1) Thai stock market overview
Thailand’s SET Index closed at 1,574.52 points, increased 15.31 points or 0.98% with a trading value of 54 billion baht. The analyst stated that the Thai stock market bounced back in today’s session, following a positive sentiment from global markets as well as more stimulus measures to relieve burdens from rising inflation. Moreover, the government would also boost Thai tourism and expand “We Travel Together” stimulus measures, which could boost retail and tourism stocks such as CENTEL and ERW.
The analyst expected the Thai stock market tomorrow to move within the range at a support level of 1,549-1,500 points and a resistance level of 1,580-1,590 points.
2) Europe considers returning to coal amid lower gas supply from Russia sanctions
European countries are considering burning more coal as they are racing to find an alternative route to replace Russian gas to survive this winter.
Some European countries might shift their plan to stop relying on coal fuel. Germany, Italy, Austria and the Netherlands are among European countries signalling coal-fired power plants could help see them through a crisis that has caused gas prices to surge.
The Netherlands government said on Monday, June 20, that it would remove a cap on production at coal-fired energy plants and will activate the first phase of an energy crisis plan.
Denmark has initiated the first step of an emergency gas plan. Italy is moving closer to declaring a state of alert on energy. Meanwhile, Germany is seeing lower flows through its gas pipe.
3) Krungsri Research sees tourism boost after Thailand Pass drops
The relaxation and the lowering of the nationwide Covid-19 alert level from 3 to 2 should allow economic activities to gradually return to normal and are favorable for the tourism sector, said a think tank Krungsri Research.
As such, the domestic tourism recovery is likely to be stronger than anticipated. The scrapping of the ‘Thailand Pass’ will also facilitate travel to Thailand and should increase the number of foreign arrivals from the present daily average of 20,000 to 25,000 to a level that may exceed the earlier estimate of 5.5 million.