1) Thai stock market overview
Thailand’s SET Index closed at 1,553.18 points, decreased 7.13 points or 0.46% with a trading value of 58 billion baht. The analyst stated that the Thai stock market closed lower, pressured by a selloff from IVL, TLI and SCGP. Meanwhile, the trading volume slowed down in today’s session as long holidays are drawing near, resulting in a selloff to lower the risk.
The analyst expected tomorrow’s session to mute, giving a support level at 1,550-1,545 points and a resistance level at 1,565-1,570 points.
2) FPO maintains Thailand’s 2022 GDP growth at 3.5%
Thailand’s Fiscal Policy Office maintains its GDP growth forecast for the year 2022 at 3.5 percent as domestic economic activity and the tourism sector are on the path to recovery.
The Thai economy is expected to grow at a rate of 3.5 percent this year (within a range of 3.0 – 4.0 percent), as domestic demand and tourism sector are recovering, which has seen most entry restrictions eased and the Thailand Pass registration for international tourists has been scrapped from 1 July 2022.
3) Oil prices edge higher as rising gas price could trigger a switch to crude
Oil prices were trading higher on Tuesday on speculation that Russia’s gas cut to Europe could drive a switch to crude oil.
Brent crude rose 1.59% to $106.82 per barrel, while West Texas Intermediate (WTI) gained 1.86% to $98.50 per share as of the closing of Asian trading session.
“Higher gas prices, triggered by Russia’s gas squeeze, could lead to additional switching to crude from gas and support oil prices,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
4) General Motors 2Q earnings miss expectations
Supply-chain disruption caused General Motors’ 2Q22 earnings to miss expectations. EPS was $1.14 a share vs. $1.20 estimated by Refinitiv. However, revenue was $35.76 billion vs. $33.58 billion expected.
The company made an announcement earlier this month that it had about 95,000 vehicles with missing components in its inventory, which could lower its performance in the quarter.