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https://www.nationthailand.com/business/40011305

The baht hit its lowest point in two months, opening on Thursday at 32.90 to the US dollar, down from Wednesday’s closing of 33.04.

The currency is likely to move between 32.85 and 33.05 to the greenback during the day and even swing sideways unless it is influenced by a new factor, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht would strengthen as investors sell their gold. However, he said it would swing sideways and not strengthen much if there was no supporting transaction from foreign investors or other factors that would help it strengthen.

He said the dollar might advance due to the demand for safe-haven assets.

Moreover, the currency market is volatile so foreign investors might offload more Thai stocks.

Poon also said the baht would see support from sales of gold if the price of the precious metal stayed between 1,830 and 1,840 dollars per ounce.

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The key support level for the Thai currency would be from 32.80 to 32.90 – a level which importers are waiting for so they can purchase dollars. Meanwhile, the baht’s key resistance level would be from 33.20 to 33.30 – a level eyed by exporters so they can offload their dollars, he added.

Published : January 20, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011304

The Stock Exchange of Thailand (SET) Index would fluctuate between 1,650 and 1,670 points on Thursday, Krungsri Securities predicted.

It said uncertainty over the US Federal Reserve’s move to raise the interest rate to tackle inflation, resulting in a rising 10-year bond yield, is still pressuring the index.

“However, rising oil prices, foreign fund inflows, speculation on shares of companies whose business turnover in 2021 is expected to improve, and signs of oversold stocks would help boost the index,” Krungsri Securities said.

It recommended investors purchase the following companies’ shares:

• PTTEP, Top, PTTGC, IVL and SPRC, which benefit from a rising oil price and gross refining margin.

• BBL, TTB, KBank, KTB and BLA, which benefit from news of an interest rate hike.

• AOT, Mint, Centel, ERW, AAV, which would benefit from the Cabinet’s move to consider implementing the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) tourism promotion scheme next week.

The SET Index closed at 1,658.24 on Wednesday, down 2.03 points or 0.12 per cent. Transactions totalled 96.18 billion baht, with an index high of 1,667.44 and a low of 1,653.38.

The top five stocks with the highest trade value were KBank, True, PTT, PTTEP and SCB.

Published : January 20, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011290

Household debt is likely to hit nearly 90 per cent of gross domestic product in the first half of the year, according to Siam Commercial Bank’s Economic Intelligence Centre (EIC).

The EIC estimates household debt to be in the range of 89.5 to 90.5 per cent of GDP, before gradually decreasing in the second half of the year when the impact of the Omicorn virus variant decreases.

Household loan growth from the banking system in the third quarter slowed down in all major credit categories. However, personal loans continued to expand at a high level based on liquidity demand to offset the steep drop in income.

The problem of non-formal debt in the household sector tends to accelerate from households that need credit to pay for their expenses but have limited access to credit in the system. Most of them are already vulnerable low-income households, the EIC said.

The ratio of household debt to GDP in Thailand is likely to rise again within the first half of 2022. The main risk factor comes from the Omicron virus and how it will affect household income and increase loan demand.

This will challenge the process of repairing the balance sheet of the household sector and slow down the recovery of household finances, which will further affect household spending trends and credit quality, the EIC said.

Therefore, there must be government assistance measures for debt restructuring, income remedies, employment support, and labour reskilling programmes to increase the ability to earn money, including liquidity support measures to prevent informal debt problems, the EIC suggested.

The Bank of Thailand said that Thai household debt, as of the third quarter of 2021, amounted to 14.3 trillion baht, representing a growth rate of 4.2 per cent year on year, decelerating from the previous quarter. Meanwhile, the household debt-to-GDP ratio stood at 89.3 per cent, unchanged from the previous quarter, considered to be a high level.

Published : January 19, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011265

The baht opened at 33.12 to the US dollar on Wednesday, strengthening from Tuesday’s closing rate of 33.09.

The currency is likely to move between 33.05 and 33.20 to the greenback during the day and even swing sideways unless it is influenced by a new factor, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon believed the baht is likely to swing sideways on a strengthening dollar as investors were concerned the US Federal Reserve would increase the interest rate more than expected in March.

Moreover, foreign investors were offloading Thai stocks, further pressuring the baht.

However, hopes of the country reopening fully helped the baht to advance. And if the gold price goes up, the baht might see a further strengthening.

The key support level for the Thai currency would be from 32.90 to 33.00 – a level which importers are waiting for so they can purchase dollars. Meanwhile, the baht’s key resistance level would be from 33.20 to 33.30 – a level eyed by exporters so they can offload their dollars.

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Baht sinks lowest in seven weeks, expected to swing sideways

Baht likely to swing sideways unless new factors surface

Baht strengthens after US inflation rate jumps 7%

Published : January 19, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011263

Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Wednesday (January 19) would fall to between 1,650 and 1,655 points.

It said uncertainty over the US Federal Reserve’s move to raise the interest rate to tackle inflation has caused the US 10-year bond yield to hit the highest in two years, as well as fund flow volatility. 

“However, mass buy ups of shares which benefit from rising oil prices and hopes over improvement in business turnover would help boost the index,” Krungsri Securities said.   

It also recommended buying of the following companies’ shares as an investment strategy:

• PTTEP, TOP, PTTGC, IVL and SPRC, which benefit from rising oil price and gross refining margin.
• BBL, TTB, KBANK and BLA, which benefit from news of interest rate hike.
• AOT, MINT, CENTEL, ERW, AAV, AMATA, WHA HMPRO and CPN, which benefit from the decline in domestic Covid-19 cases.

The SET Index closed at 1,660.27 on Tuesday, down 16.60 points or 0.99 per cent. Transactions were totalled 113.95 billion baht with an index high of 1,682.93 and a low of 1,660.15.

Top five stocks with the highest trade value were KBANK, TCK, GULF, GUNKUL and BBL.

Published : January 19, 2022

By : THE NATION

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https://www.nationthailand.com/blogs/business/40011246

Thailand’s plant-based protein exports surged 64 per cent in 2021, riding a boom in healthy lifestyle trends. Auramon Subthaweetham, director-general of the Department of Trade Negotiations, revealed that plant-based products that are processed to have the same characteristics as meat are gaining in popularity amid the upward consumer healthcare trend.

The Organization for Economic Cooperation and Development (OECD) forecasts that by 2022 the vegetable protein market will be worth more than $10 billion. The main exporting countries are the US, China and the European Union.

She said Thailand is the world’s 25th largest vegetable protein exporter and third in Asean after Singapore and Malaysia.

During January to November 2021, Thailand exported plant protein products worth $2.57 million. Exports to many countries increased from the same period last year, such as Asean, Thailand’s No. 1 export market (43 per cent), including Myanmar (82%), Singapore (195%) and Laos (969%), besides China (27%) and Australia (502%).

In addition, Thailand also exported vegetable protein products to the dual free-trade agreement (FTA) market worth $1.65 million. It accounted for 64 per cent of total vegetable protein exports.

Entrepreneurs can take advantage of the FTAs that Thailand has with 18 trading partners to expand their exports and increase their competitive advantages, Auramon said. Currently, 16 FTA partners, namely ASEAN countries, China, Hong Kong, Australia, New Zealand, India, Chile and Peru, are no longer levying tariffs on Thai plant protein products.

From February 1, the Regional Comprehensive Economic Partnership Agreement will also make it binding on South Korea to gradually reduce import duties on tofu products from Thailand to zero by 2036, she added.

Published : January 18, 2022

By : THE NATION

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https://www.nationthailand.com/business/40011238

Property transfer and mortgage fees will remain at 0.01 per cent until the end of 2022 for properties costing no more than 3 million baht.

The government had lowered transfer fees from 2 per cent to 0.01 per cent and mortgage fees from 1 per cent to 0.01 per cent in 2019 in a bid to support the real-estate sector. The subsidy was to be offered until December 31, 2021.

“The Cabinet earlier this month agreed to extend the campaign until December 31, 2022, as part of the government’s economic stimulus plan,” Nisit Chansomwong, director-general of Department of Lands, said on Tuesday.

The subsidy covers houses, condominiums or land with an estimated value of no more than 3 million baht. The subsidy applies to both new and second-hand property, but can only be used by Thai nationals.

“The department believes this campaign will help Thais get their own property more easily and will also promote the property sector as well as other related industries that have been suffering from the fallout of Covid-19,” Nisit said.

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Published : January 18, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011219

The Stock Exchange of Thailand (SET) rose by 3.80 points or 0.23 per cent to 1,680.67 in the morning trade on Tuesday (January 18).

Krungsri Securities forecast the day’s index would rise to between 1,683-1,690 points before falling.

It said the index gained positive sentiment from the decline in domestic Covid-19 cases and speculations in stocks which gained specific positive sentiments, such as the cooperation between Gulf Energy Development and Binance on setting up a digital asset trading centre and banks’ move to announce their business turnover this week.

“However, fund flow slowdown due to uncertainty over the US Federal Reserve’s move to raise the interest rate is likely to pressure the index,” Krungsri Securities said.

It advised investors to follow the Cabinet’s move to launch measures to reduce living costs and stimulate purchase, China’s move to cut interest rate, and outcome of the Bank of Japan’s meeting.

It also recommended buying of the following companies’ shares as an investment strategy:

• PTTEP, TOP, PTTGC, IVL and SPRC, which benefit from rising oil price and gross refining margin.
• BBL, TTB, KBANK and BLA, which benefit from news of interest rate hike.
• AOT, MINT, CENTEL, ERW, AAV, AMATA, WHA HMPRO and CPN, which benefit from the decline in domestic Covid-19 cases.

The SET Index closed at 1,676.87 on Monday, up 4.24 points or 0.25 per cent. Transactions were totalled 82.35 billion baht with an index high of 1,680.39 and a low of 1,672.93.

Published : January 18, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011212

The baht hit its lowest point in seven weeks, opening at 33.05 to the US dollar, down from Monday’s closing of 33.08.

The Thai currency is likely to move between 32.95 and 33.15 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He says the baht is likely to swing sideways after it was strengthened by the country’s reopening. Poon reckons it may be too early to welcome foreign tourists because the Omicron situation may worsen if the government cannot control infections.

Meanwhile, many foreign investors are selling Thai stocks, though some are waiting to sell the baht. The Bank of Thailand may also stabilise the currency after it strengthened quickly in the short term.

Poon speculates the baht will swing sideways in the 32.90 to 33 to the dollar range.

He added that the market is in a risk-on state as it knows that the US Federal Reserve will use a tight monetary policy, while investors are also interested in reports from listed companies.

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Published : January 18, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011206

The Revenue Department is further adjusting its income tax exemption structure to reduce benefits for high-income earners and increase them for low- and middle-income earners, the department chief said on Monday.

Ekniti Nitithanprapas said that under the current structure, the top 20 per cent of income earners enjoyed 80 to 90 per cent of tax exemption packages offered by the department, while middle/low-income earners saw few benefits.

Ekniti said the changes would boost tax revenue.

The change follows the earlier cancellation of tax exemption on LTF (long-term equity funds). Earlier, 15 per cent of LTF investments up to Bt500,000 could be deducted from taxable annual income.

The department is instead offering income earners a 30-per-cent deduction on Super Saving Fund investments up to Bt200,000.

“The restructuring will benefit middle- and low-income earners, reduce benefits enjoyed by high-income earners and allow the Revenue Department to earn more revenue from tax collection,” Ekniti said.

Currently, income earners can cite several investments as tax deductible. These include RMF (retired mutual funds), with 30 per cent of up to Bt500,000 deductible from annual taxed income. They can also deduct life insurance up to Bt100,000 from taxable annual income.

Published : January 17, 2022