Thai stock investor confidence at 7-month high over new govt
Reuters
Published Sep 06, 2023 01:40AM ET
BANGKOK (Reuters) - Investor confidence in Thailand's stock market has hit a seven-month high boosted by the formation of a new government, although China's slowing economy is a concern, a survey by a capital markets group showed on Wednesday.
Thailand's king swore in the new 11-party coalition government on Tuesday after a prolonged period of political uncertainty since an election in May.
An August survey by the Federation of Thai Capital Market Organizations (FETCO) showed its overall investor confidence index jumped 69.3% to 141.27 from 83.45 in the July survey, moving to "bullish" from "neutral".
Foreign investors' confidence alone surged 87.5% from the July survey, moving to the bullish zone from the bearish zone, the FETCO said in a statement.
The benchmark stock index has fallen about 7% so far this year, with foreign investors selling about 138 billion baht ($3.9 billion) net of Thai shares. Last year, they bought 202.7 billon baht worth of stocks.
Thailand may see more foreign fund inflows following eased political uncertainty with its new government installed, FETCO chair Kobsak Pootrakool told a briefing.
The government should introduce measures late this year to stimulate the economy, he said.
"What should be done is driving the tourism sector which does not need large spending," he added.
On Tuesday, Prime Minister Srettha Thavisin, who is also finance minister, said his government would focus on addressing people's needs, as it seeks to lift a weakened economy and deliver key campaign promises.
Southeast Asia's second-largest economy grew 1.8% in the April-June period year-on-year, sharply slowing from the previous three months, and the central bank is planning to revise down its 2023 growth projection.
($1 = 35.48 baht)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.