1) FSS expects the energy stocks to support the market
Finansia Syrus Securities (FSS) expected the SET Index to continue moving in a sideways trend with the energy sector supporting the market from a rise in oil prices due to tight supply. Meanwhile, the technology stocks should stabilize after a surge yesterday.
The analyst pointed to a critical support level at 1,540 points, and recommended investors to monitor the U.S. inflation data later tonight.
2) Apple drops on Tuesday as Huawei ramps up its Mate 60 series shipment
Apple Inc. (NASDAQ: AAPL) extended losses on Tuesday after the report of Huawei Technologies deciding to raise its shipment target of Mate 60 series by 20% in the second half of this year, expecting at least 40 million units of new smartphones shipped in 2023.
AAPL closed at $176.30 per share, decreased $3.06 or 1.71%. Despite the launch of the new iPhone 15 on Tuesday, AAPL only rose 0.028% in extended trading hours.
3) Oil rises above $92 as OPEC expects demand to continue growing amid tighter supply
Oil prices rose about 2% on Tuesday to a near 10-month high and extended their gains on Wednesday morning as forecast for tighter supply outlook pushed prices higher.
After rising about 2%, the international benchmark Brent crude extended its gain by 0.07% to $92.12 per barrel. The West Texas Intermediate (WTI) rose 0.17% to $88.99 per barrel.
Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) published its monthly report that forecast the world oil demand in 2023 to continue expanding and to rise by 2.25 million barrels per day in 2024, citing strong demand from major economies.
Meanwhile, Saudi Arabia and Russia will maintain their voluntary production cut on top of the OPEC’s cuts, causing supply to be even tighter.
