1) Thai stock market overview
Thailand’s SET Index closed at 1,536.51 points, increased 1.67 points or 0.11% with a trading value of 44 billion baht. The analyst stated that the Thai stock market closed higher in an opposite direction of regional markets due to a technical rebound from a sharp decline last week. Investors were speculating on stocks benefiting from the rate hikes prior to the meeting of the central bank next week.
2) UK April Inflation Falls below 10% for First Time since August as Energy Prices Decline
Inflation in the United Kingdom dropped below 10% for the first time in eight months in April as energy prices declined and the effect of Russia’s invasion of Ukraine faded from the yearly consumer price index.
Headline consumer price inflation came in at 8.7% in April, the Office for National Statistics reported on Wednesday, down from 10.1% in March but higher than the 8.2% predicted by a Reuters poll.
According to the ONS, “electricity and gas prices contributed 1.42 percentage points to the fall in annual inflation in April as last April’s rise dropped out of the annual comparison, but this component still contributed 1.01 percentage points to annual inflation.”
“Food and non-alcoholic beverage prices continued to rise in April and contributed to high annual inflation, however, the annual inflation rate of food and non-alcoholic beverages eased, from 19.2% in the year to March 2023, to 19.1% in the year to April 2023,” said the report.
3) Thailand’s Car Production in April Slips 0.13% amid Tighter Loans for Trucks
Thailand’s car production recorded at 117,636 units, fell by 0.13% in April from a year earlier from lower production in the truck segment.
According to the data released by the Federation of Thai Industries on Wednesday, domestic car sales fell 6.14% in April YoY, and compared to a month prior that saw a drop of 8.37%. The decline was due to tighter loans for trucks amid interest rates at a higher level.
Meanwhile, exports of cars rose 43.53% from the same period of last year, which was due to a lower base. The figure showed a huge jump from 4.84% increase in March.