Market Roundup 26 October 2023

Thailand’s SET Index closed at 1,371.22 points, decreased 30.48 points or 2.17% with a trading value of 45.6 billion baht. The analyst stated that the Thai stock market plunged sharply in concerns of Fed’s interest rates to stay higher for longer, while the conflict in the Middle East also escalated as Israel announced a preparation for ground assault.

As for the domestic factor, the market still waited for the progress on digital wallet, while foreign investors continued to leave the Thai market.

The analyst expected a technical rebound tomorrow after a sharp decline today, but the overall outlook remained negative.


Philippines central bank (The Bangko Sentral ng Pilipinas: BSP) has an emergency interest rate raising from 6.25% to 6.50% to catch up with the inflation. This off-cycle move by Governor Eli Remolona occurred in the late afternoon of 26 October, which also weakened the Philippines’ peso by another 0.2% to 56.97 peso per dollar, on top of the 4% weakening in the past three months.

The Governor said it is “urgent” for the monetary board to take action to prevent the supply-side price pressure and force inflation expectation down. The BSP has already hiked its rate by 450 basis points since May 2022, the most aggressive tightening in two decades.

However, Remolona still views that it might not be enough as he would consider the hike again in the next meeting on 16 November. He committed to reverse the inflation trend until it became “evident”, while the BSP adjusted its forecast for the 2024 inflation from 4.3% to 4.7%, which is still above the 2% to 4% range target.


Stocks in Vietnam fell sharply on Thursday amid selloff in the country’s largest conglomerate Vingroup and its real estate unit, which plunged the Vietnam Index by more than 4% to the lowest level since May this year.

Share price of Vingroup and Vinhomes both fell 6.9% on Thursday.

Local brokers stated that the fall came as foreign investors offloaded shares of the big conglomerate and its unit in what appears to be a margin call.