Market Roundup 4 November 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,626.32 points, increased 0.70 points or 0.04% with a trading value of 63 billion baht. The Asian markets were positive as Hong Kong’s Hang Seng Index led gains in the region. Meanwhile, the Thai stock market was also positive throughout the day, but saw a sharp selloff at the closing after several gains in recent days.


2) Hong Kong’s Hang Seng Index soars 5% as tech stocks lead gains

Hong Kong’s Hang Seng Index led the Asian markets in gain as giant tech stocks pulled the market higher.

Hang Seng Index closed 5% higher on reports of early progress in U.S. checks on Chinese company audits ahead of schedule and hopes for more relaxation of Covid-19 restrictions, especially inbound and outbound tourism.

Hong Kong’s Alibaba recorded more than 15% gain on Friday, rose nearly 14% and Baidu more than 10%. Overall, Hang Seng Tech index rose more than 10%.

Hang Seng Tech Index started to bounce back after recording more than 40% of loss this year amid tension between the U.S. and China as well as chip shortage that weighed on supply chain and sentiment.


3) Suvarnabhumi Airport expects to record pre-Covid level of traffic by 2023, Thailand’s transport minister says

Thailand’s Minister of Transport Saksayam Chidchob expected Thai tourism to return to pre-Covid level faster than expected as China could greenlight on border reopening, while Japan also showed demand to increase flights to Thailand.

Suvarnabhumi Airport, Thailand’s main hub, used to serve 200,000 passengers per day before the pandemic hit global tourism. Suvarnabhumi Airport now records around 120,000 passengers per day.

The minister of transport said that the figure should reach pre-Covid level by next year, seeing the possibility of Chinese and Japanese returning to the kingdom.

The forecast for recovery was by far a year faster than what the International Air Transport Association had expected.


4) U.S. October job likely to grow at slowest pace in nearly 2 years

Employers in the U.S. likely hired the fewest workers in nearly two years in October, highlighting some relaxation in labor market conditions and allowing the Federal Reserve to pivot toward smaller interest rate rises beginning in December.

The unemployment rate, which will be released on Friday (Nov. 4), is forecast to rise to 3.6% from September’s 3.5%. The Federal Reserve raised interest rates by 75 basis points on Wednesday and stated that its fight against inflation would require further increases in borrowing costs.

However, the central bank indicated that it may be nearing a tipping point in what has become the quickest tightening of monetary policy in 40 years.

According to a Reuters poll of experts, nonfarm payrolls likely climbed by 200,000 jobs in October, following a gain of 263,000 in September. That would be the smallest gain since December 2020.