Kaohoon Morning Brief – 4 September 2023

1) Finansia Syrus Securities (FSS) expected Thailand’s SET Index to move in a positive territory in the same direction as regional markets. The market will be boosted by the endorsement of the new Thai cabinet, while U.S. non-farm payrolls edged higher. Investors are now easing on inflation concerns.

Meanwhile, a rise in crude oil prices will benefit the energy stocks in Thailand.


2) US unemployment rate rises

The U.S. reported higher nonfarm payrolls last Friday, which showed an unemployment rate rising to 3.8% in August, its highest level in more than a year. The data was also above economists expectations for the payrolls to remain at 3.5%.
Meanwhile, average hourly earnings rose 4.3% from last year and also slightly below expectations of 4.4% rise by economists polled by Dow Jones.

Payrolls in August showed faster-than-expected growing pace with 187,000 being added for the month.


3) Aramco considers selling $50 billion worth of stake

Saudi’s state-owned enterprise Aramco is considering selling a stake worth approximately $50 billion through a secondary share offering on the Riyadh stock exchange, according to the report by Wall Street Journal.

The report noted that the sale could be before the end of the year as Aramco has been sounding out potential investors, such as other multinational oil companies and sovereign-wealth funds.