Market Roundup 13 May 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,584.38 points , decreased 0.14 points or 0.01% with a trading value of 75 billion baht. The analyst stated that the Thai stock market was relatively stable in today’e session as investors continued to digest corporate earnings results and the upcoming announcement of Thai 1Q22 GDP.

The analyst expected the Thai stock market to rebound next week, but with limited upside as concerns over Fed’s rate hike and global central banks aggression on monetary policy to pressure the market in the next 2-3 months.


2) Elon Musk says Twitter deal is on hold

Tesla CEO Elon Musk has said that the deal to take Twitter private is temporarily on hold, citing pending details supporting the calculation of spam and fake accounts.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said in a tweet today.

The share price fell 20% in the pre-market trading. It closed 2% lower yesterday, -9.77% in the past five days. The share price has dropped well below Tesla CEO Elon Musk’s purchase price of $54.20. The selloff from investors has created more than a $9 billion difference in value between the current and offer price.


3) El Salvador’s loss on Bitcoin holdings is higher than upcoming bond payment

El Salvador’s gamble on Bitcoin led to losses equal to the cash-strapped nation’s next interest payment to bondholders, underlining the increased risk posed by its experiment with cryptocurrency.

The route that has been driven by Bitcoin down some 40% since late March has deepened El Salvador’s cumulative losses to about $40 million.

The figure is little more than the country’s next coupon payment on its foreign debt which is $38.23 million due on June 15 on bonds maturing in 2035.