Thailand’s SET Index closed at 1,378.70 points, decreased 3.98 points or 0.29% with a trading value of 44.05 billion baht. The analyst stated that the Thai stock market decreased following the selloff of stocks affected by the MSCI Rebalance, which will be effective on 31 May 2024. Meanwhile, there was also some purchasing power from energy stocks, in line with the rise of global oil prices, to offset the decline.
The analyst expected the market to trade sideways tomorrow, ahead of the public holiday in the middle of this week. Investors also monitored the meeting resolution from the US Fed on Wednesday night, as well as the potential approval from the Constitutional Court regarding the demotion of Prime Minister Srettha Thavisin.
Thailand’s official data released on Monday revealed that the economy expanded by 1.5% in the first quarter compared to the same period last year, surpassing analysts’ predictions.
The National Economic and Social Development Council stated that Southeast Asia’s second-largest economy saw a quarterly adjusted growth of 1.1% from January to March.
This quarterly growth not only exceeded expectations but also prevented the economy from falling into a technical recession, following a 0.4% contraction in the final quarter of 2023. Economists participating in a Reuters poll had anticipated a 0.8% year-on-year GDP expansion and a 0.6% growth from the previous quarter for the March quarter.
The state planning agency has revised its forecast for Thailand’s 2024 GDP growth to a range of 2.0% to 3.0%, slightly below its previous projection of 2.2% to 3.2%.
Iran’s President Ebrahim Raeisi and Foreign Minister Hossein Amir-Abdollahian tragically lost their lives in a helicopter crash that took place on Sunday, according to the report from the Mehr News Agency, a semi-official news agency of the Iranian government.
The incident occurred in a wooded area in East Azerbaijan, resulting in the deaths of several passengers, including Governor Malek Rahmati and Ayatollah Mohammad Ali Ale-Hashem, the representative of the Leader of the Islamic Revolution in the province.
China’s Ministry of Commerce has imposed sanctions on Boeing and two U.S. defense companies for their involvement in arms sales to Taiwan, coinciding with Taiwan’s presidential inauguration.
These sanctions are part of China’s ongoing efforts to penalize defense firms engaged in weapon transactions with Taiwan, a region it considers as part of its territory.
The Ministry of Commerce has included Boeing’s Defense, Space & Security unit, General Atomics Aeronautical Systems, and General Dynamics Land Systems on an “unreliable entities” list, prohibits them from further investment in China, and imposes travel restrictions on their senior executives.
