1) Thai stock market overview
Thailand’s SET Index closed at 1,635.28 points, increased 12.33 points or 0.76% with a trading value of 58 billion baht. The analyst stated that the Thai stock market closed higher amid positive sentiment on the easing Covid-19 restrictions that boosted the economy and market, especially tourism and transportation stocks. The banking sector was supported by the extension of the Bank of Thailand on selling NPA for two more years without a requirement for more provisions.
The analyst expected SET Index tomorrow to move in sideways trends with a limited upside after a series of rebound, giving a support level at 1,645-1,650 points and a resistance level at 1,615-1,620 points.
2) ECB expects to end negative interest rates by September
The European Central Bank is expected to lift its deposit rate out of negative territory by the end of September and could raise it further if it sees inflation stabilizing at 2%, ECB President Christine Lagarde said on Monday.
The ECB’s deposit rate is currently -0.5%, meaning banks are charged to park cash at the central bank, and has been below zero since 2014 as the central bank fought too low inflation.
3) Thailand tourist arrivals jump significantly in May
Tourism in Thailand is slowly recovering this year up to recent week when the number saw jumped significantly as the kingdom gradually easing Covid-19 restrictions, allowing economic activities to return to normal and foreign tourists to visit Thailand more easily by cancelling the RT-PCR test, while the Thailand Pass scheme will be cancelled starting June 1, 2022.
The latest update of tourist arrival to Thailand stated that 252,000 tourists have entered Thailand during 1-18 May 2022. The figure shows a sharp increase from 265,000 arrivals in April, 210,000 in March and 152,000 in February. According to estimates, tourist arrivals in April could be as high as 420,000.
4) FWD Group Holdings gets regulatory nod for IPO in Hong Kong
FWD Group Holdings Ltd., the Asian insurer backed by Hong Kong billionaire Richard Li, has won approval for its planned initial public offering in the city, according to Bloomberg citing a person with knowledge of the matter.
The company received the green light following a hearing Thursday with the Hong Kong bourse’s listing committee, according to the person, who asked not to be identified as the information is private. The company hasn’t decided when to launch the IPO
The insurer is seeking to raise about $1 billion in its Hong Kong offering, Bloomberg News has reported.
