1) FSS expects SET Index to extend gains as short-term flows returning into risk assets
Finansia Syrus Securities (FSS) expected Thailand’s SET Index to extend its gain on Thursday as the market is now more relaxed from the previous financial crisis. Meanwhile, the market is expecting that the Fed’s rate hike is coming to an end and there is a chance that the central bank could cut interest rates by the end of this year, resulting in short-term flow returning to risk assets.
The analyst expected the SET Index to test the new resistance level of 1,620-1,630 points.
2) Central Group is rumored to be in talks to acquire Vietnam’s biggest mall operator
Reuters reported on Wednesday by citing five sources that Vingroup is in discussions to sell a stake in its shopping mall arm in an attempt to bring in strategic investors, and Thailand’s biggest retailer Central Group is among other companies that are in negotiations to buy a stake in Vingroup (HM: VIC)’s retail unit, Vincom Retail.
Vincom Retail (HM: VRE) is Vietnam’s biggest shopping mall operator with a market value of $2.8 billion. Nearly 60% shareholding in the retail arm is controlled by Vingroup. Some hold the conglomerate group at the same level as Thailand’s Central.
3) Fed officials blame SVB executive and management for the bank’s failure
The U.S. Federal Reserve supervisors and other regulators blame Silicon Valley Bank’s executives and management for the failure that caused a ripple effect in the financial sector across the globe.
“I think that any time you have a bank failure like this, bank management clearly failed, supervisors failed and our regulatory system failed,” Michael Barr, Fed Vice Chair for Supervision, told Congress on Wednesday.
