1) Thai stock market overview
Thailand’s SET Index closed at 1,509.31 points, decreased 12.81 points or 0.84% with a trading value of 46 billion baht. The analyst stated that the Thai stock market edged lower in response to global negative sentiment in concerns of rate hikes, while it could take longer to bring inflation down. A selloff in big-cap stocks also pressured the market, and trading volume was also low. The analyst expected tomorrow’s session to move in a sideways trend with a support level at 1,500 points and a resistance level at 1,525 points.
2) Thailand’s auto exports rise 12.25% YoY in May
May saw a 12.25% year-over-year increase in Thai car exports, according to data released by the Federation of Thai Industries on Thursday. This increase was driven by a double-digit rise in sales in key trading partners.
In May, Thailand shipped 86,358 automobiles, an increase of 12.25% compared to the same month last year.
FTI’s automotive industry division spokesman Surapong Paisitpattanapong said the rise in exports was boosted by higher sales in major markets such Japan (+25%), Indonesia (+65%), Malaysia (+21%), the United Kingdom (+23%), France (+24%), and the United States (+22%).
3) BOJ policymakers to maintain ultra-loose policy and focus on wage
Bank of Japan (BOJ) board member Asahi Noguchi said that the central bank must maintain its ultra-loose monetary policy to ensure wages, which is seen as a key part to drive inflation to the 2% target, continue to increase as a trend.
Noguchi expected core consumer inflation that is currently remaining above 2% will likely come down to the target level around September or October as the impact of rising raw material costs dissipates. However, the effort to ensure wage growth is becoming a sustained and strong trend.