Kaohoon Morning Brief – 15 May 2023

1) FSS expects SET Index to test 1,600 resistance after political shift in election

Finansia Syrus Securities (FSS) expected Thailand’s SET Index to test the resistance level of 1,580-1,600 points in response to the election results after seeing a political shift to the Move Forward Party by acquiring 151 seats. FSS recommended investing in domestic plays and stocks with a potential good 1Q23 earnings result.


2) Thai economy grew more than expected in 1Q23

Thailand’s economic growth in the first quarter of 2023 grew 2.7% YoY, beating expectations of 2.3%. On a quarterly basis, GDP grew 1.9% vs. 1.7% expected.  


3) Oil falls amid lower consumption fears

Oil prices edged lower on Monday amid concerns of a slowdown in global demand by big consumers such as the U.S. and China despite tightening supplies from OPEC+ output cut.

The international benchmark fell $0.40 or 0.54% to $73.77 a barrel. Meanwhile, the West Texas Intermediate dropped $0.34 or 0.49% to $69.70 per barrel.

Oil prices hit its fourth consecutive week of losses last week, the longest streak of weekly declines since September 2022.