Rate worries lead to worst week of the year on SET

Recap: Asian shares were mixed while European shares rebounded yesterday as investors digested policy tightening by major central banks.

The SET index moved in a range of 1,544.26 and 1,616.31 points this week before closing yesterday at 1,559.39, down 4.49% from the previous week to record its worst weekly performance of the year. Daily turnover averaged 80.92 billion baht.

Retail investors were net buyers of 17.2 billion baht and brokerage firms bought 872.3 million baht. Foreign investors were net sellers of 12.33 billion baht and institutional investors offloaded 5.75 billion baht worth of shares.

Newsmakers: More central banks around the world are unleashing a greater amount of policy firepower as they seek to combat unrelenting inflationary pressures.

The US Federal Reserve on Wednesday announced the most aggressive interest rate increase in 28 years, raising the benchmark borrowing rate by 0.75 percentage points as it battles against surging inflation.

Natural gas prices in Europe jumped after Russia stepped up an energy war by cutting supplies through the largest link to the continent to less than half of its usual volume.

The World Trade Organization concluded a landmark bundle of deals on Friday covering fishing subsidies, food insecurity and Covid-19 vaccines following hectic round-the-clock talks.

Oil prices headed for their first weekly decline since April amid choppy trading as investors assessed further inflation-fighting moves by central banks.

Gold prices slipped below $1,850 an ounce and were on track for a 1% weekly decline, dented by a stronger dollar and hawkish policy signals from central banks even as recessionary fears loom.

Long bonds in Southeast Asia are set to outperform shorter-dated notes as policymakers turn more hawkish, turning the curve-flattening trade into a hot bet, analysts say.

Further waves of reckoning are sweeping through the cryptocurrency industry, with the giant exchange operator Coinbase…

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