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.
