1) Thai stock market overview
Thailand’s SET Index closed at 1,557.61 points, decreased 2.41 points or 0.15% with a trading value of 63 billion baht. The analyst stated that the Thai stock market moved narrowly in both positive and negative territory in concerns of recession from aggressive rate hikes by central banks to calm inflation down. The selloff in oil-related stocks also pressured the market as well.
The analyst expected a technical rebound for SET Index tomorrow, but with a negative short-term outlook, pressured by gradual rate hikes and possibility of recession.
2) Germany sounds 2nd-level alarm amid gas supply shortage
Germany has just declared a stage two emergency gas plan amid mounting fears from the reduction of Russian gas flows that would make this winter very crucial due to supply shortage to warn the country.
The alarming stage two of its three-stage emergency plan shows that Berlin is now seeing a high risk of long-term gas supply shortages and allowing utilities to pass on high prices to industry and households and thereby help to lower demand.
Dutch TTF Gas Futures are up 4.80% at €133.27, up from the closing price of €127.17 yesterday. The price increased 55.78% this month from €85.55.
3) Russia eyes to establish a joint oil and gas refining facilities between BRICS
The Russian President Vladimir Putin will meet with other leaders in the 14th BRICS Summit, which is widely expected that a new joint agreement will be formed to rival western giants.
The BRICS was conceived in 2006 and held its initial summit meeting in Russia in 2009. The group comprises Brazil, Russia, India, China and South Africa, viewing that they represent as a voice for developing countries.
According to the report of TASS news agency last month, Russian Industry Minister Denis Manturov called on countries in BRICS to establish joint oil and gas refining facilities with Russia, stating that it would help reduce the dependence on energy supplies from unreliable partners.
Beside the energy sector, the Russian Industry Minister also touched on biological safety, stating that given the strong positions of China and India in the production of pharmaceutical substances, joint efforts could change the global balance of power in developing innovative drugs and vaccines, conducting joint research on coming threats to the health and lives of our citizens.
4) Thailand’s car exports fall 3.2% to 76,937 units in May
Thailand’s car exports dropped 3.20 percent to 76,937 units in May, due to the shortage of semiconductors and components, despite the production returning to normal, the Federation of Thai Industries (FTI) reported on Monday.
In the first five months of 2022 (Jan-May), car sales fell 3.77 percent from the same period last year to 375,757 vehicles, but the overall value of exports rose 1.10 percent to THB223,872 million.
In May, Thailand’s vehicle production was 129,231 units, down 7.80 percent annually but up 9.72 percent from the previous month. In the first five months of the year, a total of 727,095 vehicles were manufactured, up 2.36 percent from 2021.
Meanwhile, domestic sales increased 15.71 percent to 64,735 units in May, thanks to more lockdowns being lifted, allowing economic activity to restart.