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Market Roundup 14 August 2024
Thailand’s SET Index increased by 0.39% to reach 1,292.69 points amidst speculation about the fate of PM Srettha Thavisin. Following his ousting, the index dropped by 15 points, but it saw a slight recovery due to selective stock purchases.
Thai Stock Market falls Amid Political Turmoil
Thailand’s SET Index closed slightly higher at 1,292.69 points, up by 5.10 points or 0.39%, with a trading value of 53.35 billion baht 14 August, and opened at 1285.41 on 15 of August.
Initially, speculation about Prime Minister Srettha Thavisin avoiding dismissal fueled the morning market rise. However, the index dropped by 15 points following the court’s decision to oust Thavisin and dissolve the cabinet. Analysts predict the market’s future performance will depend on how quickly a new Prime Minister is appointed.
Constitutional Court Removes Thai PM Srettha Thavisin
On Wednesday, Thailand’s Constitutional Court removed Prime Minister Srettha Thavisin for breaching the constitution through an unethical cabinet appointment. The court’s 5-4 decision found that Srettha’s inclusion of a controversial lawyer violated ethical standards. This rapid political shift has required parliament to convene for selecting a new premier. Deputy Prime Minister Phumtham Wechayachai is expected to act as the caretaker Prime Minister during the transition.
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