Thai stock market overview
SET Index closed at 1,676.79 points, increased 6.51 points or 0.39% with a trading value of 93 billion baht. The analyst stated that the Thai stock market moved in an uptrend but narrowly in response to the buying pressure in energy and refining stocks, following the surge in oil price, supported by the OPEC+ decision to increase capacity by 400,000 bpd in February.
In addition, the analyst expected the Thai stock market to move in sideways trends or slightly lower tomorrow after a series of gains in the past few days, giving a support level at 1,650-1,658 points and a resistance level at 1,680-1,685 points.
Foreign Investors continued to buoy the Thai stock market, making a net buy of 3,261 million baht in today’s session.
Britannia closed at record high of Bt13.70
The share price of Britania Public Company Limited (SET: BRI) rose to a record high on Wednesday while breaking all target price given by brokers with a closing price at Bt13.70 per share, increasing 1.40 or 11.48% with a trading value of 800 million baht, the third highest since listed.
Bitcoin’s valuation could reach $100,000, says Goldman Sachs
Bitcoin could snag market share from gold over time as a “byproduct” supported by more adoption along with potential from “Bitcoin-specific scaling solutions”, says Goldman Sachs’ co-head of foreign exchange strategy Zach Pandl.
“Hypothetically, if Bitcoin’s share of the ‘store of value’ market were to rise to 50% over the next five years (with no growth in overall demand for stores of value) its price would increase to just over $100,000, for a compound annualized return of 17-18% (accounting for growth in Bitcoin supply over time),” Pandl wrote in the note.
China launched a pilot version of wallet app for digital yuan
The People’s Bank of China has launched a pilot version of a wallet application on mobile phones for the digital yuan (e-CNY) as Beijing is pushing to develop its own digital currency to reach a wider range of people. The application will be available on China’s Android app stores and Apple’s app store.
China Mobile made its first debut in Shanghai
China Mobile Ltd. shares gained on their Shanghai debut on Wednesday after the company raised 48.7 billion yuan in China’s biggest public share offering in a decade. Shares of China Mobile rose slightly higher than the offer price of 57.58 yuan and traded at a premium of over 40% against the price of the company’s existing Hong Kong-listed shares, which rose 3.3%.
