Krungsri Securities (KSS) expected Thailand’s to move within the range of 1,375-1,395 points, pressured by rising US bond yields after the Federal Reserve reaffirmed that it is not in a hurry to cut rates amid strong economies as the service sector index rose to 53.4 in January from 50.5 in December, and also higher than analysts’ expectations of 52.0.
However, the analyst expected speculation on specific stocks with catalysts, especially those with positive 4Q23 earnings outlook, will be able to push the market higher.
China’s Shanghai Composite rose 1%, Shenzhen Index jumped 3% and Hong Kong’s Hang Seng Index gained 2% in the morning session on Tuesday. Some of the analysts stated that the Chinese market had bottomed out and is on pace to bounce back.
China’s top securities regulator CSRC issued a statement on Monday night, vowing to make those who illegally manipulate the market, engage in malicious short selling, bankrupt or jailed.
CEO Vicki Hollub of Occidental told CNBC that the oil market will face a supply shortage by the end of 2025, citing that the world is not fast enough to replace current crude reserves.
She noted that about 97% of the oil produced today was discovered in the 20th century, while the world has replaced less than 50% of the crude produced over the last decade.
The U.S. Federal Aviation Administration (FAA) on Monday said that nearly 94% of Boeing 737 MAX 9 planes from two U.S. airlines have passed inspection and has returned to service.
