1) Thai stock market overview
Thailand’s SET Index closed at 1,648.44 points, increased 13.08 points or 0.80% with a trading value of 75 billion baht. The analyst stated that the Thai stock market moved in the same direction as regional markets after the U.S. Fed signalled for smaller rate hikes, while strong Thai baht continued to attract foreign flows. The analyst expected SET Index to stabilize after a series of gains, giving a support level at 1,635 points and a resistance level at 1,660 points.
2) Asian factory output drops in November amid slowing global demand
The factory’s output dropped wider across Asia in November as global demand has slowed, due to a result of China’s COVID-19 lockdowns, which darken Asia’s economic outlook in 2023.
China’s Caixin/S&P Global manufacturing purchasing managers’ index (PMI) in November increased to 49.4, up from the previous month of 49.2 but still lower than 50, which separates contraction from growth.
China’s lockdown has an impact on the biggest factory producing Apple’s iPhone. The lockdown has also sparked protests on the street across many cities.
Japan’s au Jibun Bank PMI also decreased in November to 49.0 from 50.7 in October, it was the first decline since November 2020.
Taiwan’s PMI in November increased to 41.6, up slightly from 41.5 in October, but still far lower than the 50 mark.
Vietnam’s PMI in November decreased to 47.4 from 50.6 in October, and Indonesia slid to 50.3 from 51.8.
3) China aims to relax Covid curb after protest
In the coming days, China is set to announce an easing of Covid-19 quarantine protocols on the severity of Covid-19 restrictions despite its daily case toll hovers near record highs. The relaxation came after protests in many cities, including major ones such as Shanghai, Beijing and Guangzhou against stringent Cove restrictions under Xi Jinping’s zero-covid policy for nearly three years.
