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https://www.nationthailand.com/business/40010280

The price of gold dropped by THB50 in morning trade on Wednesday.

AGold Traders Association report at 9.28am said the buying price of a gold bar was THB28,500 per baht weight and selling price THB28,600, while the buying and selling price of gold ornaments is THB27,985.36 and THB29,100, respectively.

At close on Tuesday, the buying price of a gold bar was THB28,550 per baht weight and selling price THB28,650, while gold ornaments were THB28,030.84 and THB29,150, respectively.

The spot gold price on Wednesday morning hovered around US$1,790 (THB60,448) per ounce after Comex gold at close on Tuesday dropped by $5.9 to $1,788.7 per ounce due to pressure from the rise in US government bond yields.

Related news:

• SET expected to fluctuate despite governments economic stimulus measures
• Baht up as investors believe Omicron will not get much worse in Thailand
• Stocks extend advance, while treasurys decline

The Hong Kong gold price, meanwhile, dropped by HK$50 to $16,650 (THB72,083) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : December 22, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010276

The baht opened at 33.67 to the US dollar on Wednesday, strengthening from Tuesday’s closing rate of 33.71.

The Thai currency is likely to move between 33.60 and 33.80 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht is likely to fluctuate but it will not weaken much because the Monetary Policy Committee and foreign investors have speculated that the Covid-19 situation will not be much worse.

Foreign investors have not sold a large number of short term bonds because they expected the baht will not weaken much.

On Wednesday, the Monetary Policy Committee will release a statement about economic recovery and a new economic outlook which might slow down the baht weakening if the committee has a positive view of the economic recovery.
 
Poon said that the baht will reach the key resistance level at 33.80 to the dollar if it weakens. However, the baht should strengthen in the short term according to the technical sign. 

Related News

Omicron worries weaken baht

Baht weakens but may rally when gold price, economy improve

Rising gold prices, weaker dollar strengthen baht

He thought that the baht will not weaken much if foreign investors does not sell a large number of Thai assets.

Meanwhile, the support level of baht would be from 33.40 to 33.50 to the dollar.

Poon said that investors will monitor the result of the Monetary Policy Committee’s meeting on Wednesday. The committee might keep the policy interest rate at 0.50 per cent if the committee has a positive view of the economic recovery.

Published : December 22, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010274

Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Wednesday (December 22) would fluctuate between 1,615-1,630 points despite the Cabinets move to launch measures to stimulate the economy at the end of this year.

It predicted that Thailand’s suspension of Test & Go scheme in response to the outbreak of Omicron Covid-19 variant in Europe and US, plus foreign investors’ port adjustment before Christmas and New Year holidays, would pressure the index. 

It also recommended buying of the following companies’ shares as an investment strategy:
▪︎ HMPRO, GLOBAL, DOHOME, CPN, CRC, SYNEX, COM7, SPVI and CPW, which benefit from the government’s economic stimulus measures.
▪︎ RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate.
▪︎ EA, GPSC, AMATA, WHA, AH and SAT, which benefit from the government’s support on electric vehicles.

Published : December 22, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010261

Stocks extended gains as investor appetite for risk assets improved. Treasurys fell.

Energy shares led gains in the S&P 500. Micron Technology Inc., the largest U.S. maker of memory chips, jumped on an upbeat forecast, while Nike Inc. rallied as revenue in North America increased, offsetting a drop in China. Pfizer Inc. and Merck & Co. traded off session lows as Bloomberg News reported the U.S. Food and Drug Administration was set to authorize their pills to treat coronavirus as soon as this week.

Novavax’s top executive said the company expects to have data on its Covid-19 vaccine’s efficacy against the omicron variant within days. U.K. Prime Minister Boris Johnson noted he doesn’t plan to impose new restrictions on activities before Christmas. South Africa, where the omicron variant was first identified, saw daily infections slump to the lowest in two weeks.

“The omicron’s potential damage to economic activity will be reasonably short and shallow,” said Art Hogan, chief market strategist at National Securities. “With household and corporate balance-sheets in good shape and sentiment still strong, we think it’s reasonable to expect that the economy will manage to navigate the rough waters.”

Earlier Tuesday, Credit Suisse Group’s global investment committee slashed its stocks allocation to neutral from overweight, citing increasing risks from the omicron variant.

Stocks:

– The S&P 500 rose 1.2% as of 12:21 p.m. New York time.

– The Nasdaq 100 rose 1.2%.

– The Dow Jones Industrial Average rose 1.4%.

– The MSCI World index rose 1.3%.

Currencies:

– The Bloomberg Dollar Spot Index was little changed.

– The euro was little changed at $1.1270.

– The British pound rose 0.3% to $1.3250.

– The Japanese yen fell 0.5% to 114.17 per dollar.

Bonds:

– The yield on 10-year Treasuries advanced six basis points to 1.48%.

– Germany’s 10-year yield advanced six basis points to -0.31%.

– Britain’s 10-year yield advanced 10 basis points to 0.87%.

Commodities:

– West Texas Intermediate crude rose 3.6% to $71.08 a barrel.

– Gold futures fell 0.4% to $1,787.10 an ounce.

Published : December 22, 2021

By : Bloomberg

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010254

The Stock Exchange of Thailand (SET) Index closed at 1,622.25 on Tuesday, up 6.45 points or 0.40 per cent. Transactions totalled 69.24 billion baht with an index high of 1,628.84 and a low of 1,618.57.

The index rebounded after dropping almost 2 per cent so far.

The 10 stocks with the highest trade value today were BRI, GPSC, EA, KBANK, SCB, RCL, ADVANC, CPALL, AOT and COM7.

Other Asian indices were on the rise:

• Japan’s Nikkei Index closed at 28,517.59, up 579.78 points or 2.08 per cent.
• China’s Shanghai SE Composite closed at 3,625.12, up 31.52 points or 0.88 per cent, while the Shenzhen SE Component closed at 14,688.98, up 119.80 points or 0.82 per cent.
• Hong Kong’s Hang Seng Index closed at 22,971.33, up 226.47 points or 1.00 per cent.
• South Korea’s KOSPI Index closed at 2,975.03, up 12.03 points or 0.41 per cent.
• Taiwan’s TAIEX Index closed at 17,789.27, up 120.16 points or 0.68 per cent.

Published : December 21, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010245

The Federation of Thai Industries (FTI) reported that as of the end of November, Thailand had exported 857,887 cars, up 28.55 per cent year on year and exceeding its year’s estimated target of 850,000 cars.

“In November alone we exported 98,829 cars, increasing 32.6 per cent year on year,” Surapong Paisitpattanapong, vice president and spokesman of the automobile chapter of the FTI, said on Tuesday.

“FTI estimates total revenue from automotive export [cars, motorcycles and parts] can reach 1 trillion baht in 2021.”

FTI also reported that domestic automakers have produced 1,531,337 cars in the first 11 months of 2021, increasing 19.26 per cent compared to last year’s total production. November alone saw the output of 165,353 cars, which is the highest throughout the year. Of the 1.5 million cars produced, over 57 per cent have been earmarked for export.

“We expect local production to drop in December due to several public holidays, but the total production in 2021 will still exceed the target of 1.6 million cars,” he said.

Surapong also said that domestic sales of cars in November surged to 75,241 units, the highest in eight months thanks to government economic stimulus measures improving consumers’ confidence.

“Furthermore, with many countries unlocking their markets, more farmers and resellers have been buying vehicles to transport their produce,” he added.

FTI also said that in the first 11 months of 2021, Thailand has manufactured 2,092,051 motorcycles, up 15.01 per cent year on year. The production of motorcycles in November alone totalled 231,632 units, up by 8.23 per cent year on year.

Related News

Covid-19 slamming factory capacity and exports: FTI Poll

FTI urges prompt move on baht as export competitiveness hit

Manufacturing sentiment rising for seven months in a row: FTI

Published : December 21, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010228

The baht opened at 33.61 to the US dollar on Tuesday,weakening from Monday’s closing rate of 33.59.

The Thai currency is likely to move between 33.50 and 33.75 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht might weaken due to the worry from the Omicron variant of Covid-19 in the country. Investors should speculate the investment from foreign investors as they were previously invested in Thai stocks. 

However, foreign investment could change the direction in the short term especially in the short term bonds.

Poon said that the baht might reach the key resistance level at 33.80 to the dollar if it continues to weaken. It could test the key resistance level at 34 to the dollar if it weakens past the previous level. 

Poon said that the baht should strengthen in the short term according to the technical sign. He thought that the baht will not weaken much if foreign investors does not sell a large number of Thai assets.

Related News

Baht weakens but may rally when gold price, economy improve

Rising gold prices, weaker dollar strengthen baht

Baht advances after US Fed meeting sees dollar weaken

Meanwhile, the support level of baht would be from 33.40 to 33.50 to the dollar.
 

Published : December 21, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010226

The price of gold in Thailand on Tuesday morning was unchanged from Monday’s close.

A9.25am report from the Gold Traders Association showed the buying price of gold bar at THB28,500 per baht weight and selling price at THB28,600, while the buying and selling price of gold ornaments is THB27,985.36 and THB29,100, respectively.

The spot gold price on Tuesday morning was hovering around US$1,790 (THB60,292) per ounce after Comex gold at close on Monday dropped by $10.3 to $1,794.6 per ounce due to pressure from concerns after the US Federal Reserve signaled to raise interest rates three times next year, including the fact that investors have slowed down trading before the Christmas holidays.

Related news:

• Omicron concerns and falling oil prices expected to pressure SET
• Thai export sector expands 16.4% from Jan to Nov, 2021
• S&P 500 has biggest three-day drop since September

The price of gold in Hong Kong, meanwhile, dropped by HK$70 to $16,720 (THB72,221) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : December 21, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010224

Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Tuesday (December 21) would fluctuate between 1,605-1,625 points. 

It said investors are still worried about the outbreak of Omicron Covid-19 variant in Europe and US. Meanwhile, it is expected that many countries would impose measures to deal with the virus, resulting in impact on economic recovery.

In addition, the index would be under pressure due to falling oil prices, it added.

“However, mass buy-ups of stocks which gained specific positive sentiment would help boost the index,” Krungsri Securities said.

It also recommended buying of the following companies’ shares as an investment strategy:
▪︎ COM7, SYNEX, BCH, CHG, MEGA, SMD, WINMED, XO and STGT, which benefit from Covid-19 outbreak.
▪︎ RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate.
▪︎ EA, GPSC, AMATA, WHA, AH and SAT, which benefit from the government’s support on electric vehicles.

Published : December 21, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010213

Investor sentiment sagged as concern about President Joe Bidens economic agenda and the omicron coronavirus surge dragged down stocks. Traders said lower volume ahead of the holidays exacerbated market moves.

The S&P 500 had its biggest three-day drop since September, led by losses in financial and material shares. Bonds fell. The dollar was little changed.

“There’s kind of two dynamics going on. Probably the most important one is the imminent reduction in liquidity,” said Jay Hatfield,CEO at Infrastructure Capital Management. “On top of that, you have the omicron concern.”

Goldman Sachs economists cut their U.S. growth forecasts after Democratic Senator Joe Manchin blindsided the White House by rejecting Biden’s roughly $2 trillion tax-and-spending package. Meanwhile, Europe’s biggest nations weighed more Covid-19 restrictions.

Stocks:

–The S&P 500 fell 1.1% as of 4 p.m. New York time

–The Nasdaq 100 fell 1.1%

–The Dow Jones Industrial Average fell 1.2%

–The MSCI World index fell 1.4%

Currencies:

–The Bloomberg Dollar Spot Index was little changed

–The euro rose 0.3% to $1.1278

–The British pound fell 0.3% to $1.3209

–The Japanese yen was little changed at 113.67 per dollar

Bonds:

–The yield on 10-year Treasuries advanced two basis points to 1.42%

–Germany’s 10-year yield advanced one basis point to -0.37%

–Britain’s 10-year yield advanced one basis point to 0.77%

Commodities:

–West Texas Intermediate crude fell 3.7% to $68.23 a barrel

–Gold futures fell 0.9% to $1,789.40 an ounce

Published : December 21, 2021

By : Bloomberg