1) FSS expects SET Index to remain weak without positive factors to boost market
Finansia Syrus Securities (FSS) expected the SET Index to move within the range of 1,530-1540 points as the positive momentum in the last two months started to disappear after the index could not withstand above the 1,540 resistance level. External factors also pressured the market as investors had not yet ruled out the possibility of the Fed raising rates in November and December after the latest CPI data for August was slightly hotter than expected.
The new measures approved by the Thai government yesterday should be catalysts for domestic factors.
2) Arm priced IPO at $51
The chip design company Arm priced its initial public offering at $51 a share, which is the top of its price range of $47 to $51. The fully diluted market capitalization for Arm is over $54 billion, based on the offering price.
Arm reported that revenue of its fiscal year that ended in March dropped less than 1% from the prior year to $2.68 billion. Meanwhile, net income in fiscal 2023 fell 22% to $524 million.
3) China says it has not ban staff from using foreign phones
China stated that it has not instituted any laws that prohibited government staff from using or buying foreign phones.
The Chinese Foreign Ministry said on Wednesday, which could be a response to the report that the Chinese government is banning its government employees from the use of Apple’s products in concerns of national security.