Recap: Global shares moved higher yesterday, buoyed by strong Wall Street corporate earnings, but still heading for the worst month in two years.
The SET index moved in a range of 1,655.25 and 1,685.42 points this week before closing yesterday at 1,667.44, down 1.37% from the previous week, in daily turnover averaging 75.68 billion baht.
Foreign investors were net buyers of 3.49 billion baht and retail investors bought 2.11 billion baht. Institutional investors were net sellers of 5.5 billion baht and brokerage firms offloaded 101.82 million baht worth of shares.
Newsmakers: The US economy unexpectedly shrank by 1.4% year-on-year in the first quarter, as a ballooning trade deficit and softer inventory growth belied otherwise solid consumer and business demand.
- Alibaba Group plans to expand its Southeast Asian arm, Lazada, to Europe, two sources familiar with the matter told Reuters, as the Chinese e-commerce company seeks further overseas growth amid slowing opportunities at home.
- Toyota Motor Corp topped its global sales target for the fiscal year ended March 31, with 9.51 units sold, its second-highest annual figure ever.
- Boeing shares tumbled on Wednesday after the aviation giant reported a $1.2-billion loss in an ugly quarter weighed down by fresh one-time costs on its Russia business, the Air Force One presidential jet and the new 777X plane.
- Elon Musk and Twitter reached an agreement for the world's richest man to buy the social networking platform for US$44 billion, resolving the pressing question of whether the company's board would consent to the leveraged buyout deal.
- In the face of a pandemic that appears to be receding and the highest US inflation in four decades, Amazon.com posted its slowest growth in years and its first quarterly loss since 2015.
- Facebook parent Meta on Wednesday reported better profit than expected in the recently ended quarter, calming investors worried about the toll of competition from TikTok and eased pandemic restrictions.
- Indonesia imposed a ban on all palm oil exports on Thursday, as the world's largest producer risked destabilising a global vegetable oil market already hitting peak prices.
- The Fiscal Policy Office has downgraded its 2022 growth forecast to an average of 3.5% from 4.0%, mainly because of the Ukraine crisis and its effect on domestic energy prices.
- It's time for reviving the economy to take precedence over injecting money into Covid relief programmes, Finance Minister Arkhom Termpittayapaisith said on Monday.
- Household debt has reached a 14-year high of 217,000 baht on average and totalled 14.58 trillion baht, equivalent to 90.1% of GDP, at the end of 2021, the University of the Thai Chamber of Commerce reported.
- Despite truckers' anger, diesel prices in Greater Bangkok will rise above the 30-baht cap to 32 baht per litre tomorrow, the government says, as it can no longer afford subsidies.
- Commerce Minister Jurin Laksanawisit has blocked an attempt by instant noodle makers to raise prices on the back of higher production costs.
- Thai exports remain robust, with the dollar value reaching a 30-year high in March, resulting in 14.9% year-on-year growth in the first quarter of 2022.
- Factory output unexpectedly dipped in March as higher inflation started to affect industry, while the Russia-Ukraine war remains a key risk, the Industry Ministry said on Thursday.
- More than 1,000 new factories, mostly in the food industry, have been established over the past six months with investment worth 56.3 billion baht, a sign the domestic economy is slowly recovering, says the Department of Industrial Works.
- The National Rice Policy Committee has approved a budget of 1.92 billion baht for crop insurance for the main crop of the 2022 season.
- The Tourism Authority of Thailand is maintaining its target for foreign arrivals at 300,000 visitors per month, even as the low season approaches, before gaining momentum at end of this year.
- Authorities say Thailand is on track to regain its spot as a top tourist destination, with a goal of earning 1.5 trillion baht this year after the elimination of PCR tests on arrival and the Test & Go scheme from May 1.
- The Thailand Pass registration system, widely criticised by the travel industry, could be scrapped on June 1 if improving Covid trends continue. Tourists would only need their TM6 immigration form for vaccine declaration, authorities say.
- Covid-19 screening for fully vaccinated visitors in Phuket will be lifted from tomorrow, the island province's governor said.
- The new board of the National Broadcasting and Telecommunications Commission (NBTC) has set up four subcommittees to study the planned merger of the mobile businesses of True Corporation and Total Access Communication (Dtac).
Coming up: Germany and the US will release April manufacturing PMI on Monday. The Reserve Bank of Australia will announce the results of its rate meeting on Tuesday. Also due Tuesday are German unemployment for April, US job openings and British manufacturing PMI.
- New Zealand will release first-quarter employment data on Wednesday and Australia will release March retail sales. The US will release April nonfarm employment and non-manufacturing PMI.
- The US Federal Reserve will announce its interest rate decision on Thursday. Due the same day is a Bank of England rate decision. The US and Canada will release April employment data on Friday.
Stocks to watch: UOB Kay Hian Securities views energy stocks will remain attractive as oil prices remain high and oil companies' first-quarter profits should be good. Top picks are TOP, ESSO, SPRC and BCP. Coal stocks that will benefit from Chinese import tax cuts are BANPU, LANNA and AGE.
- SCB Securities recommends stocks with high growth potential and limited impact from external factors, including KBANK, AMATA, LH, GULF and ADVANC. Beverage stocks set to rise during the summer season are CBG and OSP.
Technical view: DBS Vickers Securities sees support at 1,640 points and resistance at 1,690. SCB Securities sees support at 1,640 and resistance at 1,718.