1) FSS sees tough road for SET Index with resistance level at 1,500
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways trend after a short recovery yesterday. The analyst estimated that the market would not be able to surpass the resistance level of 1,500 points in the coming days, thus, the analyst recommended a “Selective Buy” on stocks with low fluctuation and stocks related to essential products and services that have limited impact to domestic and international risks. Meanwhile, stocks benefiting from consumption and tourist recovery in the second half of this year are also recommended.
2) US 1Q23 GDP revised up to 2%, largely beating previous data and expectations
The U.S. economy recorded a much stronger-than-reported growth in the first quarter of this year, according to an upward revision from the Commerce Department on Thursday.
Gross Domestic Product (GDP) for the first quarter of 2023 rose 2% when compared to the same period of last year. The data was much higher than the previous estimate of 1.3% and a forecast from Dow Jones for a 1.4% gain. This was the third and final estimate for 1Q23 economic growth. The actual growth in the final quarter of 2022 was 2.6%.
3) China’s factory activity continues to shrink in June
China’s factory activity in June continued to stay in a negative territory for the third month as economic recovery from Covid-19 remained sluggish.
The manufacturing purchasing managers’ index (PMI) for June came in at 49.0, compared to 48.8 a month prior and 49.2 in April, according to an official data from the National Bureau of Statistics on Friday.
Meanwhile, official non-manufacturing PMI came in at 53.2 in June, its weakest reading this year after 54.5 in May and 56.4 in April.
