1) Thai stock market overview
Thailand’s SET Index closed at 1,615.82 points, decreased 10.10 points or 0.62% with a trading value of 57 billion baht. The analyst stated that the Thai stock market moved in sideways to sideways-down trends, following the same direction as regional markets in response to profit taking before the Fed’s Symposium at Jackson Hole on Friday. Meanwhile, the market expected the Fed to double the QT, raising concerns in equity markets.
2) European gas prices hit another record high as Russia expects to shutdown Nord Stream 1 for maintenance
European gas prices continued to make another record high on Monday after the main pipeline feeding natural gas to European countries from Russia is expected to commence an unscheduled maintenance at the end of the month, worsening the energy crisis in the region.
After closing at a record high last Friday, the Dutch TTF Gas Futures for September surged more than 11% to EUR275.96 intraday on August 22, 2022. The price is currently trading at EUR268.
During the weekend, Russian state-owned energy company Gazprom stated that it will shut down Nord Stream 1 pipeline, a key pipeline conveying natural gas to Europe, in an unscheduled maintenance for three days on August 31 – 2 September.
3) Thailand’s GDP to grow 3-3.5% in 2022, Finance Ministry says
Thailand’s economic growth is expected to grow 3.0-3.5% in 2022, according to an estimate of the finance ministry Arkhom Termpittayapaisith on Monday.
In his statement to a state agency forum, he noted that Thailand’s post-pandemic economy will be in a slow but steady recovery. Public investments will help push the Thai economy forward, while state investment projects will be accelerated to support the recovery as well.
4) RS files for IPO to list Chase Asia, offering 562 million common stocks for subscription
RS Public Company Limited or RS Group (SET: RS) prepared to list common stocks of Chase Asia or Chase on the Stock Exchange of Thailand and offer these newly issued common stocks to the public through the Initial Public Offering process (IPO), under the advisory of Kasikorn Securities Public Company Limited. The total of 562 million shares will be offered through the IPO process to raise funds to build competitive edge, create opportunity and initiate a substantial business growth of Chase.