Latest news with #StockExchangeofThailand
Business Times
a day ago
- Business
- Business Times
Middle East tensions hit Asian and Asean markets; oil and gold prices spike
[SINGAPORE] A wave of geopolitical panic swept across Asian markets on Friday (Jun 13), after Israel launched strikes on Iran's nuclear and military infrastructure, stoking fears of a wider regional conflict. Singapore's Straits Times Index (STI) fell about 0.5 per cent or 19.1 points by 1 pm, trading at 3,903.8. Hong Kong's Hang Seng index slid 1.1 per cent or 255.7 points to 23,779.6. Asean markets took hits as investor confidence waned. Malaysia's Kuala Lumpur Composite Index (KLCI) fell about 0.6 per cent, as Vietnam and Indonesia's main stock indices slid 0.8 per cent and 0.6 per cent, respectively. The Stock Exchange of Thailand's index was down about 0.3 per cent. In Japan, the Nikkei 225 index declined 1.1 per cent, while the Kospi in South Korea dropped about 1.2 per cent. Israel said it struck targets 'at the heart of Iran's nuclear enrichment programme' in nuclear facilities, ballistic missile factories and Iranian military commanders on Friday. The country said the attacks would begin a prolonged operation to prevent Tehran from building an atomic weapon. Oil prices spiked amid fears of escalation, with Brent crude futures climbing about 8 per cent to US$74.80 a barrel after hitting intraday highs of US$78.50. Friday's gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Iran's Supreme Leader Ayatollah Ali Khamenei said Israel will receive 'harsh punishment' following Friday's attack that he said killed several military commanders. As fear of further conflict escalated, investors rushed to safer assets as gold jumped 1.3 per cent, reaching US$3,422 per ounce. The US dollar index witnessed a brief rebound of 0.5 per cent to above 98, appearing to regain its safe-haven appeal 'given the development is not a self-inflicted US wound', Maybank analysts wrote in a note following the news. The greenback jumped against Asean pairs following months of weakness, rising 0.4 per cent against the Singapore dollar, 0.9 per cent against the peso and 0.7 per cent against the ringgit.
Business Times
a day ago
- Business
- Business Times
Middle East tensions hit Asian and Asean markets, regional currencies slide
[SINGAPORE] A wave of geopolitical panic swept across Asian markets on Friday (Jun 13), after Israel launched strikes on Iran's nuclear and military infrastructure, stoking fears of a wider regional conflict. Singapore's Straits Times Index (STI) fell about 0.5 per cent or 19.1 points by 1 pm, trading at 3,903.8. Hong Kong's Hang Seng index slid 1.1 per cent or 255.7 points to 23,779.6. Asean markets took hits as investor confidence waned. Malaysia's Kuala Lumpur Composite Index (KLCI) fell about 0.6 per cent, as Vietnam and Indonesia's main stock indices slid 0.8 per cent and 0.6 per cent, respectively. The Stock Exchange of Thailand's index was down about 0.3 per cent. In Japan, the Nikkei 225 index declined 1.1 per cent, while the Kospi in South Korea dropped about 1.2 per cent. Israel said it struck targets 'at the heart of Iran's nuclear enrichment programme' in nuclear facilities, ballistic missile factories and Iranian military commanders on Friday. The country said the attacks would begin a prolonged operation to prevent Tehran from building an atomic weapon. Oil prices spiked amid fears of escalation, with Brent crude futures climbing about 8 per cent to US$74.80 a barrel after hitting intraday highs of US$78.50. Friday's gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Iran's Supreme Leader Ayatollah Ali Khamenei said Israel will receive 'harsh punishment' following Friday's attack that he said killed several military commanders. As fear of further conflict escalated, investors rushed to safer assets as gold jumped 1.3 per cent, reaching US$3,422 per ounce. The US dollar index witnessed a brief rebound of 0.5 per cent to above 98, appearing to regain its safe-haven appeal 'given the development is not a self-inflicted US wound', Maybank analysts wrote in a note following the news. The greenback jumped against Asean pairs following months of weakness, rising 0.4 per cent against the Singapore dollar, 0.9 per cent against the peso and 0.7 per cent against the ringgit.
Finextra
13-05-2025
- Business
- Finextra
Stock Exchange of Thailand to promote Nasdaq surveillance platform
The Stock Exchange of Thailand (SET) and Nasdaq (Nasdaq: NDAQ) today announced an expanded strategic technology partnership aimed at modernizing Thailand's capital markets. 0 The collaboration focuses on strengthening market resilience and integrity while aligning with global standards and leveraging Nasdaq's AI capabilities. SET will promote the adoption of Nasdaq's risk and surveillance platforms within its member community to help drive consistent infrastructure across its market ecosystem. The initiative builds on SET's own deployment of Nasdaq's advanced surveillance and risk technology with the goal of enhancing systemwide efficiency, transparency, and risk management. SET seeks to benefit from the community-wide benefits of common market infrastructure as well as Nasdaq's ongoing investment to modernize, standardize, and strengthen its platform capabilities, application architecture, APIs, AI integration, and product development. 'The Stock Exchange of Thailand plays a vital role supporting sustainable growth and attracting capital investment in Thailand and the broader Southeast Asia region,' said Tal Cohen, President of Nasdaq. 'Our expanded technology partnership with SET supports their continued modernization journey to enhance the liquidity, transparency and integrity of their market, thereby fostering trust and investor confidence in the financial ecosystem.' 'Resilience and integrity are essential to vibrant capital markets, attracting international investment,' said Asadej Kongsiri, President of the Stock Exchange of Thailand. 'By adopting Nasdaq's advanced risk and surveillance solutions and promoting them across our member community, we're strengthening the foundation for prudent risk management, capital efficiency, and investor trust. This integrated approach enhances our ability to detect market abuse, monitor high-frequency trading and short-selling activities, and reinforce Thailand's leadership position in ASEAN's capital markets.' Around the world, Nasdaq's technology is used by 97% of global systematically important banks, half of the world's top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,800+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization. 'Our relentless focus on R&D reinforces our ability to elevate tech modernization across global capital markets,' said Magnus Haglind, Head of Marketplace Technology at Nasdaq. 'This expanded partnership reflects our ability to establish deep strategic relationships across an extensive suite of mission-critical solutions and we're excited to work with SET to strengthen the resilience and integrity of Thailand's capital market ecosystem.' SET and Nasdaq will also work together to innovate and unlock new opportunities to serve clients across the region, drawing on SET's deep market expertise, proven client-centric solutions, and strong technical capabilities—further reinforcing the companies' deep technology partnership. Together, SET and Nasdaq are laying the foundation for a robust, future-ready capital market ecosystem to further enhance Thailand's position as a regional innovation leader and financial hub.
Korea Herald
24-04-2025
- Business
- Korea Herald
Thailand spots opportunity in major infrastructure projects
Thailand has strong potential to expand its infrastructure and financial systems, underpinned by a resilient economy, according to speakers at the Ignite Thailand-Korea Business Forum held Tuesday. At the event, Suksit Srichomkwan, deputy secretary-general to the Thai prime minister, promoted the country's 1 trillion baht ($30 billion) Land Bridge project. It aims to link the Gulf of Thailand with the Andaman Sea through a 90-kilometer highway and railway, offering an alternative to the congested Malacca Strait. 'Through the project, we will establish a vital trade route, shortening time and bringing up the capacity,' Srichomkwan said. 'The Land Bridge project is only one of the many changes taking place in Thailand. Despite the heightened volatility in the global economy, mega projects such as the Land Bridge project will spur the growth of Thailand.' Dr. Chula Sukmanop, secretary-general of the Eastern Economic Corridor Office of Thailand, also addressed the forum, outlining the strategic role of the Eastern Economic Corridor as a key driver in attracting foreign investment to the country. The EEC, a special economic zone on Thailand's eastern seaboard, is central to the government's push to boost innovation and economic competitiveness. 'The EEC is about developing the east coast of Thailand. It would be more efficient to concentrate the development in a certain region rather than the entire nation,' Sukmanop said. 'By designating the eastern coast of Thailand as a free trading zone, we can attract innovative investments. Through developing the ECC, we can contribute to the entire Thai economy.' The secretary-general noted that the EEC is designed to attract not only large-scale investments but also smaller ventures. 'The four pillars of growth are targeted investments, tailor-made incentives, total solutions and starting operations.' Dr. Soraphol Tulayasathien, senior executive vice president of the Stock Exchange of Thailand, spotlighted the appeal of the Thai equity market. 'When the US President introduced the tariffs, the Thai stock market plunged by more than 3 percent. But it has been showing recovery lately,' Tulayasathien said. He pointed to a range of ongoing projects fueling economic optimism, with the tourism sector playing a leading role in the recovery. 'Though the number of tourists declined during the pandemic, it has been on the recovery,' he said. Tulayasathien further highlighted the Stock Exchange of Thailand's long-standing cooperation with its Korean counterpart, the Korea Exchange. In May, the KRX secured a deal to modernize Thailand's clearing and settlement infrastructure — part of a broader effort to enhance market efficiency and investor confidence. 'The Stock Exchange of Thailand's partnership with the KRX has continued for over 20 years. The Thai stock market will improve through the partnership,' he said. Other speakers at the forum turned their attention to Thailand's macroeconomic outlook. Among them was Burin Adulwattana, managing director and chief economist at Kasikorn Research Center, a think tank affiliated with Kasikorn Bank Group, one of the nation's leading financial service providers. 'Overall, Thailand has faced a backlash in terms of tariffs, which are much higher than we had expected,' Adulwattana said, referencing the US administration's plan to impose a 36 percent tariff on Thai goods. While the Thai government forecasts gross domestic product growth between 2.3 and 3.3 percent this year, Adulwattana warned that retaliatory tariffs could shave as much as 0.9 percentage point off that estimate. Beyond external pressures, he identified structural challenges — including an aging population and persistently low labor productivity — as headwinds to long-term economic growth. Chaiyarit Anuchitworawong, senior executive vice president of Bangkok Bank, the largest commercial bank in Thailand in terms of total assets, presented an overview of the lender and the broader Thai banking sector, highlighting its resilience and international reach. 'Thai banks have a very good cushion to withstand any turbulence in the system, this is represented by the so-called loan loss provision,' he said. He underscored Bangkok Bank's commitment to facilitating outbound expansion for Thai conglomerates, while also serving as a key conduit for foreign direct investment. 'Bangkok Bank has a strong history of supporting conglomerates to go overseas as well as bringing in foreign direct investment into the country,' he said, adding that the lender was the first Thai bank to expand internationally.
Yahoo
08-04-2025
- Business
- Yahoo
Thailand to increase US imports, lower taxes in tariff response
BANGKOK (Reuters) - Thailand will increase U.S. imports, lower some of the higher taxes on American goods and address non-tariff barriers, the finance minister said on Tuesday, as the government seeks to negotiate a better deal on new U.S. tariffs. The tariff of 36% imposed on Southeast Asia's second-largest economy is among the higher rates imposed by the administration of U.S. President Donald Trump, greater than officials had anticipated. Thailand was in no rush to travel to the United States for negotiations because proposals needed time to prepare, said Pichai Chunhavajira, who will head Thai negotiations. He said Thailand would seek to balance trade with the United States within 10 years. Prime Minister Paetongtarn Shinawatra on Tuesday said a meeting between Thailand and the United States Trade Representative had been confirmed, but gave no further details. Thai exporters should also seek new markets to diversify risks, she said, adding the government would have relief measures for businesses hit by the tariffs. The tariffs could knock a percentage point from growth this year in the export-reliant country, Pichai said. Before the steep tariff was announced, the government was targeting growth of 3% this year, after last year's 2.5% expansion, a rate far adrift of most of its regional peers. The government has said it would import more U.S. goods, such as corn, soybeans, crude, ethane, liquefied natural gas, autos and electronics, and aircraft, and would review rules on imports of U.S. pork. Thailand had a trade surplus with the United States of $35.4 billion last year, according to government data, while Washington has put its deficit with Thailand at $45.6 billion. Thailand's benchmark stock index fell as much as 6.1% on Tuesday, the first trading day since the tariffs announcement. On Monday, the Stock Exchange of Thailand announced temporary floor and ceiling limits on stock movement to trading to 15% from 30% and a ban on short selling to reduce volatility.
