1) Thai stock market overview
Thailand’s SET Index closed at 1,596.46 points, decreased 4.20 points or 0.26% with a trading value of 60 billion baht. The analyst stated that the Thai stock market was fluctuated despite positive sessions in the regional markets. The analyst believed the selloff in the banking sector after pricing in 3Q earnings and after the index topped 1,600 level. Meanwhile, the decline of DELTA also moved the market to negative territory.
The analyst expected the market to move in sideways trends tomorrow, eyeing the ECB meeting on policy rate and the upcoming release of the U.S. GDP.
2) Thai exports expand 7.8% in September, beating expectations
Thailand’s exports grew 7.8% in September to US$24,919 million, exceeding market expectations of a 4.3-4.4% increase, according to official data released on Wednesday.
Meanwhile, imports increased 15.6% to US$25,772 million, resulting in a trade deficit of US$853.2 million in September.
The overall value of exports for the first nine months was US$221,366 million, up 10.6% year on year, while imports reached US$236,351 million, resulting in a trade deficit of US$14,985 million.
The Minister of Commerce stated that he anticipates Thai exports to continue to grow in the fourth quarter of the year, and that total-2022 exports will grow by about 8%, above expectations of 4% growth.
3) JKN acquires rights to “Miss Universe Pageant”
JKN Global Group Public Company Limited (SET: JKN) announced that the company had acquired Miss Universe Organization from IMG Worldwide, LLC (a subsidiary) of Endeavor Group Holdings, Inc.
The acquisition of Miss Universe Organization will result in the company owning all shares in 5 LLC entities incorporated under the laws of Delaware, USA consisting of (1) IMG Universe, LLC (2) IMG Universe FranchCo, LLC, (3) Miss USA BR Productions, LLC, (4) MUO Productions, LLC and (5) Miss USA Productions OH, LLC.
Under these five entities, the company will acquire the copyright to the Miss Universe pageant, including publishing, and other supporting businesses.
4) IEA chief warns emerging countries are most vulnerable to surging energy prices
International Energy Agency Executive Director Fatih Birol warned emerging and developing countries are most vulnerable to soaring energy prices.
“It is not the U.S. who will suffer the most [from] the high energy prices,” Birol told CNBC on Tuesday.
Birol has predicted that oil-importing countries in Africa, Asia, and Latin America will suffer the most as a result of rising import prices and a devaluation of their currencies.
“We are in the middle of the first truly global energy crisis,” Birol said. “Our world has never ever witnessed an energy crisis with this depth and complexity.”
He also stated that oil markets will remain volatile as long as Russia’s war in Ukraine continues.
