Market Roundup 10 February 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,664.57 points, decreased 4.60 points or 0.28% with a trading value of 58 billion baht. The analyst stated that the Thai stock market edged lower, pressured by DELTA and MAKRO that moved the index by around 3 points, while the overall trading session in the region was sluggish following a rise in U.S. bond yield.


2) UK avoids recession as 4Q22 shows flat growth despite December slump

The United Kingdom narrowly avoided recession as economic growth in the final quarter of 2022 showed no movement, while shrinking 0.5% in December, which was higher than a consensus for a 0.3% contraction.

The U.K. would fall into a recession if its economy recorded negative growth in the fourth quarter, following a 0.2% contraction in the third. A two consecutive quarterly contraction marked a recession.


3) South Korea to resume issuing short-term visas to Chinese visitors from Feb 11

South Korea reportedly plans to resume issuing short-term visas to Chinese travelers on February 11 after China’s COVID-19 situation has eased, according to Seoul officials on Friday.

Last month, South Korea temporarily stopped issuing short-term visas to Chinese visitors after China abruptly dropped its “zero-COVID” policy, resulting in a surge of cases. As a kind of response, Beijing has stopped issuing South Koreans tourist visas for short-term stays.

In light of the decline in the number of infections among Chinese arrivals and the lack of new strains of the virus, South Korea’s vice interior minister in charge of disaster and safety management, Kim Sung-ho, announced that the government will resume issuing visas.


4) Malaysia’s economy rises 7% in 4Q22 on strong domestic demand

Malaysia’s economy surged by 7% in the fourth quarter from last year due to the continued expansion of domestic demand and resilient demand for electrical and electronic goods, said Nor Shamsiah Mohd Yunus, the governor of the Bank Negara Malaysia (BNM), on Friday.

Reuters polled economists expected the central bank to report a GDP in October-December of 6.6% higher than in the same period in 2021, but slowing down from 14.2% growth year on year in the third quarter.

In 2022, the economic growth was at 8.7%, higher than in 2021, and was the fastest full-year growth in 22 years, exceeding the government’s forecast of 6.5%–7%.

The central bank expected that growth this year would be moderate all year round, between 4% and 5%, amid the global slowdown.