Thailand’s SET Index closed at 1,308.19 points, increased 8.41 points or 0.65%, with a trading value of THB 47.45 billion. The analyst stated that the Thai market surged alongside its regional peers, as investors are betting for the Federal Reserve to cut interest rates.
Domestically, the Thai market was buoyed by the buying force in stocks that are set to benefit from the rate cut, particularly real estate and non-bank groups. On the other hand, the banking sector faced selling pressure from the rate cut bets, while there was also the prospect of the Bank of Thailand intervening on the baht appreciation.
The analyst expects the Thai market to trade relatively flat tomorrow, as investors are monitoring the Federal Reserve meeting.
The Bank of Thailand and the Ministry of Finance are in talks over a potential new tax on online gold trading conducted in Thai baht, with possible exemption on gold traded in US dollars, future exchanges, or purchases from ordinary bullion shops. The purpose of this is to slow down the gold export, leading to an appreciation of Thai currency.
Thailand recorded a 7.08% decrease in international tourist arrivals between January 1 and September 14 compared to the same timeframe last year. During this period, the country welcomed approximately 23 million overseas visitors.
Minister of Agriculture, Forestry and Fisheries of Japan, Shinjiro Koizumi, has announced his intention to run his party, Liberal Democratic Party (LDP), replacing his outgoing leader, Prime Minister Shigeru Ishiba. The voting is set for early next month.
President Donald Trump advocated for a significant change in corporate reporting requirements, suggesting that U.S. companies should be permitted to disclose earnings on a semiannual rather than quarterly basis. The announcement, made on Trump’s social media platform Truth Social, marks a renewed push for a measure the president initially raised in 2018.
