1) Thai stock market overview
Thailand’s SET Index closed at 1,624.39 points, increased 7.48 points or 0.46% with a trading value of 57 billion baht. The analyst stated that the Thai stock market bounced back, following the trend in Asian markets in anticipation that Chinese authorities could relax Covid measures after an unrest. Foreign flows to big-cap stocks also boost the market, while baht currency also moved in appreciation.
2) Thailand approves securities transaction tax
Thailand’s cabinet approves a draft for taxation of income earned from selling securities that could be implemented within the next 90 days, according to the source close to the matter.
The taxation will be collected when selling shares in the Thai stock market at the amount of 0.11%, which is the same amount that the government used to collect 30 years ago that came to a temporary suspension up until now. However, the government noted that the first year of implementation will collect half of the amount, which would be 0.055%.
3) Apple estimates 6 million units shortfall in iPhone from unrest in Foxconn
A key manufacturing hub of Apple’s iPhone in Zhengzhou that suffered from a turmoil could have an impact on a production shortfall for about 6 million for iPhone pro units this year.
Foxconn Technology group is a Taiwan company that majors for product devices to Apple’s iPhone 14 Pro and Pro Max. If lockdown continues, the company will set further production back.
Apple’s shares fell 1.9% in premarket trading in New York on Monday, and it declined 17% so far this year. The company cut the overall production target to 87 million units from an earlier target of 90 million units.