Trading troubles: Thai stock market feels pinch of political uncertainties amid global rate rumbles

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The Thai stock market remains under pressure from domestic political uncertainties, despite a halt in US interest rate hikes and a recent rate cut in China. The Stock Exchange of Thailand (SET) index continued its downward trend, closing at 1,557.71 points, a 0.22% decrease from the previous day.

 

In contrast, several Asian stock markets experienced gains, with Hong Kong’s Hang Seng Index surging by 2.17%. The Shenzhen Components and Shanghai Composite also experienced growth, with increases of 1.8% and 0.74% respectively, spurred by both short- and medium-term rate cuts from the People’s Bank of China.

 

However, political uncertainties loom over the Thai index, which has lost approximately 6% year-to-date. Kitpon Praipaisarnkit, Vice-President of UOB Kay Hian Securities Thailand, expressed concern over local political instability, stating that the Thai bourse could benefit from the Fed’s pause in hiking rates in the short term, but the sentiment will suffer over the next 2-3 months.

 

By Alex Morgan

Caption: Photo Courtesy of Freepik

 

Full Story: https://thethaiger.com/news/business/thai-stocks-falter-amid-political-uncertainty-despite-chinas-rate-cut

 

-- © Copyright Thaiger 2023-06-16

 

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[Jumbo1968]

For some reason the baht has been over 44 to the pound all week ?