Market Roundup 24 May 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,626.23 points, decreased 9.05 points or 0.55% with a trading value of 63 billion baht. The analyst stated that the Thai Stock market in today’s session moved within the range and a selloff at the closing after investors priced in the positive sentiment on the U.S. cutting import duty for products from China. Meanwhile, anticipation for Thailand reopening is still being able to cushion the downfall of SET Index. The analyst expected SET Index tomorrow to continue moving within the range, giving a support level at 1,620 points and a resistance level at 1,643 points.


2) PBOC urges lenders to boost lending as economic pressure mounts

The People’s Republic Bank of China urged lenders to boost efforts for the real economy and meet credit demand as economic pressure mounts for the world’s second largest economy.

The PBOC urged banks to fully utilize different policy tools and support “high-quality” economic growth by increasing credit “appropriately”. It also asked banks to keep a steady increase of property loans, after a series of policy-easing recently to save the economy from a prolonged property slump.


3) Russian ruble is the best performer in the currency market

Russia’s ruble extended rally that’s taken it to the strongest level versus the dollar in four years  prompting a warning from one of President Vladimir Putin’s staunchest allies that the gains may be overdone.

The ruble was stronger for a fifth day against the dollar, trading up as much as 2.2%, even after Russia on Monday loosened capital controls by reducing the amount of foreign currency exporters are required to convert.

In the currency market, the ruble is by far the best performer globally this year with gains of about 30% against the dollar.