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Market Roundup 8 August 2024
Thailand’s SET Index increased by 0.44% to 1,296.25 points, buoyed by diminishing fears of a US recession and the BOJ’s decision to pause its rate hike. Meanwhile, the BOI sanctioned incentives for automotive joint venture projects.
SET Index Rises Amid Market Volatility
Thailand’s SET Index increased by 5.70 points, closing at 1,296.25, with trading valued at 36.24 billion baht. Analysts noted the Thai stock market showed volatility but remained positive as fears of a US economic downturn eased after Federal Reserve officials indicated sluggish jobs data was not a recession signal.
The Bank of Japan’s decision to halt rate hikes also reduced volatility tied to the Japan Carry Trade, although gains in the Thai market were limited.
BOI Approves Incentives for Automotive JVs
Thailand’s Board of Investment (BOI) approved incentives for joint ventures (JVs) between Thai and foreign firms to produce automotive parts for various propulsion systems. Both new projects and existing manufacturers shifting to a JV structure are eligible for an additional two-year tax exemption, up to a maximum of eight years, provided applications are submitted by 2025. The market might slide as the volatile Japanese yen stokes investor concerns.
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