Market Roundup 8 April 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,686.00 points, increased 3.59 points or 0.21% with a trading value of 70 billion baht. The analyst stated that the Thai stock market rebounded after a sharp plummet yesterday as reopening stocks (retail, hospital, hotel and aviation) buoyed the market in response to the report of easing Covid restrictions for inbound travelers.

The analyst expected SET Index to move narrowly due to a long weekend, giving a support level at 1,670-,1675 points and a resistance level at 1,695-1,700 points.


2) Russia cuts policy rates by 300bps from 20% to 17%

The Russian central bank made a surprise move by cutting its policy rate by 300bps from 20% to 17% amid recession, saying that financial-stability risk no longer rising.

The central bank said that further cuts could come at future meetings. The Russian ruble maintained below RUB80 to 1 dollar, near its pre-war level.


3) Thailand plans to scrap RT-PCR Tests, relaxing restrictions for inbound travelers

Thailand is expected to further ease COVID-19 restrictions, including removing the mandatory RT-PCR test for tourists upon arrival, as well as canceling the Thailand Pass scheme and declaring COVID-19 an endemic from June onwards.

However, Taweesilp Visanuyothin- a spokesman, said in a separate briefing that the Center for Covid-19 Situation Administration will again review the proposal of visa relaxation after  next week’s Songkran holidays to mark the Thai New Year.


4) Chinese tech stocks fall  after Tencent shuts down game streaming

Chinese tech stocks dipped for a third day after Tencent Holdings Ltd. came out with a decision to shut down its game streaming service, citing “changes to its business development strategy,” which further hurt sentiment in a sector that was already struggling weeks ago on regulatory risks.