1) Thai stock market overview
Thailand’s SET Index closed at 1,691.12 points, decreased 3.20 points or 0.19% with a trading value of 93 billion baht. The analyst stated that the Thai stock market mitigated its loss in the afternoon session after Russian central bank announced that it would stabilize the ruble in case the currency went down. Meanwhile, the Thai government reiterated that there will be no lockdown even with an increase in Covid infection rate.
The analyst added that the market should continue monitoring the situation between Russia and Ukraine, giving a support level for tomorrow’s session at 1,680 points and a resistance level at 1,700 points.
2) Majority banks in China cut mortgage rates in February
Commercial banks in nearly 90 cities in China cut mortgage rates in February. The move underscores a bid to boost sales and sentiment in the property market anchored by liquidity crunch in recent years.
Beike Research Institute in a report said, mortgage rates in 87 out of 103 cities have come down, with 30 of them, including Beijing, leading with cuts of 5 basis points on average, in line with a similar decline in the five-year Loan Prime Rate (LPR) in January.
3) ThaiBev to revive IPO run for BeerCo in SGX
Thai Beverage Pcl is set to revive the initial public offering of its brewery unit, BeerCo Ltd., in Singapore after scrapping the planned first-time share sale twice due to Covid-19. The company is seeking to raise about $2 billion from the brewery business’s IPO.
4) Reserve Bank of New Zealand is expected to hike rates for the 3rd time
The Reserve Bank of New Zealand is expected to hike rates by 25 basis points (bps) for the third time in a row to combat soaring inflation. The central bank is set to announce its policy decisions on Wednesday and also will publish new forecasts in its quarterly Monetary Policy Statement.
