1) Thai stock market overview
Thailand’s SET Index closed at 1,639.92 points, increased 6.05 points or 0.37% with a trading value of 71 billion baht. The analyst stated that the Thai stock market fluctuated due to speculation in the market, but the overall outlook was positive with Thailand’s economic momentum that expected inflation to nearly pass its peak. However, the analyst stated that the SET Index might not be able to break the technical resistance level, even after a period of corrections.
In addition, the analyst expected SET Index to continue gaining in tomorrow’s session, giving a support level at 1,630 points and a resistance level at 1,645 points.
2) Russian bank successfully bypasses SWIFT using Chinese yuan
Russian state-owned bank VTB announced on Tuesday that it had become the first Russian bank to launch money transfers to China using yuan currency without the international messaging system SWIFT.
VTB CEO Andrei Kostin said in a statement that is a start leading to a massive rejection of the use of the dollar and the euro in international payments.
3) Thai Investor’s confidence remains flat in August as concerns over Covid, Fed’s rate hike persist
Investor confidence in Thailand’s equity market over the next three months increased 12.2% to 116.59 in August, thanks to a boost from tourism recovery and the return of foreign fund inflows, according to a survey released on Wednesday by the Federation of Thai Capital Market Organizations (FETCO).
However, investors remain concerned about the Federal Reserve’s monetary tightening plan in the face of a weak economic recovery and the Covid-19 outbreak.
4) Chinese trade data in August misses expectations as lockdown in big cities hinders growth
China’s exports in US dollar terms expanded at a slower rate in August as a number of cities in the mainland, especially in southwestern area, went into lockdown due to the resurgence of Covid-19.
Exports in August grew 7.1% YoY, a sharp cut from 18% growth in July and 13.5% expected by economists.
Meanwhile, imports grew 0.3% YoY, compared to 2.3% gains in July and a rise of 1.6% expected by economists.