1) Thai stock market overview
Thailand’s SET Index closed at 1,541.38 points, decreased 19.97 points or 1.28% with a trading value of 68 billion baht. The analyst stated that the Thai stock market edged lower, pressured by the power plant stocks in concerns that the new government would introduce a policy to curb electricity fees. Meanwhile, stocks related to politics also posted lower than expected earnings results, causing the market to trade in negative territory. The analyst expected that the Thai stock market could bounce back after a shrap plunge today.
2) Move Forward Leader Pita claims election victory, ready to form coalition gov’t with Pheu Thai
Move Forward’s leader, Pita Limjaroenrat, claimed victory on Monday after the pro-democracy party won the largest number of seats in Sunday’s election, confirming that the party will establish a coalition government with other former opposition groups, including Pheu Thai.
3) Thai Q1 GDP grows faster than expected
Gross domestic product in Thailand increased faster than predicted in the first quarter, according to government data released on Monday. This was spurred by an uptick in private spending and tourism, which will help offset a decline in exports.
The National Economic and Social Development Council (NESDC) reported that, compared to the same period a year ago, the Thai economy expanded by 2.7% in the months of January through March.
After growing by 1.4% in the previous quarter, economists polled by Reuters predicted GDP to grow by 2.3% year over year in the January-March period.
The NESDC maintained its projection for GDP growth in 2023 at 2.7% to 3.7%.