1) Thai stock market overview
Thailand’s SET Index closed at 1,675.33 points, decreased 15.26 points or 0.90% with a trading value of 71 billion baht. The analyst stated that the Thai stock market moved in the negative direction, same as global markets, in response to the potential of Fed’s aggressive rate hikes from May onward, while the Treasury Real Yield returned to positive territory, resulting in a selloff for risk assets. The decrease in oil prices also pressured the market as well.
The analyst said that it is possible that the market will rebound tomorrow, but in a limited moving range with a support level at 1,660-1,665 points and a resistance level at 1,685-1,690 points.
2) China leads losses in Asian markets over prolonged lockdown concerns
The mainland Chinese indexes led losses in the Asian markets on Monday as investors showed more concerns on the economy that could be slowed down while the country is trying to calm down rising Covid-19 cases in big cities.
Beijing, the capital city of China, kicked off a massive Covid test on Monday after recording 15 cases on Sunday as the country is trying to maintain its zero-Covid policy. Meanwhile, Shanghai had the highest record in China, finding more than 1,400 cases on Sunday out of more than 1,600 cases nationwide.
SSEC closed 5.13% lower, while SZSE Component Index plunged 6.08%.
3) Thailand’s car sales rise 9.1% in March as economic activities return
Thailand’s domestic car sales in March rose 9.1% from the same period of last year to 87,245 units, boosted by improved economic activities after the relaxation of Covid-19 restrictions, according to the Federation of Thai Industries (FTI) on Monday.
Following a boom in the late first quarter, Thailand recorded 19.1% increase in car sales for the quarter this year when compared to last year as sales reached 231,189 units.
However, despite rising domestic sales, exports of cars in March dropped by 10.2% from the same period of last year to 93,840 units, partly due to the prolonged microchip shortage for some car models.
4) China is looking to offload LNG as virus dampens demand
China – world’s biggest importer of liquefied natural gas is trying to sell some spare supply due to fear that demand is dampened as authorities lock down parts of the country amid intensified COVID-19 infection rate.
Major buyers, including Cnooc Ltd., are offering at least five shipments for summer delivery on the spot market amid the deteriorating domestic outlook.
The companies could look to offload more cargoes if Covid-19 restrictions around China increase, the traders said, requesting anonymity to discuss private details.
