1) Thai stock market roundup
Thailand’s SET Index closed at 1,556.06 points, increased 12.79 points or 0.83% with a trading value of 56 billion baht. The analyst stated that the Thai stock market closed above the resistance level of 1,550 points in response to the buying in big-cap stocks and the speculation in reopening stocks. The market expected the PM election will be done by next week and the recovery in the Thai economy.
2) China reports four consecutive contractions in factory activity as global demand wane
Factory activity in China continued to contract for the fourth straight month in July as the country is struggling to boost its sales amid weak global demand.
The manufacturing purchasing managers’ index for July came in at 49.3, slightly better than 49.0 in June, 48.8 in May and 49.2 in April but still in negative territory, according to the official release by the National Bureau of Statistics on Monday. The reading in July was slightly better than the 49.2 median polled by Reuters.
Meanwhile, non-manufacturing PMI for July was at 51.5, the weakest reading this year compared to 53.2 in June, 54.5 in May and 56.4 in April.
3) GMM plans to spin off its music segment in Thai stock market
GMM Grammy Public Company Limited (SET: GMM) has announced that its Board of Directors approved the plan for the Initial Public Offering (IPO) of GMM Music Company Limited (GMM Music), a subsidiary of GMM, and the listing of the ordinary shares of GMM Music on the Stock Exchange of Thailand.
GMM Music engages in integrated music business from artist selection, music production, marketing, rights management, digital and physical music products distribution, concert and festival promoter and artist management.
