1) FSS remains bullish on Thai economy, while covid situation in China puts pressure on reopening
Finansia Syrus Securities (FSS) expected the SET to move sideways-to-sideways-up within 1,610-1,630 points. The sentiment eases due to the market optimism that the Fed would slow the pace of its future rate hikes while the market waits for minutes of the Fed meeting tonight. The Dollar Index and U.S. bond yields decreased after rebounding in the past week. The worsening covid situation in China extends pressure on the optimism that China would reopen. Since it may happen later than the market estimate, it limits global risk asset recovery.
FSS maintained its bullish view of the Thai economy, which is more robust than other regions. It is accelerating, especially in 4Q22-2023, when it is the high season for tourism and spending. They should help sustain the mid-to-long-term fund inflow outlook. The SET has crucial support at 1,580 (+/-). The outlook remains intact if the index does not fall below the said level.
2) Meta denies rumors of Zuckerberg stepping down
Meta Communications Director Andy Stone cleared the rumors circulated in the social media last night, saying that the report of Meta’s CEO Mark Zuckerberg stepping down was false. The share price of Meta bounced back from a drop of 1.3% in early session to close 1.44% higher on Tuesday.
3) Baidu’s 3Q22 revenue beats Wall Street expectations
Baidu Inc’s third-quarter performance came out better than the market’s anticipation as the giant tech company from China benefited from a recovery in online advertising sales and growth in its cloud and AI businesses.
Baidu’s revenue increased 2% to 32.54 billion yuan in the third quarter of 2022, beating the consensus from Refinitiv for 31.79 billion yuan.
