1) Thai stock market overview
Thailand’s SET Index closed at 1,665.74 points, increased 11.12 points or 0.67% with a trading value of 62 billion baht. The analyst stated that the Thai stock market moved in the same direction as global markets as investors relaxed on potential easing inflation, following oil prices that reached 8-month low that could slow the Fed down from big rate hikes, and foreign fund flows still seek Thai equities.
The analyst set support level for tomorrow’s session at 1,660 points and a resistance level at 1,672-1,680 points.
2) BTS-BA-STEC set up JV to manage airport city in U-Tapao
BTS Group Holdings Pcl. (SET: BTS), Bangkok Airway Pcl. (SET: BA) and Sino-Thai Engineering and Construction Pcl. (SET: STEC) announced on Monday the incorporation of a new joint venture company, UTB Company Limited, to manage airport city in U-Tapao International Airport and Eastern Airport City Project.
According to the shareholding structure, BTS owns 55% of the company, BA owns 25%, and STEC owns 20%.
The new joint venture company’s initial capital is THB10,000,000, divided into 100,000 ordinary shares with a par value of THB100 each.
3) Japan to waive tourist visa requirements, local media report
Prime Minister Fumio Kishida may decide on the loosening as soon as this week, which would also allow individual tourists to enter Japan without using travel agencies.
Before the epidemic, Japan waived visa requirements for visitors to 68 different countries and regions.
In addition to this, the Nikkei newspaper reported on Sunday that the Japanese government is also considering removing a daily quota on arrivals by October.
4) Finance sector gains on minimum-wage raise speculation for more borrowing power
Stocks in the finance sector of the Thai stock market edged higher in the morning session on Monday in response to the report of minimum-wage raise.
The Ministry of Labour is expecting to propose to the cabinet tomorrow for a 5-8% raise in minimum wage, which could raise the sentiment in higher purchasing power and lower credit risks.