Thailand’s SET Index closed at 1,406.61 points, decreased 7.54 points or 0.53% with a trading value of 40.4 billion baht. The analyst stated that the Thai stock market closed lower, pressured by the selloff in AOT due to concerns of slower recovery on Chinese tourists and the remedial measures to concessionaires at the airports, which could impact its bottomline. The decline also dragged tourism stocks as well.
The analyst expected the market tomorrow will move in a sideways trend within the range of 1,400-1,420 points. Meanwhile, the US market closed today on Thanksgiving day.
Thai Prime Minister Srettha Thavisin was disappointed with the inbound arrivals of tourists and their low spending during the stays, vowing that the kingdom needs more major stimulus to get out of this “crisis”.
Thailand is in the middle of a controversial 500 billion baht digital-wallet handout that has yet to make it into law, but the PM said that the government will not take a step back on the policy.
Speaking at the economic forum on Thursday, the prime minister said that the Thai economy was not in a good shape with foreign arrivals missing their target.
“There needs to be a big economic stimulus,” said Srettha, while adding that the government will prioritize attracting foreign investment and addressing household debt.
Meanwhile, Bank of Thailand Governor Sethaput Suthiwartnarueput at the same forum also said that Thailand’s fiscal and monetary policies required space to ensure the economy remains resilient during the expansions.