Market Roundup 18 November 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,617.38 points, increased 2.43 points or 0.15% with a trading value of 56 billion baht. The analyst stated that the Thai stock market moved narrowly without drivers to support the market after pricing in on the lower-than-expected US inflation and Fed’s slowing aggression. The analyst expected the Thai stock market would move in the range next week as investors look ahead for Thai GDP and exports data.


2) Goldman Sachs is “bullish” on China stocks after easing tough Covid policy

Analysts at Goldman Sachs predicted that the MSCI China benchmark and the CSI 300 Index will both increase by 16% over the following 12 months, the highest gains in the region. Additionally, both South Korea and Hong Kong were upgraded from neutral to overweight.

They suggested that the second quarter of 2023 could be a turning moment for Asian stock markets as the dollar reaches its peak and the Federal Reserve begins to shift monetary policy.

Some money managers feel the worst is gone for Chinese markets due to loosened Covid restrictions and developer funding.


3) Indonesia’s Tech Giant GoTo will slash 1,300 employees, 12% of workforce

GoTo Group, Indonesia’s largest internet giant, is the latest tech company to announce job cuts, laying off 1,300 employees, or around 12% of its total workforce.

GoTo has joined other global technology firms, such as Apple Inc. and Meta Plaform Inc., in reducing staff or halting hiring in preparation for upcoming economic difficulties. Job cutbacks in the industry are nearing levels seen in the early stages of the Covid-19 outbreak as tech companies worldwide face a worsening economic outlook.

Local and international media have previously reported that GoTo, which had its initial public offering on the Indonesia Stock Exchange in April 2022, was preparing to lay off 10% of its total staff due to economic concerns.


4) South Korea’s Daol Investment seeks to sell its Thai securities unit

South Korea’s Daol Investment & Securities is reportedly seeking to sell its Thai securities unit, citing a gloomy long-term outlook for the market, according to local media outlet Yonhap on Friday.

Daol Investment & Securities announced on Friday that it will sell a 69.9% ownership in Daol Securities (Thailand), its Thai subsidiary, and is in talks with domestic financial institutions.

According to the report, the South Korean investment firm hopes to raise approximately 100 billion won from the sale, while asserting that the company did not have a liquidity issue.