1) KSS expects to SET Index to continue surging amid hopes for Fed slowing down interest rate hikes
Krungsri Securities (KSS) expected Thailand’s SET Index to challenge the resistance level of 1,685-1,690 points in anticipation of Fed slowing down interest rates hike after the report of US average wage per hour coming out lower than expected. Meanwhile, its service PMI shrunk, resulting in U.S. bond yield edging down, which was a positive sentiment to fund flows. More importantly, China’s reopening could also boost the Thai economy to continue growing.
2) Nearly 35 million passengers from China made trips on Saturday
Some 34.74 million passenger trips were made Saturday, the first day of the 2023 Spring Festival travel rush, new data from the State Council of the People’s Republic of China showed.
The figure was 38.9 percent higher than the same period of 2022, according to a work group on the travel rush under the State Council.
Some 6.02 million train trips and 27.35 million road trips were made Saturday, up 18.4 percent and 46.9 percent, respectively, from last year.
Saturday also saw a 24.9-percent increase in air passenger trips and a 7.4-percent hike in waterway trips.
The Spring Festival travel rush, also known as “chunyun”, will last from Jan. 7 to Feb. 15 this year, during which many Chinese people will travel to reunite with their families for the Chinese Lunar New Year, which falls on Jan. 22 this year.
3) Shares of Alibaba surge 4% as Jack Ma lost his stake at top shareholder
The share price of Alibaba opened 3.9% higher on Monday in the Hong Kong Exchange after the report that Jack Ma has quitted fintech giant Ant Group amid a crackdown with the China’s Communist Party that targeted the billionaire.
The company released a statement on Saturday, saying that it was adjusting its ownership structure, which would result in no shareholder, alone or jointly with other parties, will have control over Ant Group.
Ma is holding 53.46% of Ant Group’s shares, but after the adjustment, he will hold only 6.2%.