1) KSS expects SET Index to trade lower, weighed by negative sentiment from Wall Street
Krungsri Securities (KSS) expected Thailand’s SET Index to weaken in a range of 1,535-1,540 points, pressured by concerns in the U.S. economy slowing down. Meanwhile, the U.S. central bank is expected to raise interest rates by 25 basis points to 5.25% in the meeting next week. The decline in oil prices also weighed the Thai energy sector down.
The analyst recommended buying pressure in stocks that have a specific boost could help the stock market to bounce back.
2) Samsung reports plunging operating profit in 1Q amid weaker demand for memory chip
Samsung’s operating profit plunged in the first quarter of this year amid prices of its memory chips continuing to fall and also weakening demand.
Revenue was 63.75 trillion Korean won (approx. $47.6 billion), in line with its guidance but slightly below expectations for 63.9 trillion won. Meanwhile, operating profit was 640 billion Korean won (approx. $478.55 million), a huge drop from 14.12 trillion won a year earlier, but still relatively close to its guidance for 600 billion Korean won of profit for the first quarter.
3) US House passes debt ceiling bill to Senate and Biden
The U.S. House of Representatives on Wednesday passed the $31.4 trillion debt ceiling bill along with sweeping spending cuts over the next decade.
The bill is not expected to pass the senate, and even if it did, the President Joe Biden would veto it.
The world’s largest economy could face a default in coming weeks if the parliament could not come up with a bill.
