Thai stocks fall 1.3% amid fears of high interest rates impact

Picture courtesy of Bangkok Post.

Share prices experienced a surge on Friday, reversing earlier downtrends and Wall Street’s sell-off, as traders weighed the implications of further interest rate hikes by central banks grappling with inflationary pressures.

Thai stocks fluctuated between 1,503.23 and 1,539.40 points before ending yesterday at 1,522.59, marking a 1.3% fall from the previous week, with daily transactions averaging 52.06 billion baht.

Retail investors led the pack as the primary net purchasers with an investment of 6.63 billion baht, trailed by brokers at 885.13 million. Conversely, foreign investors and institutions featured as net sellers, offloading 5.3 billion baht and 2.22 billion baht respectively.

In noteworthy developments, Jerome Powell, the chairman of the US Federal Reserve, expressed confidence on Wednesday that the Fed’s…