The price of gold dropped by THB100 in morning trade on Wednesday.
AGold Traders Association report at 9.23am said the buying price of a gold bar was THB27,850 per baht weight and selling price THB27,950, while gold ornaments cost THB27,348 and THB28,450, respectively.
At close on Tuesday, the buying price of a gold bar was THB27,950 per baht weight and selling price THB28,050, while gold ornaments cost THB27,439 and THB28,550, respectively.
The spot gold price on Wednesday morning was moving around US$1,798 (THB58,904) per ounce after Comex gold dipped sharply by $35.20, dropping from $1,800 to $1,798.50 per ounce at close on Tuesday due to pressure from depreciation of the dollar and the rise in US government bond yields.
SET Index may dip on foreign fund outflows, rising US virus infections, falling oil price
The Stock Exchange of Thailand (SET) Index fell by 1.88 points or 0.11 per cent to 1,634.57 on Wednesday morning, witnessing a high of 1,635.16 and a low of 1,632.13 in opening trade.
Krungsri Securities predicted the day’s index would fall to between 1,625 and 1,630 points due to foreign fund outflows, uncertainty amid a big rise in Covid-19 infections in the US as the Delta variant wreaks havoc there, and the falling oil price.
However, Krungsri Securities said the index would rebound from news that the government may suspend its Emergency Decree on Friday, as well as mass buy-ups of shares that gained specific positive sentiment.
It recommended purchasing of the following companies’ shares as an investment strategy:
▪︎ AOT, KBank, BBL, CPN, CRC, HMPro, AAV, BA, Mint, Amata and WHA, which benefit from the country’s reopening.
▪︎ Banpu, Lanna, CKP, GPSC, GULF, BCPG and BDMS, whose third-quarter profit is expected to rise.
▪︎ Hana, KCE, TU, CPF, GFPT, Asian, EPG, NER, Sun and APure, which benefit from a weakening baht.
The SET Index closed at 1,636.45 on Tuesday, down 11.92 points or 0.72 per cent. Transactions totalled THB101.82 billion with an index high of 1,658.08 and a low of 1,635.11.
The baht opened at 32.68 to the US dollar on Wednesday, weakening from Tuesday’s closing rate of 32.62.
The Thai currency is likely to move between 32.60 and 32.75 during the day, Krungthai Bank market strategist Poon Panichpibool said.
Poon feels the baht might be volatile during the day. Many foreigners are selling Thai assets including the baht as it has strengthened recently, he said.
Poon said the baht would drift sideways because investors are watching for a host of new factors, especially the Covid-19 situation in the country. This comes after the Centre for Covid-19 Situation Administration warned there could be a new wave in October if the public lets their guard down and does not continue to strictly abide by anti-virus measures.
Also, investors are awaiting results of a key European Central Bank meeting, as it might signal a decrease in quantitative easing, which would affect the currency, he said, adding that it’s not clear yet in which direction exactly the euro or dollar would head.
U.S. stocks slipped from near records after traders returned from the long weekend to worries that the economic recovery is faltering.
The S&P 500 and Dow Jones industrial average declined, while gains in heavyweight tech stocks including Netflix Inc., Amazon.com Inc. and Apple Inc. pushed the Nasdaq 100 higher even as about seven out of every 10 stocks in that gauge dropped. European markets slipped as investors speculated that euro-zone policymakers may get ready to roll back stimulus. The greenback strengthened for a second day amid rising bond yields and softer commodity prices. Bitcoin plunged as El Salvador became the first country to adopt it as legal tender Tuesday.
The broad retreat in equities came after investors on Friday left for a three-day holiday weekend with markets near all-time highs following a much weaker-than-expected U.S. jobs report. And there won’t be much by way of data this week to ease their minds about the outlook for the third quarter, with growth estimates already having been reduced recently. At the same time, concerns about the Covid-19 delta variant impeding reopenings in the U.S. are pressuring some corners of the market.
“The delta variant concerns are weighing down on overall third-quarter growth,” said Haris Khurshid, portfolio manager at Fate Capital management. “The next couple of weeks are going to be pretty rocky. We’re seeing investors become more picky with their stocks not only because of the delta concern but also because of fading fiscal stimulus, legislative policies and an overall slowing recovery in some sectors”
On Tuesday, data showed Chinese exports and imports grew faster than estimated in August, easing some concerns that the pandemic is delaying economic reopenings and creating global supply-chain bottlenecks. Even so, investors remain nervous over the prospects for a growth slowdown and tapering of support outside the U.S., especially in Europe.
The Stoxx 600 dropped 0.5% as investors focused on the European Central Bank’s Thursday meeting where policymakers will decide if they’ll dial down emergency stimulus. Bank of America said it sees the “Goldilocks combination” of accelerating growth and lower real yields coming to an end. In Australia, the central bank stuck with a planned reduction in bond purchases, even though a majority of analysts had expected policymakers to hold off the tapering.
U.S. Treasury yields rose, with the 10-year rate increasing 5 basis points. The dollar advanced the most since Aug. 26. Japan’s Nikkei 225 rose for a seventh straight session, touching 30,000 for the first time since April, boosted by an index reshuffle and optimism that a new prime minister will usher in favorable policies. MSCI Inc.’s gauge for global stocks halted a seven-day rally.
Chinese stocks traded in the U.S. including Alibaba Group Holding and Baidu Inc. rallied after equities in China advanced amid renewed demand for technology shares and the surprise trade data. Vertex Pharmaceuticals dropped to a three-week low after Morgan Stanley cut its stock recommendation to underweight.
Bitcoin plunged as much as 17% to its lowest level in a month. El Salvador bought 400 coins as it adopted the cryptocurrency as legal tender. Tuesday’s drop came amid news that the government disconnected its Bitcoin wallet to fix problems and tests are being run tests to make it available for download later in the day.
Some of the main moves in markets:
Stocks
– The S&P 500 fell 0.3%
– The Nasdaq 100 rose 0.1%
– The Dow Jones industrial average fell 0.8%
– The MSCI World index fell 0.3%
Currencies
– The Bloomberg Dollar Spot Index rose 0.4%
– The euro fell 0.2% to $1.1841
– The British pound fell 0.4% to $1.3782
– The Japanese yen fell 0.4% to 110.28 per dollar
Bonds
– The yield on 10-year Treasurys advanced five basis points to 1.37%
– Germany’s 10-year yield advanced five basis points to -0.32%
– Britain’s 10-year yield advanced four basis points to 0.74%
Commodities
– West Texas Intermediate crude fell 1.4% to $68.35 a barrel
FTI urges more govt contracts for ‘Made in Thailand’ SMEs
The Federation of Thai Industries (FTI) has urged the government to favour Thai manufacturers in purchases made with the 1.3 trillion baht national budget.
FTI chairman Supant Mongkolsuthree said businesses manufacturing Made in Thailand (MiT) products would benefit from the government’s purchasing power at a time when the public’s purchasing power had dropped sharply due to Covid-19.
Only the government procurement market has enough purchasing power to support businesses – especially small and medium-sized enterprises (SMEs) – through difficult conditions, he added.
The FTI has registered over 2,000 MiT producers in the past six months.
Meanwhile, more than 52 per cent of MiT producers, from large corporates to SMEs, are expected to contract with the government to deliver products worth over 68 billion baht this year.
By the end of the year, more than 5,000 businesses are expected to register more than 50,000 MiT products.
The top five registered products are construction equipment, followed by electrical and electronic products, air conditioners, medical products and equipment, and textiles.
In addition to the domestic market, the FTI is also working with the Office of Small and Medium Enterprises Promotion (OSMEP) to create foreign business opportunities for Thai SMEs in Bahrain, India and China, where Thai products are already known.
Certifying products as Made in Thailand offers a competitive advantage and creates more trust and confidence in partners, said the FTI.
The Stock Exchange of Thailand (SET) Index closed at 1,636.45 on Tuesday, down 11.92 points or 0.72 per cent. Transactions totalled THB101.82 billion with an index high of 1,658.08 and a low of 1,635.11. At one point in the day, the index surged to a two-year high above 1,658 before falling back.
In the morning session, Krungsri Securities forecast the index on Tuesday would fluctuate between 1,640 and 1,660 points despite reports that the government may suspend the emergency decree as domestic Covid-19 infections continue to decline.
It added that the index also gained positive sentiment after the Federation of Thai Capital Market Organisations reported that the investor confidence index had soared 124.3 per cent to 144.37 points.
However, it advised investors to beware of mass sell-offs of shares in response to signs of overbought stocks and foreign fund outflows.
The 10 stocks with the highest trade value today were GULF, ADVANC, CPALL, KBANK, PTT, SCGP, INTUCH, BANPU, CBG and THCOM.
Japan’s Nikkei Index closed at 29,916.14, up 256.25 points or 0.86 per cent.
China’s Shanghai SE Composite Index closed at 3,676.59, up 54.73 points or 1.51 per cent, while the Shenzhen SE Component Index closed at 14,702.90, up 156.29 points or 1.07 per cent.
Hong Kong’s Hang Seng Index closed at 26,353.63, up 190.00 points or 0.73 per cent.
South Korea’s KOSPI Index closed at 3,187.42, down 15.91 points or 0.50 per cent.
Taiwan’s TAIEX Index closed at 17,428.87, down 66.43 points or 0.38 per cent.
ASPAC CEOs concerned over supply change risks as Global CEO confidence returns to pre-pandemic levels
Eight out of ten global executives say they are ready to make an acquisition in the next three years Business leaders believe government stimulus needed to meet net-zero targets Three out of four CEOs believe that the pressure put on public finances during the pandemic has increased the urgency of multilateral cooperation in the global tax system
CEOs of the world’s largest businesses are increasingly optimistic about the outlook for their own business and despite the Delta variant slowing down the ‘return to normal’, their confidence in the global economy has returned to levels not seen since the start of the pandemic. The KPMG 2021 CEO Outlook, which asked more than 1,300 global CEOs about their strategies and outlook over a three-year horizon, finds that 60 percent of leaders are confident about the global economy’s growth prospects over the next three years (up from 42 percent in the January/February’s pulse survey).
The prospect of a stronger global economy is leading CEOs to invest in expansion and business transformation, with 69 percent of senior executives identifying inorganic methods (e.g. joint ventures, M&A and strategic alliances) as their organization’s main strategy for growth. A majority (87 percent) of global leaders stated that they are looking to make acquisitions in the next three years to help grow and transform their businesses.
The survey found that 30 percent of CEOs plan to invest more than 10 percent of their revenues toward sustainability measures and programs over the next three years.
Bill Thomas, Global Chairman & CEO, KPMG, said: “Despite the continued uncertainty around the pandemic, CEOs are increasingly confident that the global economy is coming back strong. This confidence has put leadership in an aggressive growth stance. While inorganic growth strategies are a priority, CEOs are also looking to expand organically and continue to assess the future of work to ensure they can attract top talent.
“If there is a positive to come out of the past 18 months, it is that CEOs are increasingly putting ESG at the heart of their recovery and long-term growth strategies. The unfolding climate and societal crises have made it clear that we need to change our ways and work together. I’m encouraged about what the future holds because business leaders are acknowledging that they need to be the drivers of positive change, supporting measures to tackle environmental dangers, as well as societal challenges — from gender and race, to equity and social mobility.”
In contributing his observations on findings from the Asia Pacific region, Honson To, Chairman for KPMG Asia Pacific and KPMG China, remarked: “CEOs in Asia Pacific (ASPAC) are generally more optimistic than their global counterparts on prospects for the world economy over the next three years. They anticipate headcount increases across the region, with lasting changes to ways of working brought about by the pandemic. While talent continues to be a consideration, supply chain has gone up the ranks as a key threat to the growth of organizations in ASPAC and outranks similar concerns globally. Like their global counterparts, ESG will be a crucial component of organizational strategy among ASPAC leaders, and I’m heartened to see that both the social and environmental dimensions are receiving ever increasing attention at the highest organizational levels.”
Charoen Phosamritlert, Chief Executive Officer, KPMG in Thailand adds “Despite slower economic recovery than expected due to the third wave of the pandemic, confidence in the world economy remains high among ASPAC CEOs, with 72 percent of CEOs surveyed in Thailand being confident. However, risk perceptions have shifted and two-thirds of the CEOs in ASPAC reported that supply chains have been under increasing stress over the past 18 months. To mitigate this, companies will have to closely monitor their supply chains, diversify to new input sources to increase resilience, onshore more inputs, and adopt strategic measures like hedging and longer-term contracts.”
Key findings
Reaching net zero with government support
Among the many socio-economic, social and environmental challenges facing the world, stakeholders are putting immense pressure on businesses to tackle climate change and leave a positive impact on society. As a result, over a quarter (27 percent) of business leaders are concerned that failing to meet climate change expectations will result in the public markets not investing in their business. Over half (58 percent) of CEOs said that they face increased demands from stakeholders (e.g. investors, regulators and customers) for more reporting on ESG issues.
Three out of four (77 percent) of global executives believe that government stimulus will be required if all businesses are to reach net zero. Furthermore, three-quarters (75 percent) of global CEOs have identified COP26 as a pivotal moment to inject urgency into the climate change agenda.
More than eight out of ten (86 percent) global leaders state that their corporate purpose will shape capital allocation and inorganic growth strategies. The research found that corporate purpose, what the company stands for and its impact on communities as well as the planet, is driving 74 percent of CEOs to act in addressing the needs of their stakeholders (customers, employees, investors and communities). There has also been a 10-point increase since the beginning of 2020 in the number of CEOs who say their principal objective is to embed purpose into the decisions they make to create long-term value for their stakeholders (64 percent).
Shifting focus toward operational and environmental risks
When looking at risks for growth over three years, senior executives identified three areas they see as top risks: supply chain, cyber security and climate change. 56 percent of global CEOs say that their business’ supply chain has been under increased stress during the pandemic.
Table 1: Biggest risks to growth over the next three years 2021 CEO Outlook (July/Aug 2021)
Table 1: Biggest risks to growth over the next 3 years 2021 CEO Outlook (July/Aug 2021)
2020 CEO outlook pulse (July/Aug 2020)
Risk to growth
Rank
Risk to growth
Rank
Cyber security risk
#1
Talent risk
#1
Environmental/climate change risk
#1
Supply chain risk
#2
Supply chain risk
#1
Return to territorialism risk
#3
Emerging/disruptive technology risk
#2
Environmental/climate change risk
#4
Regulatory risk
#2
Cyber security risk
#5
Operational risk
#2
Emerging/disruptive technology risk
#6
Changing sentiment on the future of work
Just 21 percent of CEOs now say they are planning to downsize, or have already downsized, their organization’s physical footprint, a dramatic shift from August 2020, with the first wave of the pandemic at its peak, when 69 percent of global leaders said that they planned to downsize their space.
Unprecedented international tax reforms a significant focus for CEOs
Three out of four (75 percent) CEOs believe that the pressure put on public finances by the pandemic response has increased the urgency for multilateral cooperation on the global tax system. At the same time, 77 percent of senior executives agree that the proposed global minimum tax regime is of “significant concern” to their organization’s goals on growth. Meanwhile, they are more worried about regulatory and tax risks than they were prior to the pandemic (reference table 1 above).
The research found that 74 percent of CEOs recognize the strong link between the public’s trust in their businesses and how their tax approach aligns with their organizational values. As businesses aim to build back better, a majority (69 percent) of CEOs are feeling increased pressure to report their tax contributions publicly as part of their broader ESG commitments.
gettgo wins Best New Comparison Website in Thailand 2021 Award
gettgo, a comprehensive insurance comparison platform for the new generation, was awarded Best New Comparison Website in Thailand 2021 by The Global Economics, one of the UK’s leading financial publications.
gettgo, a comprehensive insurance comparison platform for the new generation, was awarded Best New Comparison Website in Thailand 2021 by The Global Economics, one of the UK’s leading financial publications. This accolade is part of the Annual Global Economics Awards program for the insurance sector, aiming to annually recognise insurance-related companies for their best business innovations and best value propositions.
Mr. Tanat Jakrawatana, Managing Director of gettgo, speaking on winning the award, expressed that, “gettgo is proudly and humbly accepting of this prestigious award. We are grateful for The Global Economics’ recognition of our efforts to deliver what’s best for the customers.
In my view, it is difficult to conclude who really is ‘the Best platform’, since gettgo doesn’t compete or compare in order to dominate the market. Our only goal is to put as much effort into understanding what is in the best interests of consumers when it comes to finding the right insurance on online platforms. This is what we have always been doing, and we are very proud that our hard work is being recognised and appreciated on a satisfying level today.”
Mr. Tanat further added information about features of gettgo’s platform which can well serve what consumers are actually looking for in 2021, when there is high demand to display insurance comparison results in a convenient and transparent method. Moreover, consumers want freedom to decide their own insurance choices that suit different lifestyles. Hence, purchasing insurance merely based on word of mouth from family members, friends or insurance brokers is no longer enough today.
gettgo offers an ample range of insurance products which are more than enough to assimilate on-demand services ranging from health insurance, Covid-19 insurance, car insurance, travel insurance and more. The platform utilises a very smart search engine to discover insurance suitability for every individual’s conditions i.e. the cost they feel comfortable with, or specific policies to fit different needs. With this, the customers can thoroughly compare insurance side by side through product details and coverage for both life and non-life insurance from over 20 leading companies.
This is only the beginning of what gettgo has offered to customers during the past 3 years. Behind the scenes, the platform never stops improving. It maximises all of its capabilities and manpower to gather customer databases in all aspects such as purchase history, reviews, comments, complaints, or any other social mentions regarding the brand in order to create, improve, and develop the products and the website continuously. These factors all make up the secret recipe for the best online insurance comparison website making it worth every penny for the consumers.
In Q4 this year continuing to 2022, gettgo is preparing to launch several exciting projects, namely:
Collaboration with top life insurance companies to develop an exclusive end-to-end health insurance for Thais with lower purchasing power to suit the current economic circumstances. The platform sees the pain point where, although the ability to purchase is weaker, the demand for health-related protection is rising amidst the pandemic situation. It is timely for gettgo to provide the solution that helps people gain access to beneficial and worthwhile insurance as easily as possible.
Collaboration with platforms for employees’ flexible benefits to present top-class, bite-size insurance policies distributed to corporate staff through point redemption systems. This exercises how gettgo, as an avid InsurTech innovator, applies technology to make insurance access as straightforward and convenient as any point-redeemable consumer goods seen nowadays.
Moreover, gettgo is continuing to develop the search recommendation engine for health insurance platform that was launched in 2020 to continue to make sure that the customers can find the best plans within their budget range. All in all, the projects above demonstrate gettgo’s direction and desire to make progress with innovations and technologies as an InsurTech company, so that choosing insurance products can truly become everyone’s simple task.
gettgo wins Best New Comparison Website in Thailand 2021 Award
About gettgo
gettgo is an online insurance comparison website founded in 2018 under Muang Thai Broker Co., Ltd. Its establishment is in line with the mission to create a platform to accommodate consumer behaviors in the digital age, with the need to compare products by themselves before deciding to purchase them online. Thus, gettgo wants to create the experience of comparison and online insurance purchases that are convenient and quick, with simple language and filtered and essential data, without forcing unnecessary coverage on users. In this regard, gettgo offers a selection of online insurance, including motor insurance, travel insurance, home insurance, and COVID insurance. Most recently, in the last quarter of 2020, gettgo has added health and life insurance products to respond to the increasing trends of health over the past few years.
The Stock Exchange of Thailand (SET) Index rose by 5.26 points, or 0.32 per cent, to 1,653.63 on Tuesday morning, witnessing a high of 1,655.30 and a low of 1,651.83 in opening trade.
The SET Index closed at 1,648.37 on Monday, down 1.96 points or 0.12 per cent. Transactions totalled THB78.32 billion with an index high of 1,655.04 and a low of 1,644.56.
Krungsri Securities forecast the index on Tuesday would fluctuate between 1,640 and 1,660 points despite reports that the government may suspend the emergency decree as domestic Covid-19 infections continue to decline.
It added that the index also gained positive sentiment after the Federation of Thai Capital Market Organisations reported that investor confidence index in the next three months had risen by 124.3 per cent to 144.37 points.
However, it advised investors to beware of mass sell-offs of shares in response to signs of overbought stocks and foreign funds outflows.
It also recommended buying of the following companies’ shares as an investment strategy:
▪︎ AOT, KBANK, BBL, CPN, CRC, HMPRO, AAV, BA, MINT, AMATA and WHA, which benefit from the country’s reopening.
▪︎ BANPU, LANNA, CKP, GPSC, GULF, BCPG, BCH, CHG, BDMS, KCE, TU and EPG, whose third-quarter profit is expected to rise.
The price of gold rose by THB50 in morning trade on Tuesday.
AGold Traders Association report at 9.25am said the buying price of a gold bar was THB28,000 per baht weight and selling price THB28,100, while gold ornaments cost THB27,500.24 and THB28,600, respectively.
At close on Monday, the buying price of a gold bar was THB27,950 per baht weight and selling price THB28,050, while gold ornaments cost THB27,439.60 and THB28,550, respectively.
gettgo wins Best New Comparison Website in Thailand 2021 Award
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