Krungsri Securities (KSS) expected Thailand’s SET Index to bounce back from yesterday to a resistance level of 1,440-1,445 points. The conflicts between Israel and Hamas fighters would continue to pressure the market, but the weakening dollar and US bond yield could slow down the outflow from risk assets. Meanwhile, rising oil prices from supply concerns and the Thai market being in an oversold status would push the market higher.
Concerns over the property crisis in China have yet to be subsided. In the latest development, Country Garden Holdings said that it may not be able to make all of its offshore repayments, including those issued in U.S. dollar notes. This came after the company failed to make a debt repayment of 470 million Hong Kong dollars as of Tuesday.
The company was in a spotlight a few months ago after failing to pay its coupon obligations. However, Country Garden narrowly avoided the default with a $22.5 million in bond coupon payment just before the grace period ended.
The share price of Tesla was down as much as 2% on Monday, but pared loss at the closing to settle down only 0.33%. The company’s market value took a slight hit after a report by the China Passenger Car Association on Sunday, stating that sales of Tesla’s China-made electric vehicles decreased 10.9% year over year for the month of September.
This came after Tesla missed expectations on the third-quarter deliveries that showed 435,059 vehicles had been delivered, compared to the market expectations for 461,640 vehicles.
The share price continued to decline 0.58% at an after-hour trading on Monday.
