ASIAN SHARES RISE AS CHINESE SELL-OFF EASES

Asian markets mostly gained yesterday after an intense selloff of Chinese equities eased, amid reports the country's financial regulators could intervene to slow the dumping. A Wall Street stock rally also lifted sentiment.

- NUNTAWUN POLKUAMDEE NAREERAT WIRIYAPONG

The Thai market got an extra boost when Anutin Charnvirakul, leader of the Bhumjaithai Party, was elected as the country’s 32nd prime minister, as investors begin to shift their focus towards an election that he has agreed to call early next year.

The SET index moved in a range of 1,230.55 and 1,270.74 points this week, before closing yesterday at 1,264.80, up 2.3% from the previous week, with daily turnover averaging 45.78 billion baht.

Institutional investors were net buyers of 3.4 billion baht. Brokerage firms were net sellers of 2.15 billion baht, followed by retail investors at 927.51 million and foreign investors at 316.86 million.

NEWSMAKERS: The Trump administration asked the US Supreme Court on Wednesday to urgently review a federal appeal court ruling that declared many of its new tariffs illegal, warning of severe economic and diplomatic fallout if the decision stands. The appeal court has allowed existing levies to stay in place until Oct 14.

President Donald Trump said on Thursday his administration would impose “fairly substantial” tariffs on semiconductor imports from companies that do not shift production to the US. He has yet to specify the rates or timeframe.

Questions about Federal Reserve independence took centre stage on Thursday, when Trump's economic adviser Stephen Miran testified at a Senate Banking Committee hearing on his nomination to the central bank’s seven-member governing board.

Federal Reserve Governor Christopher Waller said the central bank should begin lowering interest rates this month and make multiple cuts in the coming months.

Gold rose for seven consecutive days to hit a fresh all-time high of $3,556 an ounce on Wednesday as the prospect of US interest-rate cuts boosted the metal’s appeal.