The Stock Exchange of Thailand (SET) Index rose by 4.55 points, or 0.28 per cent, to 1,624.57 on Tuesday morning, witnessing a high of 1,626.55 and a low of 1,622.67 in opening trade.
The SET Index closed at 1,620.02 on Monday, down 11.13 points or 0.68 per cent. Transactions totalled 135.31 billion baht with an index high of 1,639.97 and a low of 1,616.60.
Krungsri Securities forecast the index on Tuesday would move between 1,610 and 1,630 points despite rising oil and coal prices in line with economic recovery.
It added that the index also gained positive sentiment from the Centre for Covid-19 Situation Administration’s move to ease Covid-19 restrictions in a bid to enable businesses to perform economic activities.
“However, uncertainty over the domestic floods and weakening baht would trigger foreign funds outflow, resulting in pressure on the index,” Krungsri Securities said.
The price of gold rose by THB100 in morning trade on Tuesday.
AGold Traders Association report at 9.28am said the buying price of a gold bar was THB27,800 per baht weight and selling price of THB27,900, while gold ornaments cost THB27,303.16 and THB28,400, respectively.
At close on Monday, the buying price of a gold bar was THB27,700 per baht weight and selling price THB27,800, while gold ornaments cost THB27,197.04 and THB28,300, respectively.
Spot gold price on Tuesday morning was moving at around US$1,754 (THB58,985) per ounce after Comex gold at close on Monday rose slightly by 30 cents to $1,752 per ounce. However, the gold market was under pressure from the appreciation of the US dollar and the rise in US government bond yields.
The Stock Exchange of Thailand (SET) Index closed at 1,620.02 on Monday, down 11.13 points or 0.68 per cent. Transactions totalled 135.31 billion baht with an index high of 1,639.97 and a low of 1,616.60.
The index fell after rising by 0.71 per cent on the previous day of trading (Thursday). Analysts blamed uncertainty over floods that have hit 26 provinces in Thailand.
The 10 stocks with the highest trade value today were KBANK, BBL, SCB, PTT, TRUE, PTTEP, XPG, JMART, PTTGC and KCE.
Japan’s Nikkei Index closed at 30,240.06, down 8.75 points or 0.029 per cent.
China’s Shanghai SE Composite Index closed at 3,582.83, down 30.24 points or 0.84 per cent, while the Shenzhen SE Component Index closed at 14,344.29, down 13.56 points or 0.094 per cent.
Hong Kong’s Hang Seng Index closed at 24,208.78, up 16.62 points or 0.069 per cent.
South Korea’s KOSPI Index closed at 3,133.64, up 8.40 points or 0.27 per cent.
Taiwan’s TAIEX Index closed at 17,313.77, up 53.58 points or 0.31 per cent.
Government Savings Bank (GSB) is offering emergency loans for people hit by flooding from storm Dianmu.
Flash floods and runoff have been reported in 26 provinces in the Northeast and Central regions since last week, with Phichit, Chaiyaphum, Nakhon Ratchasima, Sukhothai, Chai Nat, Ayutthaya, Nakhon Sawan, Khon Kaen and Ubon Ratchathani badly affected.
GSB is offering emergency loans of up to Bt50,000 for people affected by flooding, with a grace period of three months for repayment. Those whose houses or property have been damaged by floods can get a home-repair loan of up to Bt1 million with 0 per cent interest in the first year. Homeowners can also apply for an additional loan of up to Bt300,000 to buy or fix furniture and other accessories damaged by the flood.
GSB said its home-related loans have a low interest of MMR-1.25 per cent per year, and customers can offer their house, apartment, land or farm as collateral provided they are unencumbered.
GSB has also boosted its loan limit for existing SME customers affected by the floods by 10 per cent, but not exceeding Bt5 million. The interest rate in the first year will be fixed at 3.5 per cent, while the following year will be set at MLR.
Loan information and application is available at any branch of GSB or by contacting the call centre at 1115.
Asean countries and South Korea agreed to improve their free trade agreement during the recent 18th Asean-Korea Economic Ministers Consultation held virtually from September 13 to 15, Vice Commerce Minister Sansern Samalapa said on Sunday.
“The meeting agreed to expand the existing Asean Korea Free Trade Agreement (AKFTA) to provide tax exemption for additional products and promote trading between Asean members and South Korea,” he said.
“The ministers also urged the countries to exchange know-how in Covid-19 management to speed up their economic recovery after the outbreak situation has improved.
“South Korea is especially eager to cooperate with Asean nations in various aspects, such as establishing an industrial innovation centre to promote innovation development and commercial adaptation of innovations in Southeast Asia and South Korea,” added Sansern.
“They are also interested in opening more research and development centres dedicated to startup businesses in the region.”
The meeting also urged Vietnam, the only country in Asean yet to sign the Asean-Korea Trade in Goods Agreement (AKTIGA), to do so as soon as they can so that the agreement can start taking full effect. The AKTIGA is expected to help Asean-Korean entrepreneurs speed up export and import processes by issuing and signing a product’s certificate of origin digitally.
Statistics from the Commerce Ministry indicate that South Korea is currently Thailand’s ninth biggest trade partner with total trade value at $9.1 billion in the first seven months of 2021, increasing 34.5 per cent from the same period of the previous year. Thailand’s exports to South Korea were valued at $3.39 billion, comprising rubber products, wood, computer components, chemicals and aluminium products. Thailand’s imports from South Korea were recorded at $5.71 billion, made up of iron, steel, and electronic circuits.
The baht opened at 33.41 to the US dollar on Monday, weakening from the previous closing rate of 33.24.
The Thai currency is likely to move between 33.25 and 33.40 during the day and between 33.20 and 33.60, Krungthai Bank market strategist Poon Panichpibool predicted.
He said the baht in the short term would weaken due to sales of Thai assets and the risk-off market.
If the Monetary Policy Committee remains unfazed about the Thai economy, the baht will stop weakening, he added.
Regarding the US currency, Poon predicted that the dollar index will move near 93 points, because of several positive factors in the market, namely, an extension of debt ceiling, political turbulence in Germany and the Evergrande issue.
The price of gold rose by THB50 in morning trade on Monday.
AGold Traders Association report at 9.25am said the buying price of a gold bar was THB27,700 per baht weight and selling price THB27,800, while gold ornaments cost THB27,197.04 and THB28,300, respectively.
At close on Saturday, the buying price of a gold bar was THB27,650 per baht weight and selling price THB27,750, while gold ornaments cost THB27,151.56 and THB28,250, respectively.
The Stock Exchange of Thailand (SET) Index rose by 3.54 points, or 0.22 per cent, to 1,634.69 on Monday morning.
The volume of total transactions was THB10.20 billion with an index high of 1,639.97 and a low of 1,634.09 in opening trade.
The 10 stocks with the highest trade value were KBANK, SCB, PTTEP, BBL, DTAC, TRUE, PTT, TIDLOR, ADVANC and MENA.
The SET Index closed at 1,631.15 on Thursday, up 11.56 points or 0.71 per cent. Transactions totalled 140.53 billion baht with an index high of 1,637.65 and a low of 1,623.00.
Fashion houses such as Stella McCartney and Victoria Beckham have long eschewed animal products in their wares, while automakers including Audi, BMW, Land Rover, and Tesla offer leather-free and sustainable interiors as options in their cars.
So far, Volvo is among the very few brands to say it will not offer any leather at all, even as an option, in any of its vehicles. Electric truckmaker Rivian currently offers only vegan “leather” seats in its R1T pickup, with no option for leather seating or trim.
The shift at Volvo will begin next year with the C40 Recharge, a plug-in electric SUV with a 200-plus mile driving range. It will continue until 2030, when Volvo’s by then all-electric lineup will have entirely phased out leather products. This is a decision driven as much by reading and predicting market trends as from concern for the ethical treatment of animals, Volvo executives tell Bloomberg Pursuits during a private video interview announcing these changes.
“We see our customer’s expectations are changing,” says Robin Page, the head of design for Volvo Cars. “They are changing their habits in fashion and products they are buying. They want to know more about the materials and where they are sourced from and where they come from, and people are much more aware of climate change and the effects on the planet.”
According to a report from Infinium Global Research quoted by Stuart Templar, Volvo’s director of global sustainability, the vegan leather market is expected to reach 73 billion euros ($85 billion) in value by 2025. By that time, a quarter of the materials in Volvo’s new cars will consist of recycled and bio-based content, says Page, and all of its immediate suppliers, including material suppliers, will use 100% renewable energy.
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“Consumers are increasingly focused not just on the end product but how it is produced,” adds Templar, “and that includes responsible sourcing.”
Volvo will introduce a new wool-blend option, made from certified suppliers, as the company looks to ensure full traceability and animal welfare in its materials supply chain. It will also offer Microtech, a suede-like textile made from recycled polyester, as well as components made from sustainably sourced flax and linen.
“There are premium alternatives to leather,” Page says. Previously, consumers viewed anything that isn’t leather as inferior; now that they understand more about climate change, they are changing their minds. Livestock, he says, is estimated to be responsible for around 14% of global greenhouse gas emissions from human activity, with the majority coming from cattle farming. “Our ultimate aim is to get recycled natural materials, because that is the full sustainability part.”
Nordico, another new, non-leather material Volvo will be using, consists of textiles made from recycled material such as plastic (PET) bottles, wood remnants from sustainable forests in Sweden and Finland, and corks recycled from the wine industry.
The announcement comes amid what Volvo has called “really annoying” challenges in obtaining computer chips. In July, Volvo agreed to take control of its China ventures from parent Geely Automobile Holdings Ltd., potentially boosting its valuation ahead of a planned share sale.
Volvo could earn a valuation of roughly $20 billion, with a listing expected by the end of September. Even if dwarfed by the estimated $80 billion initial public offering expected for electric pickup truck startup Rivian, Volvo’s would be among the biggest IPOs in Europe in 2021.
Taiwan request to join the Asian-Pacifics biggest working trade deal, coming just days after Chinas submitted its own bid, presents the member nations with a difficult choice – admit one, both or neither?
Both Beijing and Taipei have asked to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in the past week. That creates the possibility of a long and politicized application process, with the members divided between democracies such as Japan, Australia and Canada pushing for Taiwan’s accession, and Southeast Asian nations keen to remain in China’s good graces, making them vulnerable to pressure from Beijing to thwart Taipei’s bid.
Officials in Taipei are aware of the challenge they face.
“China always obstructs Taiwan’s room to maneuver on the international stage. This is something everyone’s aware of,” Taiwan’s chief trade negotiator John Deng said at a briefing Thursday. “So if China is able to join first, it’s clear that Taiwan’s application will be at risk.”
The original goal of the $13.5 trillion trade agreement was to create a western-led alliance to counterbalance China’s economic might in the Pacific region. While it was initially spearheaded by the U.S., Japan assumed a key role in reviving the plan after former President Donald Trump withdrew in 2017.
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CPTPP member countries account for over 24% of Taiwan’s international trade, according to a cabinet statement Thursday.
It will be a challenge for Taiwan to reach the required consensus among all 11 nations for its application to succeed, according to Drew Thompson, a former U.S. defense official who is now a visiting senior research fellow at the National University of Singapore’s Lee Kuan Yew School of Public Policy.
“They will need to develop a smart strategy that reflects both their own domestic politics as well as the interests of key CPTPP members,” he said in a email Thursday. “Taiwan will have to satisfy many constituencies, but it might make sense to start with one big player, such as Japan, and work bilaterally to achieve Tokyo’s overt support, leveraging that support to convince other members to constructively engage Taipei.”
Taiwan President Tsai Ing-wen urged Japan to support her government’s efforts to join the deal in a tweet in Japanese Thursday, adding that her government has been preparing to join for the past five years and is prepared to accept all the rules.
Japan welcomed Taiwan’s bid and would respond “based on a strategic point of view and with the public’s understanding,” Foreign Minister Motegi Toshimitsu said Thursday in New York, according to a Kyodo News report. That contrasts with his statements about China’s application last week, when he said that Japan would have to look properly at whether China was “ready to reach the high level of TPP.”
Joining the group would be seen as a major political coup for Tsai, who’s government views Taiwan as a de facto sovereign nation awaiting broader international recognition. However China claims the island as part of its territory and vehemently opposes any moves that imply separate statehood for Taiwan, such as joining international organizations.
Taiwan and China already peacefully coexist as members of the same trade organization as both are part of the World Trade Organization, although Taiwan is a member as “the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu.” Eager to eliminate as many political barriers as possible, Taiwan’s government used the same designation in its application to join the CPTPP.
China’s Taiwan Affairs Office laid out its stance on a possible Taiwanese application earlier this month, saying in a statement on Sept. 8 that Taiwan must adhere to Beijing’s “one-China principle” and any other countries must avoid implying Taiwan is a sovereign country in their dealings with Taipei.
That likely means that China needs to join before Taiwan, and the official title of Taiwan can’t be the “Republic of China,” according to Henry Gao, associate professor of law at Singapore Management University, who has written extensively on Chinese law and the World Trade Organization.
In response to questions about Taiwan’s application, New Zealand’s foreign ministry referred to the island as “Chinese Taipei,” another moniker used to avoid diplomatic problems.
Jeremy Huai-Che Chiang, a former researcher at the Taiwan-Asia Exchange Foundation focusing on Southeast Asian relations, sees countries in the region as unlikely to upset China over Taiwan due to Beijing’s economic weight and past record of punitive measures.
However, “I do think this is smart maneuvering on the part of Taipei,” he said via message Thursday. “Given that consensus is needed for membership, and the different geopolitical times that we are in right now, it will likely put a ‘two-or-nothing’ pressure on existing members.”
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