Market Roundup 7 July 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,562.37 points, increased 20.58 points or 1.33% with a trading value of 65 billion baht. The analyst stated that the Thai stock market bounced back in the same direction as regional markets after a series of plummets in earlier sessions on concerns of recession. The decline in oil prices resulted in a buying power in retail stocks such as CPALL and CPN to buoy the market.


2) Boris Johnson faces backlash from party members and is set to resign

Multiple unconfirmed reports stated that the U.K. Prime Minister Boris Johnson is set to resign today, as reported by multiple media organizations.

Reports came after more than 50 parliament members from Johnson’s government had resigned since Tuesday amid an unprecedented revolt within his own party against his leadership.


3) German industrial output rise 0.2% in May but miss expectations

According to Destatis, the national statistics agency, industrial output, which includes manufacturing, energy, and construction, rose 0.2% in May from April.

The consensus among economists was looking for a 0.3% increase. The initial estimate for industrial production in April was 0.7%; this has been revised up to 1.3%.

On an annual basis, industrial output declined 1.5% in May.


4) Thailand to boost tourism by waving visa fees

Thailand is reportedly considering a temporary fee exemption scheme for Visa on Arrival (VoA) and Tourist Visas throughout 2022 in order to revitalize the tourism industry after the Covid-19 pandemic.

Under the campaign, the THB2,000 Visa on Arrival fee and the THB1,000 Tourist Visa fee will be waived till the end of the year. In the meantime, the duration of a tourist visa will be extended from 30 days to 45 days, and international tourists with a valid visa on arrival will be allowed to stay in Thailand for up to 45 days, according to Yuthasak Supasorn, Governor of the Tourism Authority of Thailand on Thursday.

The campaign will be submitted to the Centre for COVID-19 Situation Administration (CCSA) for consideration tomorrow.