Market Roundup 4 February 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,674.22 points, increased 5.17 points or 0.31% with a trading value of 72.5 billion baht. The analyst stated that the Thai stock market closed higher on positive earnings results of major corporations in the U.S, while investors specifically picked stocks in the market for speculation prior to the 4Q21 earnings season starting next week.

The analyst expected SET Index to decline next week in concerns over U.S. inflation, giving a support level at 1,650 points and a resistance level at 1,680 points.


2) BoE signals for stepping up on monetary policy to curb inflation

Bank of England Governor Andrew Bailey said inflation is at 30-year high and has a risk of getting out of control if restraint is not put on pay raises.

The BoE said consumer price inflation – which was 5.4% in December – was set to hit around 7.25% in April before dropping, and post-tax income for working households would fall by 2% this year, the biggest calendar year squeeze since at least 1990.


3) GULF to finalize JV agreement with Binance in 2Q

Gulf Energy Development, Thailand’s leading power producer, expects to finalize the deal with the world’s biggest cryptocurrency exchange, Binance, by the second quarter in establishing a joint venture for the development of digital asset exchange and related business in Thailand.


4) Thailand’s CPI rises at a faster-than-expected rate in January

The Ministry of Commerce on Friday announced that Thailand’s Consumer Price Index (CPI) rose 3.23% YoY in January, beating the market’s expectation of 2.40%. However, the Ministry of Commerce noted that the reading is still at a lower rate and would not require any measures or policy to curb the inflation rate. Meanwhile, the Core CPI in January rose 0.52%.

5) PTT announces completion of venture on electric vehicle manufacturing platform

PTT Public Company Limited (SET: PTT) , through its subsidiary ARUN PLUSCompany Limited (ARUN PLUS), announced a completion in the establishment of Horizon Plus Company  Limited (Horizon Plus) with the registered capital not in excess of THB3,220 million, which ARUN PLUS and Lin Yin hold 60% and 40% stakes respectively.

Horizon Plus expects to reach its final investment decision within the first half of 2022 and start its commercial operation within the first quarter of 2024.