1) Thai stock market overview
Thailand’s SET Index closed at 1,653.61 points, increased 14.86 points or 0.91% with a trading value of THB67.56 billion. The analyst stated that today’s upward trend on the Thai stock market was consistent with regional markets, as traders shrugged off inflation concerns and the yield on U.S. bonds declined. Thus, capital flowed into risk assets and stock markets.
Furthermore, Thailand’s economy began to improve after the country’s reopening, which benefited tourist and consumer staple stocks in particular.
Tomorrow (May 31), analysts anticipate that the SET Index will slip and trade sideways, with resistance at 1,665-1,670 and support at 1,640-1,640.
2) China eases COVID-19 curbs to stimulate the economy
China reported fewer Covid-19 cases in Beijing and Shanghai, with authorities pushing for stimulating the economy by easing some of the initiatives since the outbreak more than two year ago. Curbs on movement in several districts started to be loosened yesterday (29 May) after authorities said the outbreak was under control. The easing caseload has eased concern that Beijing could have been headed for a lockdown when it was reporting several dozen cases a day earlier in the outbreak despite increasingly strict restrictions.
In Shanghai, cases dropped to 67 for Sunday from 122 on Saturday. The financial hub yesterday rolled out a raft of measures to support the lockdown-hit economy, including allowing all manufacturing to restart from Wednesday.
3) EU to hold another meeting on Monday to discuss Russian oil sanctions
The European Union is set to meet again on Monday to continue discussing potential sanctions against Russian oil after attempts on Sunday failed. The planned oil import bans are part of the EU’s sixth sanctions package against Russia in response to its invasion of Ukraine.
The fresh sanction is aimed to impose only on Russian oil delivered into the EU by tankers, allowing landlocked energy importers Hungary, Slovakia, and the Czech Republic to continue receiving their Russian oil by pipeline until alternate supplies can be secured.