Finansia Syrus Securities (FSS) expected the SET Index to move in a sideways to sideways-up trend within the range of 1,422-1,435 points. The index should be able to recover some losses amid easing pressure seen from international markets.
However, FSS expected an upside for the Thai stock market is still limited as traders would monitor conflict in the Middle East. Notable economic data will be announced starting today with the U.S. retail sales for September.
Oil prices fell more than $1 a barrel on Monday amid expectations that the U.S. and Venezuela could soon reach a deal that would ease sanctions on Venezuelan crude exports.
The international benchmark Brent crude dropped $1.24 or 1.4% to close at $89.65 a barrel. Meanwhile, the West Texas Intermediate (WTI) decreased $1.03 or 1.2% to $86.66 per barrel.
A selloff in luxury stocks caused LVMH’s Bernard Arnault to lose his spot as the world’s 2nd-richest person, putting his net worth below Amazon’s Jeff Bezos.
Arnault is now worth $155.1 billion, just below Bezos’s $156.3 billion. Meanwhile, X’s owner and Tesla’s CEO Elon Musk remains the richest person in the world.
LMVH stocks have lost 10.15% of its market value within the past 30 days amid slowdown in demand, especially from China after the pandemic. Moreover, rising inflation and high interest rates caused buyers to tighten their purse.
