1) Thai stock market overview
Thailand’s SET Index closed at 1,609.94 points, increased 5.50 points or 0.34% with a trading value of 50 billion baht. The analyst stated that the Thai stock market stated that the Thai stock market bounced back after a sharp plunge yesterday, but there are short-term risks as the market lacks catalysts.
The analyst expected Thai exports data, scheduled to be released tomorrow, to contract around 15-20% on a yearly basis due to high base in 2021. This could pressure exports stocks, but some were facing a selloff prior to the announcement.
2) Thai rice exports to reach 4-year high amid food inflation fears
Thailand is expected to see the highest volume of rice exports in four years as importing countries increase purchases to refill stockpiles and avoid food inflation.
According to Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, rice shipments this year are projected to reach 8 million tons as a weak Thai baht strengthens competitiveness and countries such as China seek to rebuild stockpiles before the Lunar New Year holidays.
Shipments could remain stable through next year, he added.
Chookiat also noted that Thailand, the world’s second-largest rice exporter after India, benefited this year from India’s decision to limit exports as well as Iraq’s return to the market. Global concerns about food security and declining output in major producing countries like India (responsible for over 40% of global trade) fueled robust demand for Thai rice internationally.
3) South Korea pledges growth support amid weakening global economic outlook
The South Korean government on Wednesday announced plans to provide policy support and deregulation to stimulate the economy, which it expects to grow more slowly than predicted next year.
The government forecast that the economy’s growth would decrease to 1.6% in 2023, down from estimated 2.5% this year.
Finance Minister Choo Kyung-ho explained the revised growth projection by citing the deteriorating global economic outlook.
In order to ensure a smooth landing, the government pledged tax cuts and looser regulation of the real estate industry.
The government also promised to provide policy and financial support to boost exports, estimating that foreign sales would dip 4.5% next year after increasing 6.6% this year.
4) Zelenskiy to meet with Biden for more weapons
Volodymyr Zelenskiy, the President of Ukraine, visited the United States to meet the United States’ President Joe Biden and the Congress on Wednesday to seek more weapons for his war against Russia.
Biden will hold talks with Zelenskiy at the White House in a joint news conference and go to the Capitol Hill to join a session with the U.S Senate and House of Representatives.
