1) FSS says a breakout beyond 1,570pts will start a climb for SET Index
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a sideways to sideways-up trend to test the resistance level of 1,570 points. A breakout would give a positive technical sign for mid and long-term outlook. The overall investment environment started to ease after the U.S. bond yields and Dollar Index slowed down slightly, lowering pressure on risk assets. Meanwhile, the market is monitoring upcoming economic data this week, including Chinese PMI and Eurozone’s inflation.
2) US mortgage demand plunges to lowest level since 1995
Mortgage demand in the US is now at its lowest level since 1995 and still continuing to decline sharply.
The demand in 2005 was around 300% above the current level. However, the demand for mortgages started to decline noticeably since 2021 by a massive 60%. Meanwhile, existing home sales declined 16% this year to the lowest since 2010. The market is now in a dilemma as homeowners do not want to sell and no one wants to buy as well.
3) Thailand records 17.57 million tourist arrivals so far this year
Thailand has recorded 17.57 million foreign arrivals so far this year, according to the announcement from the tourism ministry on Tuesday. This showed that 2.16 million tourists have entered Thailand so far in August with only a few days left as the recorded 15.4 million arrivals for the first seven months. However, the monthly number could be slightly lower than 2.49 million in July. Thailand, the tourism-reliant country, is projecting full-year arrivals of about 28 million.