Thailand
No impact on Thailand so far from US banking woes – Finance minister
Recent problems facing some banks in the United States had no impact on Thailand so far, Finance Minister Arkhom Termpittayapaisith told reporters on Wednesday.
The government, however, was ready to take action should global volatility affect the Southeast Asian country’s economy or financial system, Mr Arkhom said.
The Stock Exchange of Thailand (SET) main index rebounded 37.98 points or 2.49% to close at 1,561.97 at the end of trading session on Wednesday morning. The trade value was 39.57 billion baht.
On Tuesday, the SET Index closed at 1,523.99, down 49.18 points or -3.13%, in trade worth 103.8 billion baht.
It was in tandem with most Asian stock markets due to fears of contagion effects from the collapse of US banks, and investors had overreacted to what has occurred, according to the SET.
On Wednesday, most banking stocks rose across Asia Pacific as concerns over a broader fallout from Silicon Valley Bank’s sudden collapse eased.
The MSCI Asia Pacific Financials Index advanced as much as 2% to lead sectoral gains in the region, snapping three days of losses triggered by the troubles at SVB and Signature Bank. Japanese shares dominated the leaderboard, as the Topix Banks Index surged as much as 4.6%, partly reversing its 16% drop over the past three sessions.
Separate gauges of financials listed in South Korea, Australia and Hong Kong also advanced to follow their US peers higher.
Jitters about the health of the US financial system and its impact on the global economy are abating with expectations that the worst of the fallout may have passed. The aggregate market value of companies included in the MSCI World Financials Index and the MSCI EM Financials Index dropped by more than US$450 billion over the last three sessions.
Source: https://www.bangkokpost.com/business/2528500/no-impact-on-thailand-so-far-from-us-banking-woes-finance-minister