Market Roundup 29 April 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,667.44 points, decreased 0.30 points or 0.02% with a trading value of 69 billion baht. The analyst stated that the Thai stock market moved narrowly in anticipation of the upcoming Fed’s meeting to see if the central bank will increase its policy rate by 50bps or not after the U.S. 1Q22 GDP shrank as much as 1.4%, which could result in the Fed slowing down on its aggressiveness over the monetary policy.

The analyst expected the SET Index to move in negative territory, pressured by negative factors globally and also a holiday in the middle of the week, giving a support level at 1,650 points and a resistance level at 1,670-1,675 points.


2) Japanese yen could fall further despite government’s intervention

The yield curve control of the Bank Japan is weighing heavily on the yen that intervening in the market to buy the currency would have little impact, stated Goldman Sachs Group Inc. strategist Karen Reichgott Fishman. 

The firm finds it hard to see intervention driving a sustained appreciation, adding that rising U.S. yields should keep pushing the yen lower. Still, Fishman sees a “high risk” of the Finance Ministry instructing the BOJ to go into the market to buy the yen if the depreciation continues.


3) PTTEP announces the withdrawal from Yetagun Project, Myanmar

PTTEP stated that its subsidiaries PTTEP International Limited (PTTEPI) and  PTTEP Offshore Investment Company Limited (PTTEPO) have decided to withdraw from Yetagun Project and gas transportation company, Taninthayi Pipeline Company LLC (TPC).

The company added that the withdrawal enables PTTEP to refocus its investment in projects that support the country’s energy security.