Market Roundup 16 August 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,629.95 points, increased 4.70 points or 0.29% with a trading value of 76 billion baht. The analyst stated that the Thai stock market moved in the same direction as the regional markets after easing concerns over inflation that had seen past its peak, resulting in a potential of central banks slowing down on rate hikes.

Even though there were flows into risk assets, the Thai stock market still lacks positive drivers. The analyst expected SET Index to move in a sideways-trend tomorrow, recommending investors to monitor the Fed’s meeting and US economic data.


2) Singapore court grants 3-month protection for Zipmex

The infamous cryptocurrency exchange Zipmex has been given a 3-month extension of its creditor protection by the Singapore High Court to devise a funding plan.

Zipmex is one of the latest crypto exchanges that fell victim to the domino effect of volatility in cryptocurrency that forced its lenders Babel and Celsius to default in which both companies also encountered the same crisis by their lenders as well.

Zipmex disclosed in its statement in July that it had US$48 million exposure to Babel and US$5 million with Celsius.

The company filed an application on July 22 for a bankruptcy protection from potential creditor lawsuits for up to six months in which it had been given an automatic moratorium for 30 days after the filing or until the Singapore Court makes a decision on the application.


3) UK wages decelerate at record rate in 2Q

U.K. real wages, an indicator reflecting employee’s purchasing power after accounting for inflation, dropped by an annual 3% in the second quarter of 2022, according to data released by the Office of National Statistics on Tuesday.