Thailand’s SET Index closed at 1,369.92 points, decreased 12.59 points or 0.91% with a trading value of 51.5 billion baht. The analyst stated that the Thai stock market declined from the selloff of bank stocks, following the announcement of the lower-than-expected 4Q23 performance, as well as the selloff of big-cap stocks, as concerns on the negative sentiment from lower-than-expected performance also emerged.
The analyst expected the market to trade sideways tomorrow, while investors awaited the verdict from the constitutional court regarding ITV’s shareholding of Mr. Pita Limjaroenrat case.
The share price of JKN rose by 31.25% to THB 0.63 at the end of the afternoon session on Monday after a rumor spread from one website that claimed the company is selling its rights in Miss Universe Organization.
The rumor widely spreaded that Mr. Jakkaphong Jakrajutatip, CEO and Managing Director of JKN, is negotiating to sell MUO to Raul Rocha, a Mexican billionaire, and will officially announce the deal tomorrow. Meanwhile, a popular Facebook page relating to beauty competitions in the Philippines posted that MUO is possibly being taken over by a new owner or having a joint venture between JKN and a Mexican businessman soon.
After the morning session closed, JKN published a statement regarding online media news via the Stock Exchange of Thailand (SET), stating that the company has initiated contact with investors, explored various potential sources of business funding, and examined investment proposals that have been carried out over the time.
The company anticipates that a summary of the aforementioned matter will be made available in due course. For the news regarding the matter to be announced tomorrow, the company has not yet received the finalized details of the aforementioned matter. The company will promptly inform SET of any progress made in this regard.
A selloff in Chinese stocks continued on Monday, especially in Hong Kong that is edging lower to the lowest level in almost two decades, as a lack of fresh economic stimulus and the announcement of maintaining loan rates dropped market’s sentiment.
Earlier this morning, China announced that it will keep one- and five-year loan prime rates at 3.45% and 4.2%, respectively, which disappointed investors betting on measures to boost the economy.
The Hang Seng China Enterprises Index fell as much as 2.6%, which is close to the lowest level not seen since 2005 and also making it one of the worst performers among key markets in Asia. Meanwhile, the tech stocks were down more than 3%.