1) Thai stock market overview
Thailand’s SET Index closed at 1,660.27 points, decreased 16.60 points or 0.99% with a trading value of 114 billion baht. The analyst stated that after the U.S. 10-year Treasury yield surpassed 1.83%, raising concerns on faster-than-expected tightening by the Fed. Meanwhile, the Thai stock market had been on an uptrend as of late, thus investors chose to take profit. However, the analyst expected the monetary policy for Thailand to remain stable while expecting the Thai stock market to bounce back tomorrow, giving a support level at 1,658-1,650 points and a resistance level at 1,670-1,680 points.
2) Crude oil prices hit a new high since 2014
Prices of crude oil benchmarks climbed to their highest level since 2014 on Tuesday amid concerns of possible supply disruption after attacks in the Mideast Gulf.
Brent crude oil futures rose 1.19% to $87.50 a barrel while U.S. West Texas Intermediate (WTI) futures jumped to $85.12 a barrel up by 1.59%.
Supply concerns escalated after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.
3) Commerce Ministry expects Thai exports to expand by 3-4% in 2022
Thailand expects exports to expand by 3-4 percent in 2022, to an estimated THB8.98-9.07 trillion, despite the growth rate will slow down due to the spread of COVID-19 omicron variant, the Department of International Trade Promotion said Tuesday.
This forecast is similar to earlier projections by the Bank of Thailand of 3.5 percent growth, the Ministry of Commerce of 3-5 percent growth, and the Thai National Shippers’ Council of 5-8 percent growth.
