1) Thai stock market overview
Thailand’s SET Index closed at 1,594.47 points, increased 14.27 points or 0.90% with a trading value of 60 billion baht. The analyst stated that the stock markets edged higher following the positive sentiment after China had halved its quarantine time to 10 days compared to upto 21 days previously. Meanwhile, Thai baht strengthened by 0.80% along with the momentum of fund inflow.
The analyst expected the SET Index to challenge the 1,600 level tomorrow, while investors would monitor the OPEC+ meeting and the resolution of the government’s request on subsidising fuel prices.
2) China cuts quarantine time in half, moving toward easing in Covid restrictions
China will halve its Covid-19 quarantine period for visitors from overseas to seven days at a centralized facility, such as a hotel, and another three days monitoring at home before being able to venture out, according to the announcement from the National Health Commission on Tuesday.
Meanwhile, the quarantine measures also apply to those that have close contacts with confirmed Covid-19 cases by staying at a centralized facility for seven days and another three at home.
3) KResearch raises Thailand’s 2022 growth to 2.9% as tourism recovers better than expected
The Kasikorn Research Center updated Thailand’s 2022 growth forecast up to 2.9 percent as the economy performed better than anticipated in the first quarter despite the expiration of most government relief measures and a growing trade deficit.
KResearch suggested the tourism sector as a main contributor to economic growth this year, and the Center has revised its forecast for international tourists in 2022 up to 7.2 million versus previous projection at 4 million. As a result of the lifting of Covid-19 restrictions, such as the Test & Go scheme and the Thailand Pass system, after the pandemic situation in many countries improved.
4) ECB Lagarde says it is ready to “move faster” on rates if needed
European Central Bank President Christine Lagarde at the annual conference in Portugal on Tuesday tried to ease fears of a eurozone recession, saying that the Bank is ready to raise rates more swifty if inflation continues to rise.
The eurozone’s headline inflation rate is projected to be 6.8% this year, far from the ECB’s target of 2%.