Major stock markets in Asia traded in a mixed session on Monday as China reported a 8.1% economic growth in 2021 this morning.
On January 17, 2022, Thailand’s SET Index opened at 1,678.55 points, increased 5.92 points or 0.35%.
As of 10:12 local time in Thailand, Nikkei rose 0.69%, SSEC increased 0.31%, Hang Seng Index fell 0.59%, ASX 200 gained 0.07% and IDX Composite decreased 0.23%.
The Chinese economy grew by 8.1% in 2021, faster than forecast 8.0%, according to the official data from China’s National Bureau of Statistics as of Monday morning.
The country’s fourth quarter GDP rose by 4% for the same period a year earlier. The data broke forecasts of 3.6% by a Reuters poll.
The People’s Bank of China (PBOC) on Monday cut the borrowing costs of its medium-term loans to some financial institutions for the first time since April 2020 by 10 basis points from 2.95% to 2.85% to support any economic slowdown. The central bank also lowered the borrowing costs of seven-day repos from 2.20% to 2.10%.
Mr. Ekpawin Suntarapichard, investment strategist of the Siam Commercial Bank Securities (SCBS), through “Kaohoon Jor Talad Program” on January, 17, 2022, stated that the major sectors such as the energy and banking sectors could still being the main driver for the Thai stock market. Meanwhile, the market should be pricing in the Covid-19 situation and the Fed’s rate hike, giving a support level for today’s session at 1,670-1,660 points and a resistance level at 1,700 points.
