Market Roundup 30 August 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,639.45 points, increased 12.93 points or 0.79% with a trading value of 68 billion baht. The analyst stated that the Thai stock market bounced back in today’s session, following the recovery in international markets. The Thai stock had a better performance than regional markets due to the inflow into big-cap stocks. The analyst expected upside for tomorrow’s session will be limited, giving a support level at 1,625-1,630 points and a resistance level at 1,645-1,650 points.


2) Russian Gazprom further cut gas deliveries to France

The Russian energy giant Gazprom will further reduce gas deliveries to France beginning Tuesday, according to the utilities office, citing contract issues. Markets viewed it as a new squeeze of Europe’s energy supplies.

The report came after French Prime Minister Elisabeth Borne urged business to cut energy use on Monday, warning that rationing could happen this winter if Russia cuts off gas supplies.

Engie noted that Gazprom’s deliveries to them had dropped “substantially” since the outbreak of war in Ukraine, with the most recent monthly supply amounting to around 1.5 terawatt-hours.


3) GOP lawmakers urge Nancy Pelosi to declare Biden’s student-loan forgiveness “unconstitutional”

Republicans urge Speaker of the House of Representatives Nancy Pelosi to challenge the U.S. President Joe Biden on his attempt to cancel student loans.

Speaker Nancy Pelosi was once one of those critics back in 2021 saying that the U.S. president does not have the power of debt forgiveness, while postponement or delay are within his authority.

94 Republicans led by Georgia Rep. Jody Hice wrote a letter asking Pelosi to stand by her words on debt forgiveness and declare the president Joe Biden’s measure unconstitutional and illegal.


4) Malaysia to allow limited chicken exports from October

Malaysia will lift its ban on chicken exports and allow limited shipments beginning in October, according to officials on Monday.

Annuar Musa, chairman of the nation’s task force on inflation, has stated that only breeders who have received approval from the Agriculture and Food Industries Ministry will be able to export chickens.

Annuar further noted that the relaxing of the ban will not have an effect on domestic supply as increased production had already helped to lower pricing over the recent months.