Thailand’s SET Index closed at 1,450.75 points, increased 5.24 points or 0.36% with a trading value of 36.8 billion baht. The analyst stated that the Thai market edged lower, which was in the different direction as regional markets, to lower the risk before taking a long break from Friday. Big-cap stocks and the energy sector pressured the market, especially when the oil prices edged lower.
Investors would monitor Chinese trade data expected to be reported tomorrow and also its GDP next Wednesday.
The analyst expected some positive sentiment next week ahead of earnings season, while speculating on the banking sector and stocks related to China in hopes of stimulus packages.
The $1.4 trillion China’s sovereign wealth fund, Central Huijin Investment Ltd. has increased its stake by a total of $65 million worth on national state-owned banks including, Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp. and Commercial Bank of China Ltd.
Bloomberg viewed that the massive share purchasing that has never been seen since 2015, is a rescue effort from Chinese authorities to prop up the stock market that many urged to do so.
This news report came after the unconfirmed 1-trillion yuan stimulus report a day or two earlier, that the Chinese government may spend on water infrastructure to boost its economy and agriculture sector.
U.K. economic growth expanded slightly in August, boosted by the service sector that offset the decline from production and construction output, according to estimated data released on Thursday by the Office for National Statistics (ONS) on Thursday.
Gross Domestic Product for the United Kingdom grew 0.2% in August, showing a recovery from a downwardly revised 0.6% contraction in July.
The expansion was supported mainly by the service output that increased 0.4% on the month, while construction output fell 0.5% and production output dropped 0.7%.
