Kaohoon Morning Brief – 6 June 2023

1) FSS expects SET Index between 1,520-1,545, supported by energy stocks

Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways-up trend within the range of 1,520-1,545 points as oil-related stocks continued to support the market after Saudi Arabia announced a voluntary cut of oil production for one million barrels per day after the OPEC+ meeting that decided to maintain their production output. The analyst recommended investors to pick domestic plays over global plays, focusing on stocks that have less impact from the new government’s policies.


2) Japan could make another intervention if yen continues to weaken

The weakening Japanese yen could prompt another intervention by the central bank at a size of billions of dollars amid its ultra-dovish policy.

The yen is trading around 140 against the U.S. dollar on Monday, just slightly shy from the level that alerted the Bank of Japan to intervene last year with roughly $68 billion to prop up the yen when it hit 150 against the greenback.


3) SEC sues Binance and CEO over ‘web of deception’

The Securities and Exchange Commission filed 13 charges against Binance and its CEO Changpeng Zhao for U.S. securities violation.

The allegation was that Binance, the world’s largest crypto exchange, and its CEO, commingled billions of dollars worth of user funds and transferred them to a European company controlled by Zhao. Moreover, the SEC alleged that Binance failed to restrict U.S. customers from its platform and misled investors about its market surveillance controls.