1) Thai stock market overview
Thailand’s SET Index closed at 1,639.51 points, increased 5.34 points or 0.33% with a trading value of 77.7 billion baht. The analyst stated that the Thai stock market moved in the same direction of other regional markets after the expectation of Fed’s rate hike and QE tightening already priced in. Meanwhile, the market has turned to focus on new measures and policies of the government’s sector. The analyst expected SET Index to move in sideways trends next week with a range of 1,630 – 1,650 points.
2) Thailand MOF maintains 2022 GDP growth at 4.0%
Thailand’s Ministry of Finance on Friday maintained its 2022 economic growth forecast at 4.0% while upgrading 2021 GDP from 1.0% to 1.2%. Exports in 2022 are expected to increase 19% and private investment to grow 3.7%.
3) JP Morgan expects Thai tourism to gain market share from reopening
Thailand is gaining advantage on the international reopening for travellers as other tourist destinations in Asia remain shut from the severe Covid-19 situation. JP Morgan has given its positive outlook on the Thai tourism industry for the upcoming resumption of the Test & Go scheme.
JP Morgan expects Thailand to gain market share and have strong momentum into 2023 while other tourism destinations in Asia remain shut.