Krungsri Securities (KSS) expected Thailand’s SET Index to move within the range of 1,360-1,380 points with a boost from a constant drop in US PMI that could lead to a Fed’s rate cut, while US bond yields and dollars weakened. However, the analyst noted that the fund outflow from Thailand could put pressure on the market, causing it to fluctuate.
The Organization of the Petroleum Exporting Countries and its allies, led by Russia, altogether known as OPEC+, will maintain the output reductions amount to roughly 2 million barrels a day until the end of June.
One of the main reasons for the production cut is to shore up prices. According to Fitch Ratings, Riyadh needs the prices to be above $90 a barrel to make up for billions of dollars it spent on an economic transformation.
Still, a cut of two million barrels of oil per day is only on paper as the group in the first month of this year did not contribute to the amount they agreed upon.
In the first month of this year, the group’s implementation of the cutbacks didn’t live up to the pledged 2 million barrels a day.
Nvidia just closed the trading day on Friday at $822.79 per share, pushing its market capitalization above $2 trillion for the first time in its history. Nvidia is now the third largest corporation in Wall Street as of now behind Apple and Microsoft.
The share price has been surging as investors jumped on AI hype, while Nvidia is the leading chip producer for AI training.
