1) Thai stock market overview
Thailand’s SET Index closed at 1,557.40 points, decreased 0.47 points or 0.03% with a trading value of 46 billion baht. The analyst stated that the Thai stock market moved in the same direction as regional markets as investors were more cautious before the release of inflation data on Wednesday and the spread of new Covid-19 variants. Meanwhile, there were no positive factors to drive the market further amid low trading volume. The market expected limited movement for the SET Index tomorrow with a support level at 1,530-1,540 points and a resistance level at 1,565 points.
2) SCB denies reports of asset management unit sale
SCB X Public Company Limited (SET: SCB) has made further clarification regarding the report of it looking to sell its asset management unit, saying that the report was not true and the company did not have any plan on selling this asset management unit.
The bank stated that following its strategic plan, the company normally explores business opportunities to add value to its shareholders while also improving services for its customers in the group. The asset management business is essential to SCB’s services and also creates strategic value to the company and its group. Thus, SCB reiterated that it does not have any plans to sell its asset management unit.
3) BOT expects economy to return to pre-Covid level by 1Q23, boosted by improved consumption
Thailand’s economy is expected to return to its pre-pandemic levels in the first quarter of next year, the Bank of Thailand (BOT) said on Monday.
The governor said that there were positive signs for recovery in the tourism sector, expecting that tourist arrival this year could beat BOT’s forecast of 6 million.
In a move to properly tackle rising inflation, the central bank will only gradually increase interest rates and ensure an uninterrupted economic recovery. Meanwhile, BOT will let the baht move along with market forces, starting from this month onward.
4) KBANK will budget THB100 billion for technology drive to expand banking to unbanked-underbanked Thais
KBANK announced a Bht 100 billion strategic programme aimed at boosting access to banking services among Thailand’s unbanked and underbanked population as well as very small businesses and the self-employed. The programme includes accelerated investments in technology, technology-related acquisitions, commercial partnerships, organisational development, as well as adopting other technology-driven methods to boost access to banking services among a broader range of the public.