1) FSS expects global plays to buoy Thai market, led by energy stocks
Finansia Syrus Securities (FSS) expected the Thai stock market to move in a sideways to sideways-up trend around 1,500 points. The parliament could not elect a new prime minister yesterday, but the analyst expected Global Plays, especially energy stocks, would continue to support the market, following the rise in crude oil prices.
Looking past political issues to the day that Thailand has a new government, the analyst had a positive view on the outlook that should build up investors’ confidence. Meanwhile, more stimulus packages would benefit stocks in Domestic Plays.
2) Singapore narrowly avoids a technical recession in 2Q23
Singapore’s economy narrowly avoided a technical recession after reporting 0.7% YoY growth and 0.3% QoQ growth in the second quarter.
The reading was mostly in line with economists expectations polled by Reuters for a 0.6% YoY growth and 0.3% QoQ rise.
In the first quarter, Singapore’s economy fell by 0.4% QoQ on a seasonally adjusted basis, while recording a marginal growth of 0.4% from the same period of last year.
3) Ripple wins case over XRP coin status against SEC
The price of Ripple’s XRP token surged 71% to about 80 cents a coin on Thursday after a New York judge ruled that it is not a security in the case raised by the SEC.
The ruling gave hopes to crypto traders that other alternative tokens could fall to the same category as not being as secure as XRP. Matic, Litecoin, Solana and Cardano all surged, while Bitcoin and ether rose 4% and 6%, respectively.
