Thailand’s SET Index closed at 1,381.07 points, decreased 6.26 points or 0.45% with a trading value of 40.45 billion baht. The analyst stated that the Thai stock market traded lower as there were no positive factors. The lower-than-expected GDP growth and the selloff of DELTA caused the market to decline.
The analyst expected the market to potentially continue edging lower, while investors awaited economic stimulus measures from the government and the announcement of the US Federal Reserve.
Thailand’s Prime Minister Srettha Thavisin said on Tuesday that the economy was in a critical situation. This crisis needs a helping hand from the Bank of Thailand to drop the benchmark rate by a quarter point.
Weak economic data could be an indicator for future rate cuts, but the PM said that policymakers should call an urgent meeting to cut interest rates, not waiting until the next meeting scheduled for April.
Srettha added that all sectors have done their parts. There is a debt freeze measure for farmers, easing cost of living, free visa and other measures to support the economy. Now it is the central bank’s turn to do so, while saying that there are no costs to cut rates.
Still, the Thai PM ceaselessly stated that the government sector will not intervene with the operation of the central bank, which is also the norm of other countries as well.
The governor of the Thai central bank has yet to respond to the latest statement from the prime minister, but he said last time that the Thai economy is not in a crisis situation.
JAS shocked the market after announcing a net profit of 19,837 million baht in 2023, mainly due to gains on sales of investment in TTTBB and JASIF investment unit to a Advanced Wireless Network Company Limited (AWN), a subsidiary of Advanced Info Service Public Company Limited (SET: ADVANC) at the total amount of 26,431 million baht.
However, the company did not pay a dividend to its shareholders.
