Market Roundup 24 June 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,568.76 points, increased 11.15 points or 0.72% with a trading value of 65 billion baht. The analyst stated that the Thai stock made a technical rebound after a series of declines this week, while the market assessed the Fed’s statement over rate hike and inflation.

There are no new positive factors to buoy the market, and the analyst expected the market next week to move in sideways-up trends, giving a support level at 1,550 points and a resistance level at 1,585-1,590 points. The analyst did not think the SET Index could close above 1,600 points by next week.


2) UK retail sales fall in May amid soaring prices

U.K. retail sales fell 0.5% on the month in May and decreased 4.7% from last year, as consumers found it more difficult amid soaring prices, which led to a halt in buying discretionary goods given the priority to buy essentials like food and petrol first.

U.K. consumer confidence also dropped to a record low in June as research firm GfK noted that the sentiment fell by 1 point to -41 for the month, the lowest level in the 48 years of the survey.


3) Singapore factory output up 13.8% in May despite global chip shortage

The Singapore Economic Development Board reported Friday that the country’s manufacturing production climbed by 13.8 percent in May, compared to the revised 6.4% growth in April.

Excluding biomedical manufacturing, the output increased by 18 percent in May on a yearly basis, and up by 8 percent from a month earlier.

On a seasonally adjusted month-on-month basis, Singapore’s manufacturing output increased 10.9 percent in May. Excluding biomedical manufacturing, output grew 9.8 percent.


4) Eurozone growth slows as PMI falls to 22-month low in June

Eurozone PMI Manufacturing fell to a 22-month low of 52 in June, slowed significantly this month, and came in below market estimates of 53.9 as consumers opted to stay at home and defer purchases to save money in response to rising costs.

S&P Global Eurozone Manufacturing PMI decreased from 54.6 in May to 52 in June.

Output declined for the first time in two years, and the rate of decline could accelerate in July due to a drop in new orders. June was the steepest drop in new orders since May 2020.

The flash PMI composite output index fell to 51.9 in June from 54.8 a month earlier, the lowest in 16 months. Meanwhile, PMI services slipped from 56.1 in May to 52.8 this month, hitting a 5-month low.