Market Roundup 8 June 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,559.50 points, increased 26.29 points or 1.71% with a trading value of 59 billion baht. The analyst stated that the Thai stock market outperformed regional markets as foreign fund flows returned to the market, while concerns over political issues eased and the Fed is expected to hold rates in the meeting next week. The analyst expected the SET Index to be steady tomorrow with a support level at 1,547 points and a resistance level at 1,563 points.


2) Thailand’s consumer confidence hits 3-year high as recovery in tourism boosts sentiment

Thailand’s consumer confidence rose to a 39-month high in May, boosted by higher foreign tourist arrivals and increased activity during an election.

The consumer index of the University of the Thai Chamber of Commerce rose to 55.7 in May from 55.0 in April, a survey showed on Thursday.

Thailand recorded 10.4 million foreign tourists from the beginning of this year to May 28, government spokesperson Anucha Burapachaisri said on Thursday.


3) Japan’s Isuzu denies report of relocation from Thailand to Indonesia

Japan’s Isuzu Motors announced later on Thursday that it was not planning to move a factory from Thailand to Indonesia after a statement the Indonesia’s Ministry of Industry made yesterday, saying that the Japanese truck maker is planning to move from Thailand to Indonesia.

“While our company continues to focus on Indonesia as a major market, there are no plans to relocate a Thai factory to Indonesia,” an Isuzu spokesperson said per report by Reuters.

Reuters reported that the spokesperson of Minister Agus Gumiwang Kartasasmita did not immediately respond to a request for comment on the denial from Isuzu.