Thailand’s SET Index closed at 1,562.73 points, decreasing by 15.93 points or 1.01%, with a trading value of THB 75.54 billion. The analyst stated that the Thai stock market plunged and underperformed the northern Asian peers.
The main downward catalyst came from an Energy Policy Administration Committee resolution to reduce the ex-refinery price for diesel, which pressured the local energy sector. Meanwhile, reports of a delay in the Thai Travel Plus stimulus program rollout, which weighed on the tourism stocks, also added to the pressure.
Furthermore, local telecommunication stocks also faced selling pressure. For tomorrow, the market’s movement will depend on the Federal Reserve’s interest rate direction following tonight’s meeting.
Higher fuel costs helped push annual UK inflation to 3.1% in August, up from July’s 2.9%. Economists had anticipated the increase, which took the headline measure above 3% for the first time since March.
Disruption to world oil supplies from the continuing Middle East conflict drove a sharp increase in fuel bills during August. Across petrol and diesel, prices were 23% higher than a year earlier.
