Thailand’s SET Index closed at 1,386.27 points, decreased 1.00 points or 0.07% with a trading value of 43.56 billion baht. The analyst stated that the Thai stock market traded sideways and closed with a slight decline. The selloff of DELTA pressured the market after the company’s earnings was reported to be lower than expected, while energy stocks, such as PTT, TOP, and PTTEP, helped support the market following positive corporate earnings and the rise of oil prices. The market also benefited from the gain of bank stocks.
The analyst expected the market to trade sideways next week, while suggesting investors to keep their eyes on the announcement of economic figures from the Office of the National Economic and Social Development Council (NESDC).
The travel recovery in China during the Lunar New Year holiday signaled an uplift in consumer spending as the country squeezed its way through an economic crisis.
Official reports showed more than 61 million rail trips in the first six days during the period, while Bloomberg News also stated that the number increased by 61% YoY, reaching the highest level in five years compared to the data compiled by the agency.
The travel data showed a good sign for China after it struggled with the ongoing property crisis and deflation in the country.
Chinese state media reported some initial data compared to last year showing that road and air trips during the period also improved, while hotel sales on the country’s e-commerce platforms also grew by more than 60%.
Thailand is planning to offer more visa-free measures to tourists from other countries, according to the announcement of the Thai Prime Minister Srettha Thavisin on Friday.
Southeast Asia’s second largest economy last year temporarily waived visa for travellers including Chinese, Taiwanese, Indian, Kazaks, etc., to boost tourism, which is its key contributor for the economy.
The government then proceeded to sign an MOU with China to cancel all requirements for Thai and Chinese travellers when visiting each other’s country. The program will begin in March.
The Thai PM noted that the visa-free measure has helped boost the economy by quite a lot, while adding that the government is planning to offer this program with other countries as well, not just China.
Since the beginning of this year, Chinese travellers have taken the top spot in foreign visitors in Thailand after struggling with the economic crisis last year.
The government expects to welcome 35 million foreign tourists this year after recording 28 million in 2023, but still lower than the pre-pandemic record of nearly 40 million.
