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https://www.nationthailand.com/business/40007474

Fresh from crowing over Europes gas crisis, Russian President Vladimir Putin now sees a chance to capitalize on it.

Putin wants to press the European Union to rewrite some of the rules of its gas market after years of ignoring Moscow’s concerns, to tilt them away from spot-pricing toward long-term contracts favored by Russia’s state run Gazprom, according to two people with knowledge of the matter. Russia’s also seeking rapid certification of the controversial Nord Stream 2 pipeline to Germany to boost gas deliveries, they said.

Russia is prepared to supply as much gas as Europe needs and is ready for dialogue with the EU on stabilizing the market, Putin said Wednesday at the Russian Energy Week conference.

“We always meet our partners halfway and are ready to discuss additional actions,” Putin said. Russian energy projects including Nord Stream 2 seek “to ensure the stability and predictability of gas supplies in the volumes needed by European countries for years to come,” he said.

European gas futures gained on Wednesday. Amid record daily swings of as much as 40% in European gas prices, Putin made a calculated intervention to cool the market last week by saying Gazprom can boost supplies to help ease shortages.

Still, even as the Kremlin casts the president as Europe’s energy savior, Russia’s under no illusion that it will gain political concessions from the EU or ease strained relations as a result of the crisis, according to a government official and a policy adviser close to the presidential administration.

“Putin senses an opportunity from the crisis,” said Andrei Kortunov, head of the Kremlin-founded Russian International Affairs Council. “Russia wants to prevent the EU from dragging its feet on certifying Nord Stream 2 and start talks on long-term stable prices for gas.”

Russia long opposed giving the spot market greater weighting in pricing, preferring to rely on less volatile long-term contracts that may cap some of the windfall when prices are high but provide downside protection when they slump. However, liberalization of the EU’s gas market forced Gazprom to adjust its pricing formulas, linking the bulk of them to spot and futures prices.

“Buying gas at reasonable prices is, of course, good,” Gazprom Deputy Chief Executive Officer Elena Burmistrova told the St. Petersburg International Gas Forum on Oct. 7. “But it’s even better to know exactly in advance how much it will cost in a month, a quarter and a year.”

Putin has blamed the energy crisis partly on “snobbish” EU officials and advisers who he said had pushed for the shift to spot pricing “and do not want to hear anything else.”

EU leaders will discuss the gas price surge and measures to blunt its impact at a summit in Brussels next week.

Europe relies on Gazprom for about a third of its natural gas supplies. While gas storage on the continent is being rebuilt from record-low levels for this time of year, there are limited options for deliveries from other sources such as liquified natural gas. With winter fast approaching, that leaves the region potentially more dependent on Russia for extra supplies to avoid shortages when cold weather hits.

Russia is still injecting gas into domestic storage facilities and will complete the process by Nov. 1, Deputy Energy Minister Evgeny Grabchak told reporters in Moscow on Wednesday. The country now has enough gas in storage to get through the winter, and while it’s not expecting colder-than-average weather, it’s ready for it, he said.

Deputy Prime Minister Alexander Novak, who oversees Russia’s energy policy, said Tuesday that a hasty transition away from traditional power sources toward renewables had contributed to Europe’s supply crunch. Last week, he told Putin that swift European approval of Nord Stream 2 for delivery of gas would give “a positive signal” to markets.

For its part, the EU is hoping the gas crisis is a short-term phenomenon. It’s focusing on helping member states get through the tough winter — with prices set to stay high and a risk that Nord Stream 2 may not be ready to start for months. Energy Commissioner Kadri Simson said Tuesday that its underground storage of gas in the region was at around 75% of capacity, far lower than the last decade, but adequate to cover demand.

The EU is also set to explore the possibility of joint gas purchases by member states to strengthen buying leverage with third parties in a toolbox that’s set to be outlined Wednesday. It means the bloc is unlikely to take imminent action to heed any overtures from Putin, especially given ongoing tensions over issues like Belarus and Ukraine.

Currently, some 20% of Gazprom’s European gas supplies are linked to oil prices, while a little over 50% is priced on either day-ahead or month-ahead pricing, Ron Smith, senior oil and gas analyst at BCS Global Markets, wrote in a note Friday following a webinar with Gazprom managers.

Russia is keen to restore the link to oil prices in gas contracts and shift away from spot pricing that the EU has increasingly insisted on in recent years, said the two people familiar with the matter. Gazprom has already begun filling Nord Stream 2 with gas and wants European regulators to make it operational as soon as possible, they said.

Gazprom’s exports to Europe were near a record in the first half of this year, but fell in September just as the EU was struggling to refill stockpiles. Russia has been replenishing its own storage sites, sparking claims it’s withholding supplies.

The Kremlin rejected the allegation, insisting Russia was fulfilling all of its contracted obligations as a trusted energy partner. German Chancellor Angela Merkel offered backing last week, saying Russia “can only deliver gas on the basis of contractual obligations.”

Gazprom has started pumping gas from its reserves to ease soaring prices and wants to work with European countries to calm the market, Russian Deputy Foreign Minister Sergei Ryabkov said in a BBC interview Tuesday.

“Gazprom is celebrating a big victory,” said Stanislav Tsygankov, a former head of the company’s international business department. “This is the perfect time to capitalize on the situation.”

Published : October 14, 2021

By : Bloomberg

President Joe Biden said Wednesday that a new plan to keep a key U.S. port open “24 hours a day, seven days a week” would relieve pressure on an overworked supply chain that has frustrated Americans and blossomed into a major economic shortcoming.

Speaking at the White House, Biden also hailed commitments from top importers such as Walmart, FedEx and UPS to use the extended hours at the Port of Los Angeles to remove shipping containers that have slowed freight operations.

The president spoke following a 17-person “virtual roundtable” with port directors from Los Angeles and Long Beach, Calif., top officials from the Teamsters and AFL-CIO labor unions, the U.S. Chamber of Commerce, and other business groups.

As consumers confront random shortages of clothing, toys, groceries and cars, the disrupted supply lines that define the pandemic-era economy are evident in dozens of giant container ships anchored off the coast of Southern California. Some vessels wait two weeks for an unloading berth.

Similar delays await freight once it reaches the shore, where docks, rail yards and warehouses are jammed with goods, the fruits of an economic recovery the administration boasts is robust.

Administration officials promise a “90-day sprint” to clear a path for cargo. Several companies participating in the White House event, including Walmart, made “specific volume commitments” about containers they will remove from California docks. Leaders of the International Longshore and Warehouse Union have agreed to work longer hours, provided individual terminal operators pay up.

Biden said today’s announcement had “the potential to be a game changer” in unclogging the nation’s supply lines.

But the extended hours the administration is touting represent something less than the full around-the-clock operations that are typical of the world’s most advanced cargo-moving facilities.

The Port of Long Beach, which makes up one half of the nation’s chief import gateway, began a pilot program last month of late-night and predawn work. An administration official said Tuesday that Long Beach had “already gone to 24-7″ and Los Angeles would be “meeting that effort.” But only one of the Long Beach port’s six container terminals works 24 hours a day, and it does so only Monday through Thursday, according to Noel Hacegaba, the port’s deputy executive director of administration and operations.

Biden said the L.A. port, which is adjacent to the Long Beach facility, would be open for 60 additional hours each week. But Phillip Sanfield, a port spokesman, said he could not say how many L.A. terminals will now begin operating around-the-clock. And Gene Seroka, executive director of the L.A. port, said on twitter that “operational details are being discussed and worked out with the supply chain stakeholders.”

Some industry executives described the administration’s latest initiative, which the White House billed as “nearly doubling” the port’s cargo-handling hours, as incomplete. Matt Schrap, chief executive of the Harbor Trucking Association, whose members service the ports, said the measure will make a “big difference” only if terminals abandon requirements for truckers to return a specific type of empty shipping container before collecting a full one.

And Craig Grossgart, senior vice president for global ocean at SEKO Logistics, said: “It will accomplish zero. It’s just window dressing.”

Indeed, the administration said an additional 3,500 containers each week would move through the L.A. port during the new nighttime hours, thanks to promises from six companies – Walmart, FedEx, UPS, Target, Home Depot and Samsung.

The port expects to process 79,289 containers this week, according to its website.

The administration says the giant companies will set an example that will spur others to follow. But longer working hours at the neighboring ports, which operate as a single complex under dual management, will matter only if trains, trucks and warehouses all do the same. Already, truckers have been reluctant to show up at the Long Beach port during the 3 a.m.-to-7 a.m. slot known as the “hoot” shift – named for the hoot owl – because they have nowhere to take containers at that hour.

Major railroads “have long been 24/7 operations,” said Ian Jefferies, president of the American Railroad Association.

Supply headaches are posing a direct challenge to Biden’s hopes of a smooth economic recovery. Federal Reserve Chair Jerome H. Powell has said that logistics headaches are responsible for inflation lasting longer than he expected.

The mounting disruption, mirrored in multiple countries, is having an economic impact that extends beyond consumer and business irritation over delayed deliveries. Barclays economists this week lowered their growth forecast for the United States and Europe, citing enduring supply interruptions.

“These persistent supply disruptions are a stagflationary impulse to the global economy, as they now increasingly also affect activity, after having already caused stubbornly higher-than expected inflation,” Barclays wrote in a research note, referring to the 1970s phenomenon of soaring prices and anemic growth.

Fastenal, a Winona, Minn.-based industrial distributor, which has been struggling to move imported fasteners through clogged U.S. ports, told investors Tuesday that it is reducing its planned capital spending this year by $15 million to $25 million.

“Supply chain difficulties are limiting our purchases of vehicles, brand supplies and other products,” Holden Lewis, the company’s chief financial officer, said on an earnings call.

Bed Bath & Beyond’s share price fell 22% last month after higher freight costs and “unprecedented supply chain challenges” dented profits. The company does not expect any improvement in the supply chain situation through the end of November, chief financial officer Gustavo Arnal told analysts.

The White House is eager to demonstrate progress on a vexing host of supply chain snarls. Yet officials note that the cargo carriers, ports, terminal operators, trucking lines and warehouses involved are almost entirely private-sector entities, leaving the president with little power to command immediate improvement.

The federal government’s chief role is acting as an “honest broker” to bring together executives from each link in the globe-girdling supply chain, one official said.

In June, the president established a White House task force on supply chain issues, headed by Transportation Secretary Pete Buttigieg, Commerce Secretary Gina Raimondo and Agriculture Secretary Tom Vilsack.

This summer, Biden named John Porcari, a former Obama-era transportation official, as its “ports envoy.” (At Wednesday’s White House event, the president twice referred to Porcari as “Joe.”)

Porcari last month scored an early success by winning longer operating hours at the Ports of Los Angeles and Long Beach, the nation’s top import gateway. Yet the first night of longer hours at one Long Beach terminal did not draw a single truck, Grossgart said.

Since the experiment began three weeks ago, the number of ships at anchor in San Pedro Bay has dipped from 70 to 61. But that floating traffic jam – which was virtually unknown before the coronavirus pandemic – remains twice as big as it was in early August.

Ports are not a new concern for Biden. In 2014, while vice president, he described port improvements as “a passion of mine.” The administration’s bipartisan infrastructure package contains $17 billion to modernize the nation’s ports.

Administration officials acknowledge there is only so much they can do to solve the immediate supply crisis. Much of the nation’s freight-moving infrastructure relies on facilities that were built decades ago, long before the era of globalization and e-commerce.

“You can’t turn a light switch in this very complicated supply chain and have it change overnight,” one official said.

Published : October 14, 2021

By : The Washington Post

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007466

The guardians of the British economy are working to start reducing the supply of stimulus long before the fallout from the coronavirus crisis comes to an end.

After winning widespread praise for a quick, bold and coordinated response to the pandemic last year, the U.K. Treasury and the Bank of England now are preparing to be among the first among industrial nations to whip away that support.

Chancellor of the Exchequer Rishi Sunak is on course to raise taxes and cut spending to control the budget deficit, while BOE Governor Andrew Bailey has warned interest rates are likely to rise in the coming months to curb a rapid surge in prices. Together, those moves would mark a simultaneous major tightening of both policy levers just months after the biggest recession in a century — an unprecedented move since the BOE gained independence in 1997.

The action could leave the U.K. an outlier on the world stage after it suffered a greater economic loss than many of its peers during the pandemic. The speed of policy reversal also risks complicating what’s likely to be a difficult winter for Britain, which is facing up to slower growth, widespread labor shortages and a cost-of-living crunch for its poorest citizens.

Figures published on Wednesday show the economy grew less than expected in August following an unexpected drop in output in the previous month, raising doubt about whether output will return to pre-pandemic levels this year.

“We’re in a situation where both Rishi Sunak on the fiscal side and the BOE look like they are rushing to the exit,” said James Smith, a former BOE senior economist now serving as research director at the Resolution Foundation. “There are signs that momentum is fading, and you’re adding into that tightening from the chancellor and the bank, potentially.”

The result may further soften growth after post-lockdown euphoria fades. Britain’s economy may expand 6.8% this year, the fastest in the Group of Seven nations, according to the International Monetary Fund. But a comparison of 2024 forecasts and those made in pre-pandemic 2019 suggest the U.K. is at the bottom of the pack.

The twin tightening is being prompted by a shift in priorities for both the BOE and Treasury.

The central bank expects inflation to leap over 4% this year, more than double its target. That has prompted policy makers to shift away from stimulating growth and toward the risk of an upward spiral in prices setting in — a move economists say is part of an effort to would burnish the bank’s inflation-fighting credentials.

Bailey last month opened the door to raising borrowing costs this year. That would see the bank withdraw stimulus before the U.S. Federal Reserve at a time when the U.K. economy will probably remain smaller than before the crisis. Markets are pricing in the first move by December.

Sunak, who spent billions supporting jobs and incomes during the crisis, is shifting toward controlling debt. He’s closed the furlough program protecting wages for those out of work during the pandemic, scrapped a temporary increase in universal credit benefits and planned for a substantial tax increase in April, calling further largess “immoral.”

While that’s short of the kind of austerity that the Conservative government imposed after the financial crisis a decade ago, it’s still a rapid removal of support that will hit hardest for may of those on low incomes. It also will coincide with a surge in food and energy costs, driven by a series of global supply shortages.

Sunak will set out further plans in a budget and spending review scheduled for Oct. 27. The Institute for Fiscal Studies says he may need to make cuts of 2 billion pounds to spending just meet his existing commitments at a time when a public clamor is growing to add to funds for health and education.

The chancellor may be considering the political cycle, with strict limits now so he can offer giveaways around the time of the next election, which must be held by 2024, a lawmaker on the Treasury Committee said.

The risk is that the BOE and Treasury will removing support before the full impact of the Covid-19 crisis has passed, leaving business and consumers pushing for aid at a time when the government is taking it away. That dynamic is very much in play this week, with growing pressure from businesses for help to see them through a surge in energy prices.

What’s starting to unfold marks a sharp contrast with how David Cameron’s Conservative government handled the economy after the 2008 financial crisis, with the BOE’s loose monetary stance giving then Chancellor George Osborne room to tighten fiscal policy.

Sunak should be bolder in his approach because investors haven’t yet revolted, according to Jim O’Neill, a former Treasury minister and former chief economist at Goldman Sachs.

“I don’t think it’s going to happen,” O’Neill said. “We’ve reached levels of spending in this country and elsewhere in the world that conventional economic thinking wouldn’t have dreamt would have been possible without causing huge damage in the bond market. As of yet, there isn’t any.”

In both the monetary and fiscal spheres, the U.K. seems more worried than other nations about credibility, said Fabrice Montagne, an economist at Barclays.

“They have already made the mistake of rushing out of support measures thinking things are alright,” Montagne said.

Published : October 14, 2021

By : Bloomberg

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007421

The Stock Exchange of Thailand (SET) Index closed at 1,643.64 on Tuesday, up 10.20 points or 0.62 per cent. Transactions totalled 93.08 billion baht with an index high of 1,646.85 and a low of 1,637.49.

The index gained after dropping slightly by 0.36 per cent on Monday.

In the morning session, Krungsri Securities expected the day’s index would rise to the resistance line between 1,645 and 1,660 points after the government announced to allow fully vaccinated travellers from low-risk countries to enter the country without mandatory quarantine from November 1 this year.

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It added that the index also gained positive sentiment from the rising oil price of over US$80 per barrel.

“However, investors should beware of mass sell-off of shares to escape risk of uncertainty over the US Federal Reserve signalling it would taper its quantitative easing programme,” Krungsri Securities said.

Related stories:

• The Prime Minister announced the country is to be open on November 1
• Baht strengthens as Thailand prepares to reopen
• Gold price slumps in the opening trade

The 10 stocks with the highest trade value today were AOT, CPALL, SVT, KBANK, TRUE, SCC, PAF, BANPU, SCGP and PTT.

Other Asian indices were down:
Japan’s Nikkei Index closed at 28,230.61, down 267.59 points or 0.94 per cent.
China’s Shanghai SE Composite closed at 3,546.94, down 44.77 points or 1.25 per cent, while the Shenzhen SE Component closed at 14,135.38, down 232.23 points or 1.62 per cent.
Hong Kong’s Hang Seng Index closed at 24,962.59, down 362.50 points or 1.43 per cent.
South Korea’s KOSPI Index closed at 2,916.38, down 39.92 points or 1.35 per cent.
Taiwan’s TAIEX Index closed at 16,462.84, down 177.59 points or 1.07 per cent.

Published : October 12, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007413

The Labour Ministry announced on Tuesday that more than 220,000 jobs have been created to help Thailand get ready for its reopening on November 1.

Labour Minister Suchart Chomklin said the government’s plan to allow double-jabbed travellers from 10 low-risk countries to enter Thailand without having to quarantine will give tourism, service and entertainment industries a much-needed boost.

He added that the ministry has instructed the Department of Employment to build a list of jobs available nationwide so people can start applying.

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“As of October, there were 222,871 vacancies. The top five jobs available were for workers assembly and packaging factories, store salespersons, business service persons, trade representatives as well as technical and commercial salespersons,” he said.

“The top five businesses that need workers the most are manufacturing, motorcycle retail and wholesale shops, construction, medical supplies, finance and insurance.”

Related stories:

• Labour Ministry throws wider net for sex traffickers after SOS from Dubai
• Cabinet cuts social security contributions from 5% to 2.5%
• Labour ministry answers SOS from sex-trafficked Thai woman in Dubai

Pairoj Chotikasatien, director-general of the Department of Employment, said the department has come up with video clips to promote jobs in 42 leading companies in 16 provinces. He said this should encourage Thais who have completed their secondary schooling to apply.

Job seekers can watch the clips on the department’s website doe.go.th and either apply via its “Thai Me Ngaan Tham” (Thais have jobs) platform at thaimengaantam.doe.go.th or through their local Employment Office.

Published : October 12, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007410

The Bank of Thailand (BOT) is testing three peer-to-peer (P2P) lending platforms under its regulatory sandbox and believes they should go into operation in the beginning of 2022.

The central bank’s assistant governor Siritida Panomwon Na Ayudhya said the three companies being tested are DeepSparks Peer Lending, NestiFly, and Peer Power Platform.

The evaluation process covers their system, security and service model, and once the companies can fulfil all criteria, the BOT will seek a business licence for them with the Finance Ministry.

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Siritida said she expects these companies to be ready for operation by the end of this year or beginning of next year.

She explained that consumer behaviour has changed drastically due to the Covid crisis, and it is time for businesses to make changes.

P2P lending websites connect borrowers directly to lenders, who loan money to eligible applicants. It’s an alternative to borrowing from a bank or a traditional money lender. These platforms offer different types of loans at competitive interest rates and low fees.

Peer-to-peer lending websites to take off in Thailand soon
 

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Apart from making borrowing much easier, these platforms also offer opportunities to investors.

Published : October 12, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007404

The baht opened at 33.70 to the US dollar on Tuesday, strengthening from Monday’s closing rate of 33.88.

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

Poon said that investors should speculate on the upcoming bond auction. Foreign investors will invest in Thai stocks if the demand was more than expected, which caused the baht to strengthen.

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Moreover, the baht momentum was supported by investors buying baht as Thailand will open in November. The baht will strengthen heavily soon after the Prime Minister announced the country will open for fully vaccinated foreign tourists without a mandatory quarantine.

However, the dollar still strengthens because investors are in a risk-off state. Investors also speculated that the US Federal Reserve will decrease the quantitive easing (QE) in November which cause the dollar to not weaken soon. The market will be in a risk-on state if investors ease their worries about risk factors and the Fed is hesitant to decrease the QE in November.

Poon added the baht will not strengthen clearly soon in the short term as the dollar strengthened and the basic factor was not fully recovered.

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The baht’s key support level would be from 33.50 to 33.60, the level some importers are waiting for so they can buy dollars, he added.

The market was in the risk-on state after the crude oil price was the highest in seven years which caused inflation and might cause stagflation if the economy is slow down.

Meanwhile, the market was worry about Chinese business regulation after China investigated the relationship with companies executives and government officials. 

The market is also keeping an eye on Evergrande’s crisis after the company did not pay interest to bond investors, which Evergrande will have 30 days to pay them.

Published : October 12, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007401

Thailand has continued attracting foreign direct investment (FDI) in the first nine months of this year, with an increased number of investment project applications, Thailand’s Board of Investment (BoI) said.

The total value of FDI applications received by the BoI from January to September rose 220 per cent compared to the same period last year, to a total value of Bt372.06 billion from 587 projects, the latest data from the BoI shows.

“Top three countries that have most investment value are Japan (Bt67.8 billion), the United States (Bt26.9 billion) and Singapore (Bt26.8) billion,” said Duangjai Asawachintachit, BoI secretary-general. 

“In the first nine months of 2021, BoI have received applications from 1,273 projects with total investment value of Bt520.6 billion, increasing 23 per cent and 140 per cent year on year respectively,” she said. “This number is also higher than total investment value of the whole 2020 at Bt432 billion, and higher than the average investment value before Covid-19 situation (2015-2019) at Bt483.6 billion.”

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Duangjai further added that the applications for investments in the targeted industries, led by electronics and electrical sector, medical equipment sector and petrochemical and chemical sector, represented Bt269.7 billion or 52 per cent of the total.

Of the total investment project applications, 134 projects focus on improving manufacturing efficiency and capacity, with total investment value of Bt14.8 billion. “One of these projects are Western Digital’s adaptation of the Fourth Industrial Revolution (4IR) at scale in its facility,” she said. “The project has resulted in the World Economic Forum on September 27 welcomed the facility from Thailand to prestigious Global Lighthouse Network for the first time. This achievement has proven that Thailand has a strong potential as an investment destination that will drive businesses to full scale industrial revolution.”

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Published : October 12, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007400

The price of gold crashed by THB250 in morning trade on Tuesday.

A9.28am report from the Gold Traders Association showed the buying price of gold bar at THB27,800 per baht weight and selling price at THB27,900, while the buying and selling price of gold ornaments is THB27,303.16 and THB28,400, respectively.

At close on Monday, the buying price of gold bar was THB28,050 per baht weight and selling price THB28,150, while gold ornaments were THB27,545.72 and THB28,650, respectively.

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The spot gold price on Tuesday morning was hovering around US$1,758 (THB58,805) per ounce after Comex gold at close on Monday dropped by $1.7 to $1,755.7 per ounce due to pressure from the appreciation of the US dollar, including the forecast that The US Federal Reserve will not postpone its plans to cut the quantitative easing asset purchase program even as the US non-farm payrolls had expanded lower than expected in September.

Related news:

• SET expected to rise on hopes over the country reopening
• Traders bet BOE will raise rates this year amid hawkish signals
• Global energy crisis piles pressure on aluminum supply

The price of gold in Hong Kong, meanwhile, dropped by HK$20 to $16,260 (THB69,917) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : October 12, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007396

The Stock Exchange of Thailand (SET) Index rose by 10.69 points or 0.65 per cent to 1,644.13 on Tuesday morning, witnessing a high of 1,646.58 and a low of 1,643.14 in opening trade.

Krungsri Securities expected the day’s index would rise to the resistance line between 1,645 and 1,660 points after the government announced to allow fully vaccinated travellers from low-risk countries to enter the country without mandatory quarantine from November 1 this year.

It added that the index also gained positive sentiment from the rising oil price of over US$80 per barrel.

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“However, investors should beware of mass sell-off of shares to escape risk of uncertainty over the US Federal Reserve signalling it would taper its quantitative easing programme,” Krungsri Securities said.

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

▪︎ AOT, AAV, BA, MINT, KBANK, SCB, CPN, CRC, HMPRO, CPALL, AMATA, WHA, MAJOR, BTS and BEM, which benefit from the country reopening.

▪︎ PTT, PTTEP, TOP, PTTGC, SPRC, BCP and IVL, which benefit from rising oil price and gross refining margin.

Related stories:

• The Prime Minister announced the country is to be open on November 1
• Baht strengthens as Thailand prepares to reopen
• Gold price slumps in the opening trade

The SET Index closed at 1,633.44 on Monday, down 5.97 points or 0.36 per cent. Transactions totalled 82.97 billion baht with an index high of 1,646.50 and a low of 1,629.95.

Published : October 12, 2021

By : THE NATION