1) Thai stock market overview
Thailand’s SET Index closed at 1,598.75 points, increased 4.02 points or 0.25% with a trading value of 69 billion baht. The analyst stated that the Thai stock market moved in sideways trends and lowered its gain in the afternoon session after China began its military drills near Taiwan island.
The analyst expected the market to continue moving in sideways trends prior to the announcement of Thailand and the U.S. inflation next week while monitoring the relation between China and the U.S. as well.
2) Oil prices slightly bounced back on Thursday after 4% drop last night
Oil prices slightly bounced back after plunging 4% last night as U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and an increase in output by OPEC+.
The international benchmark Brent crude rose 0.68% to $97.44 a barrel at the end of Asian trading session on Thursday. Meanwhile, the West Texas Intermediate gained 1.19% to $91.74 per barrel.
Oil prices came under pressure last night after U.S. crude oil inventories rose unexpectedly last week as exports fell. Meanwhile, OPEC+ agreed to raise production output by 100,000 barrels per day.
3) Malaysia to end ban on chicken exports on August 1
Malaysia expected to end its ban on chicken exports on August 30, 2022, after the market saw a slight oversupply in chicken, according to the Agriculture and Food Industries Minister Ronald Kiandee.
The country issued an order to ban chicken exports on June 1 moving onward as part of the efforts to stabilise local chicken supply and prices.