Slight drop at SET following Constitutional Court budget ruling

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Slight drop at SET following Constitutional Court budget ruling

By The Nation

 

 

The Stock Exchange of Thailand closed at 1,535.24 on Friday (February 7) for a decrease of 0.55 points and 0.04 per cent over the previous day.

 

 

Daily trade volume was Bt60.5 billion, with an index high of 1,539.36 and a low of 1,527.34.

 

Tisco Research expects the SET index to range in a “limited upside” due to selling pressure for power plant stocks (GULF, GPSC and BGRIM), while all regional markets reflected optimism about an imminent end to the coronavirus situation.

 

The downturn came soon after the Constitutional Court ruled that Parliament must vote again on two components of the Bt3.2-trillion budget bill to ensure its constitutionality, resulting in a further delay in budget disbursements.

 

Elsewhere in Asia:

 

Japan’s Nikkei index closed at 23,827.98, down 45.61 points or 0.19 per cent.

 

China’s Shanghai SE Composite index closed at 2,875.96, up 9.45 or 0.33 per cent.

 

Shenzhen’s SE Component index closed at 10,611.55, up 10.21 or 0.096 per cent.

 

Hong Kong’s Hang Seng index closed at 27,404.27, down 89.43 or 0.33 per cent.

 

South Korea’s KOSPI index closed at 2,211.95, down 15.99 or 0.72 per cent.

 

Taiwan’s TAIEX index closed at 11,612.81, down 136.87 or 1.16 per cent.

 

Related Story:

 

Court rules budget bill just needs another partial vote

 

Source: https://www.nationthailand.com/news/30381781

 

-- © Copyright The Nation Thailand 2020-02-08

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[Srikcir]

A sensible ruling but the House Speaker could have himself put forth a resolution before the House MPs to force another vote for items 2 and 3. No doubt the majority of MPs would have agreed.

Thus avoiding general stock market panic that caused an almost 0.56% decrease in the SET.

Perhaps he might be held accountable financially for his ineffectiveness as House Speaker.