Market Roundup 17 May 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,614.49 points, increased 30.11 points or 1.90% with a trading value of 85 billion baht. The analyst stated that the Thai stock market edged higher after a series of declines earlier last week as Thai 1Q22 GDP beat expectations. Still, the prolonged war in Ukraine and US inflation remained negative sentiment to the market. Even with a positive factor of Shanghai reopening, the economic data remained sluggish. 

The analyst expected SET Index to fluctuate tomorrow and warned investors of profit taking, giving a support level at 1,600 points and a resistance level at 1,630 points.


2) Russia becomes India’s 4th largest oil supplier

Russia became the fourth largest oil supplier to India in April with volume set to rise further in coming months as heavy discounted prices spur demand from India, according to Reuters.

Russia’s share in India’s oil purchases rose to a record 6%, about 277,000 barrels per day (bpd) in April, up from about 66,000 bpd in March, when it was in 10th position, according to the data, which was supplied by trade sources.


3) Japan to test reopening for tourists from Thailand, US and more

Japan is poised to welcome inbound tourists again, with a trial project due to begin this month, the Japan Tourism Agency said on Tuesday.

The Japanese government expects to launch a trial project for accepting triple-vaccinated foreign travelers this month, ahead of its planned June relaxing of COVID-19 border control restrictions.

Tourists from the United States, Australia, Thailand, and Singapore will be welcomed first, in order to test the effectiveness of measures to prevent the spread of COVID-19.


4) Eurozone economy expands more than forecast in 1Q

The Euro-Zone grew more than forecasted at the start of the year as the region moved past the wave of COVID-19 infections and headwinds from the early days of the war in Ukraine.

The economic output rose 0.3% in the first quarter exceeding what was forecasted of 0.2%, according to Eurostat figures released Tuesday. Employment, meanwhile, gained 0.5% over the same period.

The data highlight Europe’s underlying strength as consumers emerge from the pandemic with pent-up demand and large amounts of savings, allowing them to better withstand the pressures created by Russia’s invasion.