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https://www.nationthailand.com/business/40011729

The baht opened weaker at 33.43 to the US dollar on Monday from its closing rate of 33.38.

The currency is expected to move between 33.30 and 33.50 during the day and between 33.10 and 33.60 during the week, Krungthai Bank market strategist Poon Panichpibool predicted.

He also expects the baht to weaken if the market is highly volatile and in a risk-off state. The government’s announcement of Covid-19 becoming an endemic will protect the baht from weakening too much, he said.

The key support level for the Thai currency will be at 33.20 – a level that importers are waiting for so they can purchase dollars. Meanwhile, the baht’s key resistance level will stand at 33.50 – a level eyed by exporters so they can offload their dollars, he added.

He said the dollar might drop if the market is in a risk-on state, which will happen if listed companies report better earnings than expected.

Moreover, the pound sterling or euro may pressure the dollar if the Bank of England or the European Central Bank signal the use of tight monetary policies.

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Published : January 31, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011728

As markets opened on Monday morning, Krungsri Securities predicted that the Stock Exchange of Thailand (SET) Index would fluctuate between 1,630 and 1,650 points during the day.

It said the index had gained positive sentiment from the rise in oil prices in response to the Houthi militia attack on the United Arab Emirates, as well as a mass buy-up of company shares whose business turnover is expected to grow.

However, it reckons the index will be under pressure from fund flow volatility amid uncertainty over the US Federal Reserve’s signal that it will raise interest rates in March to tackle inflation, Krungsri Securities said.

It recommends the purchase of the following as an investment strategy:

• BBL, KBANK, KTB and BLA will benefit from news of the US interest rate hike.

• PTTEP, TOP, PTTGC, IVL and SPRC will benefit from the rising price of oil and gross refining margin.

• AOT, MINT, CENTEL, ERW and AAV will benefit from the government’s move to relaunch the Test & Go scheme and the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) travel subsidy.

The SET Index closed at 1,639.51 on Friday, up 5.34 points or 0.33 per cent. Transactions totalled 77 billion baht with an index high of 1,646.48 and a low of 1,636.70.

Published : January 31, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011701

This year’s Chinese New Year festival is only expected to lure some 527,900 tourists and generate just 1.93 billion baht owing to fears over Omicron as well as the rising cost of living and household debt, Tourism Authority of Thailand (TAT) governor Yuthasak Supasorn said on Saturday.

He said once again, Bangkok’s Chinatown is not bustling with Chinese New Year preparations, while celebrations in many other provinces have been cancelled for a second year running due to fears of an outbreak. Also, he said, the rising cost of living and household debt is forcing people to tighten their purse strings.

“Kasikorn Research forecasts that even though Bangkokians will make merit and travel during the Chinese New Year festival, they will control their spending to cope with high living costs,” he said.

Yuthasak added that TAT has organised Chinese New Year activities in two areas, namely celebrations in Ratchaburi and light decorations in Bangkok’s Yaowarat area. TAT is also providing support in organising celebrations in Suphanburi and Nakhon Sawan.

“We expect about 192,600 tourists to travel to Suphanburi and Nakhon Sawan and generate 1.08 billion baht in revenue as tourists can take day trips to the two provinces,” he said. “Thai-Chinese and Chinese nationals often visit these provinces to pay respect to sacred objects.”

He reckons Bangkok’s Chinatown will be able to generate some revenue because ethnic Chinese people need to buy offerings despite rising prices.

“Also people will need to buy food for family feasts,” he added.

Published : January 30, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011676

Thailand is looking to export halal chicken to Saudi Arabia now that ties between the two kingdoms are starting to normalise, Commerce Minister Jurin Laksanawisit said on Saturday.

He added that his ministry’s Department of International Trade Promotion and Department of Foreign Trade have been discussing the issue with their Saudi Arabian counterparts for a while now.

“We will sell chicken – halal chicken – to Saudi Arabia. Progress has been made in talks and we are just waiting for an official normalisation of bilateral relations,” said Jurin, who also doubles as deputy prime minister.

On Tuesday, Prime Minister Prayut Chan-o-cha visited the wealthy Middle East nation at the invitation of Crown Prince Mohammed bin Salman Al Saud.

The commerce minister added that apart from chicken, other Thai products also have the potential for export to Saudi Arabia, which he described as a wealthy market and a window to other states in the Middle East.

He likened Prayut’s recent visit to “opening the door” for the Commerce Ministry to work more comfortably with their Saudi counterparts.

Both sides have agreed to rebuild ties after they were soured over the “blue diamond affair” when a janitor stole a king’s ransom in jewels and rare gems in 1989. The deaths of three Saudi diplomats and the disappearance of a Saudi businessman in Thailand were also linked to the theft.

Published : January 29, 2022

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https://www.nationthailand.com/business/40011663

The Revenue Department plans to ease tax rules for investments in digital assets by allowing traders to offset annual losses against gains for taxes due on cryptocurrency investments, and exempt transactions from withholding tax and value-added tax, which is normally collected at 15 and 7 per cent respectively.

“The rules will apply to transactions conducted via business operators or exchanges regulated by the Securities and Exchange Commission [SEC],” Ekniti Nitithanprapas, director-general of the Revenue Department, said on Friday.

Other criteria include the offsetting of losses against gains being done within the same tax year.

Ekniti added that the department will issue a guidebook on tax calculation for digital asset traders on January 31. The guide will also cover details on two eligible cost calculation approaches, which are first-in, first-out (FIFO) and moving average cost. Traders can switch between these approaches in the next tax year.

“The Revenue Department will discuss with digital asset communities and relevant agencies the possibility of amending related laws to further improve tax collection on digital assets,” Ekniti said. “For instance, adding a revenue code that lets business operators or exchanges collect withholding tax and submit to the department, and imposing financial transaction tax instead of VAT for digital assets that serve as securities.”

Digital assets have significantly expanded in Thailand over the past few years, with average daily trading increasing from 240 million baht to 4.83 billion baht. Total estimated asset value has also jumped from 9.6 billion baht to 114.5 billion baht, while the number of digital asset users has surged from about 170,000 to more than 1.9 million people.

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Published : January 29, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011644

The Finance Ministry predicts a 4-per-cent growth in Thailand’s gross domestic product (GDP) this year, fuelled by higher domestic spending and 7 million foreign tourists.

This forecast is based on the 1.2 per cent boost to the economy, as the last quarter of 2021 saw an estimated 0.9-1.3 per cent expansion, ministry spokesman Pornchai Theeravet, who also doubles as the Fiscal Policy Office director, said on Friday.

Thailand’s growth in the second half of last year was higher than expected as it was propelled by a jump in exports, the government’s stimulus measures, the private sector’s higher consumption and investment expansion, the official said.

The export sector grew by about 19 per cent last year, thanks mainly to the recovery of its trade partners, compared to a 6.5 per cent drop in 2020.

Also, the number of foreign arrivals after Thailand’s reopening was higher than expected, he said. Since reopening on November 1, the country has seen as many as 420,000 foreign arrivals compared to 180,000 in the previous year.

Pornchai said the easing of Covid-19 measures has also pushed up consumer spending, which should boost the Thai economy by about 3.5 to 4.5 per cent.

Consumption of the private sector is expected to grow 4.5 per cent year-on-year, while exports will expand 3.6 per cent.

The resumption of the Test & Go scheme for foreigners from February 1 is expected to attract as many as 7 million arrivals.

However, Pornchai pointed out that some factors could affect economic growth, such as more Covid-19 waves, fluctuations in global economy and finance, slow recovery of the labour market, disruption in supply chain and surge in the price of energy and crude oil.

Published : January 28, 2022

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011637

A House committee will on February 10 conduct a hearing on the bidding for a licence to operate the ThaiCom 4 communication satellite once the current concession expires next year.

The ThaiCom 4 or IPStar is a commercial telecommunication satellite operated at 119.5 degrees East via two-way KU-band spot beams.

ThaiCom Plc had received a 30-year concession to operate the satellite, which was handed over to National Telecom Plc when the concession expired in September 2011.

The company, owned by INTUCH Holding, continued operating the satellite after the handover because National Telecom lacked the expertise required. However, its operating concession is scheduled to expire next year.

Meanwhile, Palang Pracharat MP Kalaya Rungwichitchai said the National Broadcasting and Telecommunications (NBTC) wants the bidding procedure to kick off well before the licence expires so the country’s telecommunications system does not hit any obstacles.

Kalaya chairs the House committee on telecommunications and digital economy and society which is overseeing the issue.

NBTC, which aims to have the bidding wrapped up by June, told the panel that only a handful of companies in Thailand have the expertise to operate satellites. Kalaya also pointed out that the bid winner will also need to have huge sums of money at their disposal to put forward as a guarantee.

She went on to say that her panel fears there may be a perception of collusion due to the low number of bidders and would like to hear the opinions of the agencies concerned.

Kalaya added that representatives of the NBTC, the National Telecom, Digital Economy and Society Ministry and ThaiCom will be invited to the hearing.

She said the hearing will consult on whether it is possible to lower the specifications in a bid to increase the number of bidders.

“But this may pose a problem because this business needs expensive equipment and special expertise,” the MP said.

She added that the NBTC representative admitted that the telecom watchdog has not done enough to launch public awareness campaigns on the issue, leading to a misperception that the national property will be sold to a private firm via the upcoming bid.

Published : January 28, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011623

The baht opened at 33.30 to the US dollar on Friday, weakening from Thursday’s closing rate of 33.20.

The Thai currency is likely to move between 33.20 and 33.40 during the day, Krungthai Bank market strategist Poon Panichpibool said, adding that low market sentiment prompting foreign investors to sell Thai stocks will make the baht fluctuate and even weaken.
 

However, he reckons the baht will not drop much because there are not too many energy, financial or tech stocks, so the Thai market is benefiting from cyclical investments.

The baht’s resistance level will lie between 33.30 and 33.50, the level that exporters are waiting for to sell the dollar, he concluded.

Related News

Baht ‘likely to weaken’ on Fed rate signal

‘Volatile’ baht expected to swing sideways

Baht opens weaker despite Test & Go relaunch, mass gold sell-off

Published : January 28, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011621

The Stock Exchange of Thailand (SET) Index is expected to rise to the resistance level of 1,642 to 1,650 points on Friday, Krungsri Securities said.

The index gained positive sentiment from the 6.9 per cent rise in the US GDP in the last quarter of 2021, higher oil prices and mass buy-up of shares in companies that are expected to grow.

However, the index will be under pressure from volatility in fund flows due to uncertainty over the US Federal Reserve’s signal that it will increase the interest rate in March.

Krungsri Securities, meanwhile, recommends the purchase of the following as an investment strategy:

• BBL, KBANK, KTB and BLA will benefit from news of the US interest rate hike.

• PTTEP, TOP, PTTGC, IVL and SPRC will benefit from the rising price of oil and gross refining margin.

• AOT, MINT, CENTEL, ERW and AAV will benefit from the government’s move to relaunch the Test & Go scheme and the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) travel subsidy.

The SET Index closed at 1,634.17 on Thursday, down 9.27 points or 0.56 per cent. Transactions totalled 93.86 billion baht.

Published : January 28, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011606

The restoration of diplomatic ties with Saudi Arabia would open up a big market for Thailand and boost trade, the chairman of the Thai Chamber of Commerce, Sanan Angubolkul, stated.

In 2021, Thailand’s exports to Saudi Arabia were valued at around US$1.5 billion, or 0.6 per cent of total exports.

If Thailand opens the door to more trade with Saudi Arabia, the share of exports to Saudi Arabia could return to 2.2 per cent as it was in 1989, worth more than $5 billion, said Sanan.

He forecast that Thailand would be able to penetrate the automobile and parts market, food and processed food products, mechanical and electrical equipment which is an area with potential.

Saudi Arabia is considered the centre of the Middle East and has plans to expand and develop the country without relying solely on oil. Products with an opportunity to earn additional income include industrial machinery, automobiles and parts, iron and steel, which accounted for 27.5 per cent of total imports of Saudi Arabia.

In the past, Saudi Arabia was also Thailand’s largest labour market in the Middle East. More than 200,000 Thai workers were employed in Saudi Arabia, sending home an average of 9 billion baht per year in remittances.

The restoration of this relationship will give Thai workers the opportunity to return to work in Saudi Arabia. It is expected that the number of Thai workers in Saudi Arabia will increase to 50,000 people within three years and to 100,000 people within five years, which would bring in about 2.25 billion to 4.5 billion baht in remittances per year, he forecast.

Published : January 27, 2022

By : THE NATION