Market Roundup 9 February 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,669.17 points, decreased 1.17 points or 0.07% with a trading value of 63 billion baht. The analyst stated that the Thai stock market was down more than 10 points in the morning session, but had a buying pressure in big-cap stocks in the afternoon, especially banks, retails and ADVANC, to bring the index back to a nearly flat line. The analyst expected the SET Index tomorrow to bounce back following the trend in the global market.


2) Morgan Stanley expects positive outlook on consumer and healthcare ahead of 4Q earnings season

As 4Q22 results are starting to roll out in upcoming weeks, investors are looking into stocks that should have had the best performance in the fourth quarter last year and some positive economic data was pointed out by Morgan Stanley that should give a better outlook on consumer and healthcare sectors.

For 4Q22 performance, Morgan Stanley chose CP All Public Company Limited (SET: CPALL), Central Retail Corporation Public Company Limited (SET: CRC), Bangkok Dusit Medical Service Public Company Limited (SET: BDMS) and Home Product Center Public Company Limited (SET: HMPRO).


3) Consumer mood in Thailand hit 2-year high of 51.7 in January

Consumer confidence in Thailand increased for the seventh straight month in January, reaching a 2-year high, supported by a recovery in tourism and government stimulus measures, according to a survey released on Thursday, although the high cost of living remained a challenge.

The University of the Thai Chamber of Commerce (UTCC) reported on Thursday that consumer confidence reached a 26-month high of 51.7 in January, up from 49.7 in December.

A marked recovery in the key tourism sector, especially with the return of Chinese tourists, has been credited by the UTCC for boosting consumer confidence.

The university said that all indices were higher, implying that consumers were optimistic about the economy’s recovery and likely to increase their spending in the first quarter.

The UTCC, however, noted that that many Thais are still concerned about wages failing to keep pace with inflation, resulting in higher living costs.


4) Credit Suisse records huge annual loss amid restructuring and weak performance

Credit Suisse reported a huge loss of 1.4 billion Swiss francs ($1.51 billion) in the fourth quarter, higher than the 1.14 billion Swiss francs expected by the market, as the second largest bank in Switzerland moving forward with its major strategic overhaul and an underperforming investment banking segment, taking full-year bottom line to a loss of 7.3 billion Swiss francs

Clients were withdrawing assets worth $120 billion in the fourth quarter last year as the bank went into a restructure. Executives pulled off a $4 billion capital raise late last year to fund for the shape up, and are shedding as many as 9,000 jobs. The bank projected that it will regain profitability by 2024.

Yesterday, several media reported that Credit Suisse would cut the bonus pool of its employees in half and pay it in three installments.