. This includes investments in research and development, as well as the promotion of indigenous innovation in key industries.
Adapting to scientific changes highlights China’s recognition of the rapid pace of technological advancement and the need to keep up with these developments in order to remain competitive in the global economy. This involves efforts to integrate new technologies into various sectors of the economy and society, as well as fostering a culture of innovation and entrepreneurship.
Meanwhile, a Microsoft Azure outage disrupted various services, affecting banks and airlines, including American, Delta, and United Airlines, which faced ground stops due to communication issues.
