Market Roundup 2 June 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,647.67 points, decreased 12.34 points or 0.74% with a trading value of 57 billion baht. The analyst stated that the Thai stock market moved in the same direction as regional markets over the same reason; Fed’s aggressive rate hikes, which could cause the economy to slow down. Meanwhile, there was also selling pressure before a long holiday in Thailand, coupled with a decline in oil prices. 

The analyst expected SET Index next week to move in sideways trends, recommending investors to monitor the U.S. economic data later this year and the MPC meeting next week.


2) China’s major ports show positive growth in May

China’s major ports see steady growth in container throughput in May, with over 23 million TEUs carried, up 4.2 percent from a year ago, according to a report from the state-run Xinhua News Agency.

The Ministry of Transport said on Thursday that the cargo throughput of monitored major ports surpassed 1.03 billion tonnes in May, a daily average increase of 3.2% over April.


3) Oil prices fall amid potential of Saudi ramping output

The price of oil fell in the early morning Asian trading hours following a report that Saudi Arabia could step up production if Russian output drops due to EU sanctions.

According to sources, Saudi Arabia is aware of the risks of a supply shortage and it is “not in their interest to lose control of oil prices.” OPEC’s de facto leader, Saudi Arabia, has not yet witnessed genuine shortages in the oil markets.