1) Thai stock market overview
Thailand’s SET Index closed at 1,624.96 points, increased 0.56 points or 0.03% with a trading value of 45 billion baht. The analyst stated that the Thai stock market had low trading volume due to a holiday in the U.S. for Thanksgiving. There was buying pressure in hospitals and reopening stocks in response to an increase in Covid cases. In addition, the analyst expected the Thai stock market to remain quiet with a support level at 1,615 points and a resistance level at 1,630 points.
2) Thailand’s Car Exports Surge 15% in October on Relaxing Chip Crisis
The number of exported car sales in October 2022 was 94,228 units, an expansion of 15.51% from the same period last year, while the value of export cars at 84,917.32 million baht, up from 71,410.68 million baht from the same period last year.
Meanwhile, the number of exported cars sales in the ten months of this year (Jan-Oct 2022) was 800,672 units, increased from the same period a year earlier of 5.48%, with the value of a exported cars sales of 727,468.96 million baht, increased from the same period of last year of 9.60%.
3) Anwar Ibrahim steps up as 10th Malaysian prime minister
Anwar Ibrahim emerged victorious in the Malaysian election as the king appointed him as the tenth prime minister of the nation.
Ibrahim’s Pakatan Harapan, the largest opposition party, won 82 seats, which fell short of 112 seats required for majority, prompting the king to ask leading coalitions to form and present their alliances by Tuesday.
4) OECD expects global economy to slow down with Europe hitting the hardest by energy crisis
The Organisation for Economic Cooperation and Development (OECD) stated that global economic expansion is expected to decelerate next year before bouncing back in 2024.
OECD wrote in the latest Economic Outlook, stating that the global economy should avoid a recession next year as the global slowdown was hitting economies unevenly.
European countries are the most concerned from an OECD perspective, being the hardest hit by the worst energy crisis since the 1970s that will trigger a slowdown. The Eurozone economy is expected to slow down from .3% growth this year to 0.5% in 2023 before recovering to expand by 1.4% in 2024.
Amid this grim outlook that the global economy is on a brink of recession, OECD still urged central banks to keep hiking interest rates as inflation, though starting to decline, is still at a high level.
OECD expected world’s economic growth to slow from 3.1% this year to 2.2% next year before accelerating to 2.7% in 2024.