1) Thai stock market overview
Thailand’s SET Index closed at 1,639.72 points, increased 9.77 points or 0.60% with a trading value of 74 billion baht. The analyst stated that the Thai stock market rallied in response to purchasing power in the banking, retail and refining stocks, including more inflows to the market as confidence in economic recovery has risen, coupled with easing concerns on inflation.
The analyst expected SET Index to move narrowly tomorrow after a series of hikes recently, giving a support level at 1,630-1,635 points and a resistance level at 1,650 points.
2) Tencent posts first ever year-on-year revenue decline in 2Q22 as gaming industry struggle
Tencent announced its first ever quarterly revenue decline on a yearly basis, following stringent regulations from the Chinese government on gaming in China as well as a resurgence of Covid-19 that weighed on the Chinese tech giant.
In the second quarter, Tencent posted revenue of 134.03 billion yuan, a slight miss of 134.6 billion yuan expected and also a decline by 3% year-on-year from the revenue of 138.25 billion yuan.
However, net profit largely missed expectation in this quarter, reporting at 18.62 billion yuan, compared to 25.28 billion yuan expected and 42.53 billion yuan in 2Q21.
3) OPEC is not to blame for surging inflation, the group’s new chief says
New OPEC Secretary-General Haitham Al Ghais stated through CNBC that the group is not behind soaring inflation globally while pointing at chronic underinvestment in the oil and gas industry instead.
The statement came after OPEC and its allies agreed to increase only 100,000 barrels of oil per day for the upcoming month, which is largely lower than the market expectations amid surging energy prices.
The decision is seen as a snub to the U.S. President Joe Biden who visited Saudi Arabia last month to ask Riyadh for a production increase to help the US and global economy.