1) Thai stock market overview
Thailand’s SET Index closed at 1,616.67 points, increased 6.73 points or 0.42% with a trading value of 43 billion baht. The analyst stated that the Thai stock market closed higher in response to a surge in U.S. market. An increase in oil prices led to a gain in PTTEP that impacted the SET Index by 1.6 points and MAKRO after adjusting free float has an impact by 1.5 points.
The analyst expected the Thai stock market to continue moving in sideways trend as the market lacks catalyst, giving a support level at 1,610 points and a resistance level at 1,620 points.
2) India’s central bank express concerns on crypto causing the next financial crisis
Shaktikanta Das, the governor of the Reserve Bank of India, warned of the next financial crisis that will be impacted by private cryptocurrencies.
The governor said that cryptocurrencies have huge inherent risks for macroeconomic and financial stability.
The central bank has said many times that cryptocurrencies are not a main risk to the economy, when it acts on a smaller asset class, but its growth that has not been in control has an impact on the potential macroeconomy.
3) Foreign investment in Thailand expands by 74% in first 11 months
Foreign direct investment (FDI) in Thailand surged 74% in the first eleven months (Jan.-Nov.) to more than THB112,000 million, showing that overseas investors are still confident in the country’s economy and keen to extend their investments.
During that period the, the Board of Investment (BOI) has approved 530 new foreign investments, totaling THB112,466 million. In the first eleven months of 2022, Japan was the biggest foreign investor with an investment of THB39,000 million, followed by China (THB22,677 million) and Singapore (THB11,999 million).
This figure shows that the Thai economy is bouncing back from the pandemic thanks to government stimulus measures to draw in foreign investment.
4) China shocks the world after revealing how it counts Covid deaths
The Chinese health official said that the government counts the deaths only from pneumonia or respiratory failure, a shocking revelation to the world as this way of defining deaths from Covid will limit the number of casualties being reported as cases should increase after easing of the pandemic-related restrictions.
China has always been conservative when it counts illnesses, whether the flu or Covid-19, which most countries, such as the United States, count any deaths in which Covid-19 is a factor as death by Covid.