Thailand’s SET Index closed at 1,381.19 points, increased 24.65 points or 1.82% with a trading value of 53.7 billion baht. The analyst stated that the Thai stock market rebounded following the foreign stock markets after the report that China will set up a stabilization fund and is set to reduce RRR for commercial banks, as the country seeks liquidity to stimulate its economy, in response to a short-term rise.
The analyst expected the market to trade sideways tomorrow, as investors awaited the US GDP and inflation figures.
JKN Global Group Public Company Limited (SET: JKN) announced that its Board of Directors had acknowledged the sales of its subsidiary that directly operates the Miss Universe Organization to Legacy Holding Group USA Inc., owned by a Mexican Tycoon Raul Rocha, for THB582 million.
JKN stated that the transaction leaves the company holding 50-50 shares in the subsidiary, but will retain control over the company as three of its directors will sit at the Boards, which has the majority voting rights. The upside is that JKN will be able to consolidate the financial statements of its subsidiary into its earnings results.
China’s regulators have made a request to some hedge fund managers to restrict short selling across its stock index futures market, according to the report by Reuters that cited two sources.
Beijing has been trying to stabilize its sinking stock market as it is now one of the worst performers in the region this year. The Shanghai Composite is now down 6.6% for the year, while Shenzhen Component Index fell 10.8%.
Reuters reported that a hedge fund manager received calls from China’s financial futures exchange that told the manager to be cautious against reckless short selling, especially the naked short selling in the market that was not for hedging purposes.
Meanwhile, another report from different hedge funds told Reuters that regulators informally asked the firm recently not to short sell for speculative purposes.
The Constitutional Court ruled the former leader of the Move Forward Party not guilty of the violation of election laws, which gives him the right to return to the parliament as a member of the opposition party.
Mr. Pita Limjaroenrat, former leader of Move Forward party, was caught in a political turmoil right before the general election in Thailand in 2022 with the case of him holding shares of Independent Television or ITV, a media company, which could be deemed as violation of election law in accordance with the Thai constitution and could cause him to lose his seat in the parliament.
On January 24, 2023, the Constitutional Court ruled that Pita Limjaroenrat was not guilty due to the fact that ITV was not operating in media business at the time the leader of Move Forward Party was listed as MP.