Kaohoon Morning Brief – 25 April 2023

1) FSS expects 1,550-1,565 movement range for SET Index while lacking positive factors to support the market

Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways trend within the range of 1,550-1,565 points as the market lacks positive drivers, while investors are looking forward to the GDP and PCE reports later this week. The main focus for domestic factors is the results of listed companies performance in 1Q23.


2) First Republic Bank’s deposits fell $100 billion while seeking restructuring

Despite a gain of 12% on Monday, share prices of First Republic Bank fell more than 20% after the closing bell on the report of the bank’s deposits falling by more than $100 billion in the first quarter of this year.

The bank said that it was exploring options such as restructuring its balance sheet. First Republic Bank plans to shrink its balance sheet and cut expenses by lowering executive compensation, paring back office space. This expenses cut also included laying off nearly 20% to 25% of employees in the second quarter of this year.


3) Coinbase sues SEC, seeking answers from regulators on industry’s framework progression

Coinbase filed suit against the Securities and Exchange Commission on Monday, demanding the regulator to share an answer to a 9-month long petition on whether the regulator would allow the crypto industry to be regulated using existing SEC frameworks.


“Today, we filed a narrow action in the U.S. Circuit Court to compel the SEC to respond “yes or no” to a rulemaking petition we filed with them last July asking them to provide regulatory guidance for the crypto industry,” wrote officer Paul Grewal on Twitter..