Flooding across Thailand has inflicted significant damage on the industrial sector, with preliminary losses estimated at 18.21 billion baht affecting over 4,600 businesses in 59 provinces. Chonburi province bears the brunt of this economic hit, recording approximately 17.9 billion baht in damages alone, while Bangkok and Samut Prakan also report substantial impacts on local enterprises. Despite these challenges, the economy shows resilience through a rising Industrial Sentiment Index and a new government housing loan scheme designed to stimulate the real estate market. Additionally, the Tourism Authority projects over 10 billion baht in revenue from faith-based tourism festivals, while a major water diversion project aims to support agriculture and industry in the Eastern Economic Corridor.
Thai market analyst Jaronwet Sakde said SET50 Index Futures initially fell globally following higher-than-expected US September inflation data, raising fears of further Federal Reserve rate hikes. However, the index rebounded as large-cap value stocks attracted buying interest after absorbing the news. For next week, a sideways trend is expected while US September PPI figures are monitored tonight. Gold prices also recovered briefly but face pressure from Middle East tensions and high US bond yields.
Thai officials announced the arrest of 39 individuals and the seizure of assets exceeding 500 million baht during a coordinated crackdown on a transnational investment scam network. Dubbed Operation Anti-Scam Matrix, the operation involved raids at 27 locations across 11 provinces, targeting suspects accused of public fraud, identity impersonation, computer crimes, and money laundering. The group allegedly operated a fraudulent mobile app called ETO TH that promised high returns to victims via social media, resulting in reported losses over 173 million baht for at least 74 victims.