Market Roundup 24 January 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,640.54 points, decreased 12.19 points or 0.74% with a trading value of 76.9 billion baht. The analyst stated that the stock markets traded in the negative territory with a low trading value as investors were looking forward to the upcoming Fed’s meeting on Tuesday. The analyst expected SET Index tomorrow to be stable, giving a support level at 1,630 points and a resistance level at 1,660 points.


2) Singapore’s key inflation gauges reach record high in years

Singapore’s authorities said on Monday that the inflation in December rose at the fastest pace in nearly eight years mainly driven by a steep increase in air fares. Core inflation in Singapore rose 2.1% in December compared to the same period last year. Also, the number came in highest since July 2014 and exceeded economist forecasts. Earlier, a Reuters poll of economists had forecast a 1.7% increase. Headline inflation rose by 4%, a near nine-year high, beating the forecast of 3.75%.


3) Shipping stocks fall sharply as freight rates continue to decline

Major shipping stocks in Thailand fell sharply on Monday as freight rates continued to decline, although the trade is still considered to be in a positive mood with the COVID-19 epidemic and the port’s congestion being eased. PSL dropped 9.21%, RCL fell 7.56%, TTA decreased 4.42% and PRM slipped 2.52%.


4) Credit Suisse is not concerned about PTTEP’s situation in Myanmar

Credit Suisse has maintained its “Outperform” rating on PTTEP with a target price at Bt135 per share, giving little concerns on the withdrawal of TotalEnergies in the Yadana project. The firm believes that oil price movements would have a bigger impact on the share price than this issue in Myanmar.