1) FSS expects positive momentum from overseas to boost SET Index
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to recover to the range of 1,540-1560 points with a brighter investment outlook from external factors. The energy sector is expected to continue supporting the market after a rise in oil prices due to tight supply as Brent crude just hit the $94 mark.
The positive factors came from a higher-than-expected US retail data for August at 0.6% MoM and core CPI was +2.2% YoY as the market had hopes for a soft landing.
2) China sees signs of recovery as retail sale and industrial production grow
China’s retail sales and industrial production saw some recovering signs in August with a better-than-expected growth at 4.6% from the same period last year, beating expectations for 3% growth forecast by a Reuters poll.
Meanwhile, industrial production expanded by 4.5% from a year ago, which was also better than a 3.9% growth estimated by economists.
Growth in China has slowed down after coming out of the world’s toughest lockdown during Covid-19 pandemic. In recent weeks, the government has announced several stimulus measures to boost its economy, especially to the debt-piling property sector.
3) Arm jumps 25% on first trading day
Arm Holdings saw its share price jump 25% during its first trading day in Nasdaq after selling IPO at $51 a piece, which is the top of its price range.
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.
Softbank is currently the major shareholder of the chip design company at 90%.
