Market Roundup 17 June 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,559.39 points, decreased 1.71 points or 0.11% with a trading value of 101 billion baht. The analyst stated that the Thai stock market fluctuated as investors were concerned over quantitative tightening, while looking for some clarity on the refinery sector that the government had asked companies for profit sharing to ease rising costs of living. 

The analyst expected the SET Index next week to continue moving in sideways trends, giving a support level at 1,500-1,530 points and a resistance level at 1,580-1,590 points.


2) Thailand scraps mask mandate in public places as Covid slows down

The Centre for Covid-19 Situation Administration (CCSA) has announced further easing of Covid-19 restrictions, reclassifying the entire country’s color-zoning into surveillance area green Covid-19 zones. This means that most activities can resume, including drinking alcohol in restaurants and nightlife venues open until pre-pandemic hours, or around 2 a.m.

The requirement to wear a face mask in public will be relaxed, although no firm date has been set. However, the mask mandate is still recommended in crowded spaces and closing venues.

Thailand Pass registration will end from July 1, and only proof of Covid-19 vaccination or negative Covid testing will be required.


3) Bank of Japan maintains ultra-low policy rate

The Bank of Japan agreed to maintain its ultra-low interest rate at minus 0.1 percent. The decision was made on Friday, after a two-day meeting.

Policymakers also continued asset purchases to keep long-term rates near 0 percent, signaling their resolve to support the economy’s slow recovery from the COVID-19 pandemic.

The decision leaves the BOJ’s stance more at odds with those of other major central banks, which are aggressively tightening policy to combat growing inflation.


4) Dogecoin investor sues Elon Musk $258 billion over alleged pyramid scheme

On Thursday, Plaintiff Keith Johnson, a Dogecoin investor, filed a complaint to federal court in Manhattan accusing Musk, Tesla Inc and SpaceX, in which Musk holds a position of CEO in both companies, of using his pedestal as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement, driving up the price and let it tumble. 

“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” Keith Johnson said and also aggregated comments from Warren Buffett, Bill Gates and others who questioned the real value of cryptocurrency.