Market Roundup 14 September 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,545.14 points, increased 9.83 points or 0.64% with a trading value of 40 billion baht. The analyst stated that the Thai stock market edged higher, following the regional markets as markets expected the Fed to maintain interest rates even with hotter-than-expected inflation data. This attracted fund flows to risk assets, but still at a minimum volume. The Thai stock market received a boost from electronics and banking stocks as well as a recovery in TOP’s share price.


2) Central Retail Corp launches “GO Wholesale” as new growth engine for food segment

CRC launches “GO Wholesale”, a Wholesale business targeting business operators, HoReCa, and small retailers. Operated by Central Food Wholesale under CRC, GO Wholesale will not only be a new choice for business operators and suppliers but also mark a significant movement in Thailand’s wholesale industry. GO Wholesale offers a wide range of products and services with a focus on fresh food and ingredients from both domestic and around the world, along with the new and differentiated standard of services and solutions, serving the growth of the travel industry and the recovering local consumption. This move by CRC reinforces its leadership in the food business and comprehensive capabilities in retail and wholesale to serve all customer segments.


3) KBANK launches THB3,500 mIllion fund to focus on AI, Web3 and fintech

Kasikornbank Public Company Limited (SET: KBANK) has launched a THB 3,500 million fund, the KXVC (Kasikorn X Venture Capital Company Limited) fund, which targets artificial intelligence (AI), Web3, and fintech startups globally after receiving an approval from the Bank of Thailand earlier.

According to Mr. Jom Vimolnoht, Managing Director of KXVC, the fund focuses on AI, Web3 and Deep Tech in the finance segment to meet the needs of consumers, businesses and SMEs in Asia-Pacific. For investment in AI, KXVC wants to invest in AI for users, cyber security systems, cybersecurity, AI/ML tools (e.g. deployment platforms, data annotation, model optimization), and problem-specific AI startups.


4) LNG production in Australia may not recover as workers continue to strike

The worker union in Australia said the strike would begin at 6 AM Perth time (2200 GMT on Wednesday). This is the beginning of a total strike for two weeks as more than 5% of global natural gas supply would be disrupted, causing many to worry about volatile gas prices.

The US natural gas Futures has been rising over $2.7 per 10,000 MMBTU for the second day and its Jan ’24 contract is trading over $3.7, implying the 37% more of risk premium through the year end from the hedgers.

Meanwhile, ICE Dutch TTF natural gas Futures is at €36.2 per Megawatt-hour and its DEC ’23 contract and the further is trading over €50, implying the 27% more of risk premium at the year end from the hedgers.