Former chairman of the Stock Exchange of Thailand (SET), Pichai Chunhavajira, has been appointed as the country's new Finance Minister. This move has been welcomed by stock market analysts who expect Pichai to actively manage Thailand's capital market and guide economic stimulus initiatives.

 

Notably, the government has just approved the 2024 fiscal budget, ready for allocation. According to Rakpong Chaisuparakul, Senior Vice-President at KGI Securities (Thailand), Pichai is expected to significantly contribute to Thailand’s digital wallet stimulus scheme and financial market regulation.

 

Surely, Pichai’s rich financial background will come handy in his new role. The 76-year-old served on the Bank of Thailand board from 2014 to 2017 and recently stepped down as SET chairman. His career highlights also include being an adviser to the former Prime Minister, Srettha Thavisin.

 

Asia Plus Securities (ASPS) sees Pichai's appointment as an indication of the government's commitment to drive the 10,000-baht digital wallet scheme. This move, along with efficient disbursement of the 2024 budget, is expected to stimulate state spending, thus enhancing Thailand's GDP growth in the second half of the year.

 

Thailand's king approved the 2024 budget bill worth 3.48 trillion baht on April 26, that includes an investment budget of 700 billion baht for the remaining fiscal year. ASPS expects the government to expedite disbursement totalling 1.6 trillion baht in the 2024-2025 fiscal period.

 

This government reshuffle could benefit several domestic-play stocks, especially in commerce and construction sectors, such as Berli Jucker (BJC), CP All (CPALL), Central Retail Corp (CRC), Home Product Centre (HMPRO), Ch Karnchang (CK), Sino Thai Engineering and Construction (SETC), Siam Cement (SCC), Siam City Cement (SCCC) and TIPCO Asphalt (TASCO).

 

-- 2024-04-30

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2 hours ago, webfact said:

This move has been welcomed by stock market analysts who expect Pichai to actively manage Thailand's capital market and guide economic stimulus initiatives.

More short term rubbish.

"His career highlights also include being an adviser to the former Prime Minister, Srettha Thavisin"........

 

Has something happened we have not been told about????

Edited April 30, 20242 yr by DPKANKAN

5 hours ago, webfact said:

His career highlights also include being an adviser to the former Prime Minister, Srettha Thavisin.

Who's the current PM?