1) Thai stock market overview
Thailand’s SET Index closed at 1,605.42 points, decreased 5.10 points or 0.32% with a trading value of 50 billion baht. The analyst stated that the Thai stock market reacted negatively to the exports data that continued to contract, and a downward revision of the Thai economic growth started to come out. Meanwhile, a gain from DELTA did help cushion the fall in today’s session.
2) Thailand’s Feb Exports Contract by Less-than-Expected 4.7% YoY
Thailand’s exports contracted for the fifth consecutive month in February, falling 4.7% year on year to US$22,376.20 million due to a slowing global economy, according to the Commerce Ministry on Thursday.
That was lower than the 6.9% drop predicted by Reuters poll for February and followed January’s 4.5% decline.
The ministry noted in a statement that a high base from the previous year also contributed to the decline.
Phusit Ratanakul Sereroengrit, chief of the ministry’s department of international trade development, told a news conference that shipments, a key engine of the Thai economy, were likely to fall in the first and second quarters before rising in the second half of the year.
The Thai government is keeping to its 1% – 2% export growth target for this year, following a 5.5% increase in 2022.
Imports increased by 1.1% year-over-year in February, leading to a trade deficit of $1.11 billion.
3) Alibaba Considers Divesting Non-Core Assets, Cedes Control of Some Business in Overhaul
China’s Alibaba Group said on Thursday it will monetize non-core assets and explore selling some businesses as it reinvents its operation following a regulatory crackdown that erased 70% off its stock.
Group CEO Daniel Zhang stated that the split of the business into six units will allow each to become more nimble, respond more quickly to market shifts, and issue their own initial public offerings (IPO).
His remarks follow Alibaba’s announcement of the company’s most sweeping restructuring ever. The shift to a holding company structure by Alibaba is unprecedented among China’s major technology firms but may serve as an example for its rivals.
The six units that Alibaba plans to split into comprises of; Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group.
Alibaba’s statement indicated that it may divest from assets and sell control of business units after going public comes more than two years after Beijing cracked down on its digital giants for monopolistic behavior, data security, and other issues.
