Market Roundup 4 April 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,702.93 points, increased 1.62 points or 0.10% with a trading value of 65 billion baht. The analyst stated that the Thai stock market moved in sideways trends, but still remained in positive territory even with a low trading volume, buoyed by reopening stocks, especially AOT.

The analyst expected the Thai stock market to continue moving in a sideways direction and could edge slightly lower before the holiday, still feeling pressure from the invested yield curve and the prolonged war in Ukraine. Thus, the analyst gave a support level for tomorrow’s session at 1,690 points and a resistance level at 1,710 points.


2) TRUE and DTAC shareholders approved amalgamation 

The Extraordinary General Meeting of Shareholders of Total Access Communication Public Company Limited (SET: DTAC) on Monday unanimously approved the amalgamation between DTAC and True Corporation Public Company Limited (SET: TRUE).

The voting result, which required a vote of at least three-fourths of total votes, revealed that 89.1 percent approved of the matter, while 10.9 percent disapproved.

Meanwhile, on the same day (4 April), TRUE’s Extraordinary General Meeting of Shareholders unanimously passed the merger of the two companies, with 99.4 percent voting in favor and 0.63 percent voting against.


3) FETCO trim Thailand’s 2022 economic growth to 3.09%

Analysts unanimously agreed to trim Thailand’s 2022 economic growth prediction to 3.09 percent due to concerns over the ongoing omicron outbreak, the Ukraine war, and rising energy prices that are slowing down the global recovery, according to a survey compiled by the Federation of Thai Capital Market Organizations (FETCO).

The outlook for Thailand’s GDP growth for the full year of 2022 has been revised down from 3.71 percent in January to 3.09 percent in March as the Russian invasion of Ukraine and the COVID-19 omicron variant outbreak have shaked prospects for global economic recovery.


4) Regulators to review chaotic nickel trading halt in LME

British financial regulators said on Monday that they would review the way the London Metal Exchange (LME) handled a halt in chaotic nickel trading last month and said the episode underlined questions about the LME’s transparency.

LME is the world’s oldest and largest market for industrial metals, had suspended nickel trading on March 8 after prices spiked by more than 50% in a matter of hours to hit $100,000 a tonne.