Thailand’s SET Index closed at 1,198.11 points, increased 40.48 points or 3.50% with a trading value of THB 63.37 billion. The analyst stated that the Thai market showed a better performance compared to regional peers, as investors are hoping the U.S.-Thai trade talks will result in the reduction of tariffs from 36% after Thailand proposes to open more of its market to the world’s largest economy.
Furthermore, the index was also bolstered by other catalysts, with AOT unveiling plans to increase passengers’ fees, while investors were hopeful that the new Bank of Thailand governor would ease monetary policy.
The analyst expects the Thai market to trade sideways-down tomorrow.
Thailand’s Minister of Finance, Pichai Chunhavajira, made a video conference with the United States Trade Representative on July 16 to propose new concessions to the U.S.
The report details a proposal for additional tens of thousands of import categories that Thailand will offer the U.S. with zero tariffs. In exchange, the negotiation team proposed the Trump Administration to lower import tariffs of Thai products to 18%.
Pichai stated that the talks are expected to continue on Thursday night.
U.S. President Donald Trump on Wednesday dismissed speculation that he plans to remove Federal Reserve Chair Jerome Powell, shortly after reportedly telling Republican lawmakers he would do so. There are no current plans to dismiss Powell, though the president did not entirely rule out the possibility.
The Thai baht has appreciated against the U.S. dollar on Thursday following the shaky sentiment in the U.S. as President Donald Trump touted firing the Federal Reserve’s Chairman Jerome Powell.
