1) Thai stock market overview
Thailand’s SET Index closed at 1,614.22 points, increased 1.62 points or 0.10% with a trading value of 59 billion baht. The analyst stated that the Thai stock market made a slight rebound in response to buying pressure in big-cap stocks after the report of improved consumer confidence index. Still, the selloff in the energy stocks continued to weigh on the market due to a decline in oil prices.
2) Thailand records 4.2 million foreign investors in Jan-Feb, expecting 30 million by year’s end
Thailand recorded a total of 4.2 million foreign visitors in the first two months of this year and generated more than 142 billion baht of revenue, according to the data released by the Tourism Minister Pipat Ratchakitprakan at a business seminar on Thursday.
The ministry expects to welcome 25 million and 30 million foreign visitors this year as the kingdom’s key driving force rebounds, following the border reopening, especially China. Despite tourist arrivals recording at the high-end of this forecast, it is lower than the record of nearly 40 million in pre-pandemic level of 2019, but undeniably a positive trend to the country that relied heavily on the tourism sector.
3) Thai consumer mood at 3-year high in February, boosted by stimulus measures and tourism
Consumer confidence in Thailand reached a 3-year high of 52.6 in February 2023, up from 51.7 the previous month, according to data released on Thursday, as the country saw its tourism industry recover and the government launched a series of stimulus measures.
According to the University of the Thai Chamber of Commerce (UTCC), the index has increased for nine consecutive months, reaching its highest level since the start of the Covid-19 pandemic in early 2020.
4) US 2-year Treasury returns top 5% to highest level since 2007 amid rate hikes potential
The U.S. 2-year Treasury note continued to climb on Wednesday to the highest level since 2007 as investors weighed on the short-term outlook of the U.S. Federal Reserve’s actions on rate hikes to combat inflation.
The yield on US 2-year Treasury notes topped 5% on Wednesday, marking its highest spot since 2007. A year ago, the yield was at 1.55% and two years ago it was at 0.14%.
Meanwhile, the 10-year Treasury traded less than a basis point higher on Wednesday to 3.983%, widening the gap of inverted yield curve.