Kaohoon Morning Brief – 24 August 2023

1) FSS expects Thai stock market to extend gains amid development in Thai politics

Finansia Syrus Securities (FSS) expected Thailand’s SET Index to continue moving in a sideways-up trend to test the resistance level of 1,560-1,570 points, boosted by global markets that saw fund flows returning to risk assets after US bond yields slowed down slightly. The political development after Pheu Thai Party’s Sretta Thavisin was endorsed as Thailand’s 30th prime minister should continue to support the Thai market as economic policies should come out in 4Q23.


2) Nvidia reports more than 400% net income growth as gross margin breaks 70% level

Nvidia reported an outstanding net income of $6.7 billion for the quarter ended July 30, representing an increase by 422% from the same period last year. Overall sales rose 171% year-on-year to $$13.5 billion in its second fiscal quarter.

The company produces graphics processors needed to build AI applications like ChatGPT, which has high demand as the world is moving forward in technology.

Nvidia’s gross margin jumped over 25 percentage points from the previous quarter to 71.2%.


3) Wagner’s leader Prigozhin has been reportedly killed in a plane crash

Wagner Group leader Yevgeny Prigozhin, who launched an attempted coup against Putin in June, has been presumed dead after a plane crash in Russia’s Tver region on Wednesday, and he was on the passenger list.

The press service of Russia’s Federal Air Transport Agency announced that 10 people were killed in the crash near the town of Kuzhenkino, including Prigozhin. The investigation has been launched.