Market Roundup 7 April 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,577.07 points, increased 5.94 points or 0.38% with a trading value of 34 billion baht. The analyst stated that the Thai stock market edged narrowly higher, supported by gains in DELTA, otherwise the market could finish in negative territory as the market still lacked positive drivers. The market continued to be pressured by the U.S. weak economic data and the release of job data tonight could move the market.

The analyst expected the Thai stock market to move within the range prior to the long holiday next week.


2) World Food Price Index falls for the 12th consecutive month in March

In March, the United Nations Food and Agriculture Organization’s global price index dropped for the 12th month in a row, and it is now down 20.5% from its record high one year ago, when it was set in response to Russia’s invasion of Ukraine.

According to the Food and Agriculture Organization (FAO), the average price of the most widely traded food items dropped to 126.9 in March from 129.7 in February. The reading was the lowest since July of 2021.

According to FAO, the decline was caused by a number of factors, including an abundance of supply, a decrease in import demand, and the prolongation of a pact allowing the safe transit of Ukrainian grain over the Black Sea. The decline in the index, according to the Rome-based agency, reflected lower prices for cereals, vegetable oils, and dairy products, which countered increases in sugar and meat prices.

The dairy index was down 0.8%, while the vegetable oil index declined 3.0%, representing a 47.7% decrease from the level the index reached in March 2022.

Sugar, on the other hand, increased by 1.5% to its highest level since October 2016 on fears that output in India, Thailand, and China would continue to fall. Meat saw a 0.8% increase in the price index.


3) Tesla cuts prices of Model 3 and Model S for third time in 2023

Tesla Inc announced another price cut of its electric vehicles in the United States as part of its strategy to spur demand amid global economic slowdown.

According to the price shown on its website, the performance version of the Model 3 has been cut by 1.9%, and the basic version of the Model S has been cut by 5.6%.

The cut came after the EV producer’s Chief Executive Office Elon Musk repeatedly said in recent months that the company would focus on cutting prices to boost demand.