1) Thai stock market overview
SET Index closed at 1,678.50 points, increased 11.38 points or 0.68% with a trading value of 87.9 billion baht. The analyst stated that the energy and tech stocks moved the Thai stock market in today’s session while getting another push from the buying pressure of foreign investors.
The analyst recommended investors to monitor the U.S. inflation data closely tonight, giving a support level for tomorrow’s session at 1,675 points and a resistance level at 1,685 points.
2) World Bank revises global and Thailand’s GDP forecast for 2022 down
The World Bank has cut its global growth forecast for 2022, expecting the economy to slow down to 4.1% in 2022, down from a 4.3% growth projected in 2021. Meanwhile, the World Bank also cuts the economic growth of Thailand as well. The international institution expects the Thai economy in 2021-22 to grow 1.0% and 3.9%, respectively, down by 1.2 percentage points each from the previous forecast in June 2021 due to the damage in the tourism industry from Covid-19 outbreak.
As for the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), the committee maintains its forecast for economic growth in 2022 at 3-4.5 percent, with exports expanding by 3-5 percent and inflation at 1.2-2 percent.
3) Goldman Sachs cuts China 2022 GDP growth over Covid restictions
Goldman Sachs has cut its 2022 forecast for China economic growth to 4.3%, from 4.8% previously, to reflect Beijing’s restrictions on business activities that have been increased to contain the spread of Covid-19.
4) PSG acquires new construction project in Lao worth THB8.9 billion
After the recent rally in the past week, PSG Corporation Public Company Limited (SET: PSG) announced that the company has been selected as the successful tenderer for the construction of XPPL Expansion Phase 1 Project of Xekong Power Plant Company Limited located in Xekong Province, the Lao People’s Democratic Republic, with the project value of USD263,955,452.33 (inclusive of VAT) or equivalent to approximately THB8,895,298,743.52 as of today’s exchange rate.
