Market Roundup 5 October 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,580.27 points, increased 2.27 points or 0.14% with a trading value of 59 billion baht. The analyst stated that the Thai stock market continued to trade in positive territory, following the global market’s trends. However, profit taking in big-cap stocks, power generators, banks and DELTA weighed on the Thai stock market. Investors were focusing on the OPEC+ meeting and the EU’s price cap on Russian oil.

The analyst expected SET Index to move in sideways trends tomorrow within the range of 1,570-1,590 points.


2) EU agrees to impose price cap on Russian oil

The 27 member states of the European Union agreed on Wednesday to impose a price cap on Russian oil in response to Russia’s annexation of regions in Ukraine.

The fresh sanction aims to strike Russia’s oil revenues in the midst of its ongoing war in Ukraine and President Vladimir Putin’s illegal annexation of partially occupied territories in Ukraine.

The Czech Republic, which is currently in charge of the EU presidency, said that a “political agreement” had been reached on the eighth package of sanctions against Moscow.


3) Gazprom to resume gas delivery to Italy

Russian-state owned energy firm Gazprom announced on Wednesday that gas exports via Austria will be resumed, primarily to Italy. The exports had been halted over the weekend due to regulatory challenges.

According to the report, the company and its Italian clients have worked out a plan for gas sales in light of recent regulatory shifts in Austria.

“The Austrian operator said about its readiness to confirm the transport nominations of LLC Gazprom Export, which allows resuming Russian gas supplies through Austria,” Gazprom said.

On Saturday, Gazprom said that gas transit through Austria had been halted after its grid operator refused to confirm transport nominations or the amount of gas that Gazprom planned to ship.


4) Thailand’s inflation slows down in September

Thailand’s inflation rate fell to 6.4% in September, from 7.86% the previous month, and was lower than market expectations of 6.6%, according to official data released on Wednesday. This was the lowest figure since April.

The Ministry of Commerce reported the September headline consumer price index (CPI) at 107.70, up 6.41% year on year and 0.22% month on month, bringing Thailand’s annual inflation rate for the first nine months (Jan-Sep) to 6.17%.

The core CPI in September was 103.73, up 3.12% year on year and 0.14% from August.