#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002140

Factories urged to fill risk evaluation forms in bid to ease uncertainty in Thai exports

The Industry Ministry is calling on all factory operators nationwide to fill up Covid-19 risk assessment forms via the Thai Stop Covid Plus and Thai Save Thai online platforms by June 30.

As of June 10, 7,777 people in 149 factories in 21 provinces had tested positive for Covid-19, sparking uncertainty about Thailand’s manufacturing standards and quality of exports.

The ministry’s permanent secretary Kobchai Sungsitthisawad said only 20 per cent of the 63,000 factories nationwide had filled the risk assessment forms.

“Factories that do not cooperate with the ministry may face punishment,” Kobchai said.

Meanwhile, the Industrial Estate Authority of Thailand (IEAT) will kick off a Covid-19 vaccination drive to inoculate 677,619 workers in industrial estates nationwide from July 1.

IEAT governor Weris Amrapal said 438,424 of the workers were working in strictly controlled surroundings.

“The authority has set up vaccination stations to inoculate workers at eight industrial estates, namely Amata City Chonburi, Bang Phli, Map Ta Phut, Samut Sakhon, Sinsakhon, Wellgrow, Lad Krabang and Bangkadi Industrial Park,” Weris said.

“Each vaccination station can provide approximately 8,000 jabs per day, and all the workers should be inoculated by August.”

He added that IEAT will also aim to inoculate 80 per cent of workers at six other industrial estates.

“Some factories have procured alternative vaccines for their workers, so the authorities will conduct a survey to see how many have yet to be vaccinated,” he said.

Meanwhile, Sanan Angubolkul, chair of the Thai Chamber of Commerce, said factory workers testing positive was worrisome as it would have an impact on the export sector, especially with manufacturing temporarily suspended at the relevant factories.

He also pointed out that export is the only engine to drive the Thai economy for now.

“However, we expect the country’s economy and exports to expand in the fourth quarter of this year,” Sanan said.

He added that the Joint Standing Committee on Commerce, Industry and Banking expected the country’s gross domestic product to expand by 0.5-2 per cent and exports to expand 5-7 per cent this year.

Published : June 17, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002135

SET expected to fluctuate despite PM’s vow on reopening country

The Stock Exchange of Thailand (SET) Index fell by 3.88 points or 0.24 per cent to 1,620.91 on Thursday morning. The volume of transactions was THB6.77 billion with an index high of 1,623.06 and a low of 1,619.34.

Krungsri Securities predicted the SET Index would fluctuate between 1,610 and 1,615 points despite Prime Minister Prayut Chan-o-cha’s promise to reopen Thailand within 120 days, starting with important tourist destinations.

The index would come under pressure due to the outflow of foreign funds in response to the US Federal Reserve announcing that it had begun discussions on asset tapering and expected two interest rate hikes by the end of 2023 as inflation continued to rise, Krungsri Securities added.

It recommended investors buy:

▪︎ PTT, PTTEP, Top, IVL, Banpu, PSL and TTA, which would benefit from a global economic recovery.

▪︎ BCH, CHG, BDMS, Mint, Centel, ERW, AOT, CPAll, HMPro, CPN, CRC, AAV, Amata and WHA, which would benefit from the country reopening.

▪︎ KCE, IRPC, STA and STGT, which will be listed on the SET50 Index on June 30.

▪︎ AAV, Ichi, NRF, PSL, PTL, Singer, STGT, Synex and TKN, which will be listed on the SET100 Index on June 30.

The SET Index closed at 1,624.79 on Wednesday, up 2.48 points or 0.15 per cent. Transactions totalled THB90.47 billion with an index high of 1,631.23 and a low of 1,619.23.

ADVERTISEMENT

Published : June 17, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002131

Gold dives as Fed signal on rates leads to mass sell-offs

The price of gold slumped by THB350 per baht weight in morning trade on Thursday due to mass sell-offs of the precious metal after the US Federal Reserve began discussions on asset tapering and announced that two interest rate hikes are expected by the end of 2023.

AGold Traders Association report at 9.32am showed the buying price of a gold bar at THB27,000 per baht weight and selling price at THB27,100, while gold ornaments cost THB26,514.84 and THB27,600, respectively.

At close on Wednesday, the buying price of a gold bar was THB27,350 per baht weight and selling price THB27,450, while gold ornaments cost THB26,863.52 and THB27,950, respectively.

The spot gold price on Thursday was US$1,825 (THB57,132) per ounce after the Comex gold price on Wednesday rose by $5 to $1,861.40 per ounce.

The Hong Kong gold price on Thursday dropped by HK$400 to $16,820 (THB67,822) per tael, the Chinese Gold and Silver Exchange Society reported.

ADVERTISEMENT

Published : June 17, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002119

Fed holds rates at zero; projects two hikes by end of 2023

Federal Reserve officials held interest rates near zero but signaled they expect two increases by the end of 2023, pulling forward the date of liftoff as the economy recovers.

“Progress on vaccinations has reduced the spread of covid-19 in the United States,” the Federal Open Market Committee said in a statement released Wednesday following the conclusion of its two-day policy meeting. “Amid this progress and strong policy support, indicators of economic activity and employment have strengthened.”

The central bank held the target range for its benchmark policy rate unchanged at zero to 0.25% — where it’s been since March 2020 — and pledged to continue asset purchases at a $120 billion monthly pace until “substantial further progress” had been made on employment and inflation.

The quarterly projections showed 13 of 18 officials favored at least one rate increase by the end of 2023, versus seven in March. Eleven officials saw at least two hikes by the end of that year. In addition, seven of them saw a move as early as 2022, up from four.

The FOMC vote was unanimous.

The U.S. economic recovery is gathering strength as business restrictions lift and social activity increases across the country. Robust demand from consumers and businesses alike has outstripped capacity, leading to bottlenecks in the supply chain, longer lead times and higher prices. At the same time, employment growth has disappointed over the past couple of months.

Fed officials have said such “fits and starts” are to be expected given the unprecedented nature of the pandemic and expressed optimism about the outlook for the second half of the year as more Americans get vaccinated.

Labor Department reports on employment published since the last gathering of the U.S. central bank’s policy-setting Federal Open Market Committee in late April have disappointed relative to forecasters’ expectations. The U.S. unemployment rate was still elevated at 5.8% in May, with total employment still millions of jobs below pre-pandemic levels.

Consumer-price pressures, on the other hand, have proven hotter than expected. Labor Department figures showed a 0.8% jump in prices in April and a 0.6% rise in May, marking the two biggest monthly increases since 2009.

Published : June 17, 2021

By : Syndication Washington Post, Bloomberg · Matthew Boesler

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002114

Markets wrap: Yields jump, stocks fall after Fed boosts outlook

Bond yields jumped and stocks fell for a second day after Federal Reserve officials signaled theyll begin dialing back the stimulus that has fueled the recovery from the pandemic.

Stocks closed off the lows of the day after Federal Reserve Board Chairman Jerome Powell downplayed the risk of an immediate rate increase. The S&P 500 index had initially tumbled when policymakers disclosed that they expect two interest rate increases by the end of 2023. The dollar strengthened versus major peers. Yields on benchmark 10-year Treasury notes rose from an almost three-month low, while five- and seven-year notes fell more as the market repriced the timing of rate increases.

Crude oil edged lower after earlier rising as much as 1.2% in New York as the strengthening dollar reduced the appeal of commodities priced in the currency.

“First blush is obviously a hawkish read,” said Michael Contopoulos, Richard Bernstein Advisors LLC’s director of fixed income and portfolio manager. “This supports the reflation, higher rates theme and likely adds more fuel to the taper talk fire for Jackson Hole or September FOMC at the latest.”

The central bank held the target range for its benchmark policy rate unchanged at zero to 0.25% – where it’s been since March 2020 – and pledged to continue asset purchases at a $120 billion monthly pace until “substantial further progress” had been made on employment and inflation.

The quarterly projections showed 13 of 18 officials favored at least one rate increase by the end of 2023, versus seven in March. Eleven officials saw at least two hikes by the end of that year. In addition, seven of them saw a move as early as 2022, up from four.

“The number of people who moved forward into 2023 is somewhat surprising,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co.

In a press conference after the rate decision announcement, Powell appeared to throw some cold water on the market’s initial reaction to the dot plot revision — by going to some lengths to explain that the central bank isn’t really thinking about rate increases right now.

“The Fed didn’t rock the boat,” said Ryan Detrick, chief market strategist at LPL Financial. “They increased their inflation outlook and upped GDP forecasts, everyone expected that. Yes, the first hike will now be in 2023, but again, this shouldn’t have been a surprise to anyone.”

Here are some key events to watch this week:

– U.S. Treasury Secretary Janet Yellen testifies before a House panel Thursday on the federal budget

– Rate decisions come from Switzerland and Norway on Thursday

– The Bank of Japan’s monetary policy decision is on Friday

These are some of the main moves in markets:

ADVERTISEMENT

– – –

– The S&P 500 fell 0.5%, more than any closing loss since May 18 as of 4:02 p.m. New York time

– The Nasdaq 100 fell 0.3% to the lowest since June 10

– The Dow Jones Industrial Average fell 0.8%, more than any closing loss since May 18

– The MSCI World index fell 0.6% at 4:02 p.m. New York time, the most since June 3

– – –

– The Bloomberg Dollar Spot Index rose 0.8%, more than any closing gain in about a year

– The euro slipped 1%, more than any closing loss in about 15 months

– The British pound slipped 0.6%, more than any closing loss since May 12

– The Japanese yen slipped 0.5%, more than any closing loss since June 3

– – –

– The yield on 10-year Treasuries advanced eight basis points, more than any closing gain since March 12

– Germany’s 10-year yield declined two basis points to -0.25%

– Britain’s 10-year yield declined two basis points to 0.74%

– – –

– West Texas Intermediate crude fell 0.4% to $71.84 a barrel

– Gold futures fell 1.4%, falling for the fourth straight day, the longest losing streak since April 30

Published : June 17, 2021

By : Syndication Washington Post, Bloomberg · Katie Greifeld, Kamaron Leach

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002110

Rice Association pleads for govt intervention as price withers

The price of rice continues to tumble in Thailand, as domestic consumption drops due to Covid-19 restrictions and the ban on foreign travellers, the Thai Rice Mill Association said on Wednesday.

In the international market, Indian rice is selling for about $50 per tonne less than Thai rice after a bumper crop on the subcontinent, according to association president Rangsan Sabaimuang.

Thai rice is also facing a sharp rise in shipping costs – though its price is still lower than Vietnamese rice, he added.

Rangsan urged the government to find a quick solution to the dropping rice price, noting it would hit the finances of Thai farmers when they harvest their crops in 2-3 months

Published : June 17, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002104

SET up slightly as investors await US Fed announcement

The Stock Exchange of Thailand (SET) Index closed at 1,624.79 on Wednesday, up 2.48 points or 0.15 per cent. Transactions totalled THB90.47 billion with an index high of 1,631.23 and a low of 1,619.23.

In the morning session, Krungsri Securities expected today’s index to fluctuate between 1,615 and 1,635 points amid hopes of a Thai economic recovery after mass vaccinations commenced last week, and the rising oil price.

It forecast the index could also be pressured as investors monitor a key US Federal Reserve meeting on Wednesday amid uncertainty over rising inflation.

The 10 stocks with the highest trade value today were PTT, KTC, GUNKUL, PTTEP, KBANK, INTUCH, SCGP, IVL, PTTGC and OR.

Other Asian indices were on the fall except in South Korea:

ADVERTISEMENT

Japan’s Nikkei Index closed at 29,291.01, down 150.29 points or 0.51 per cent.

China’s Shanghai SE Composite Index closed at 3,518.33, down 38.23 points or 1.07 per cent, while the Shenzhen SE Component Index closed at 14,295.93, down 377.41 points or 2.57 per cent.

Hong Kong’s Hang Seng Index closed at 28,436.84, down 201.69 points or 0.70 per cent.

South Korea’s KOSPI closed at 3,278.68, up 20.05 points or 0.62 per cent.

Taiwan’s TAIEX closed at 17,307.86, down 63.43 points or 0.37 per cent.

Published : June 16, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002096

Govt vows to offer relief measures for household debts

In a bid to ease the burden on people, Prime Minister Prayut Chan-o-cha urged the Cabinet on Tuesday to come up with measures to ease debt problems both in the short and long term.

He said many borrowers need help such as students, guarantors, teachers, government officials with car and motorcycle loans, credit cards and personal loans, etc.

Prayut said short-term measures to be launched within six months will include a reduction in interest burden and debt restructuring. The Bank of Thailand will also be asked to review the interest ceiling and come up with guidelines.

“We will also consider mediating to stop legal action against borrowers, will launch soft loans to help small and medium-sized enterprises and increase the number of pawnshops to take care of low-income people,” he said.

In the long term, he said, the government will reduce the interest rate, launch measures to reduce taxes on households and public transport, as well as set up agencies to solve issues related to granting loans..

He added that the Cabinet has, so far, agreed to cut down social security contributions to 60 per cent for six months in a bid to ease people’s burden and boost purchasing power.

“This will not affect their benefits after retirement,” he added.

Household debts in Thailand stood at 14 trillion baht in 2020.

ADVERTISEMENT

Published : June 16, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002091

SET up slightly, expected to fluctuate amid mass vaccinations, rising oil price

The Stock Exchange of Thailand (SET) Index rose by 0.83 points or 0.05 per cent to 1,623.14 on Wednesday morning. The volume of transactions was THB3.41 billion with an index high of 1,623.46 and a low of 1,621.68.

The SET Index closed at 1,622.31 on Tuesday, down 10.75 points or 0.66 per cent. Transactions totalled THB90.03 billion with an index high of 1,636.10 and a low of 1,618.60.

Krungsri Securities expected the index to fluctuate between 1,615 and 1,635 points amid hopes of a Thai economic recovery after mass vaccinations commenced last week, and the rising oil price.

It predicted the index could be pressured as investors monitor a key US Federal Reserve meeting on Wednesday and uncertainty over rising inflation.

It recommended investors buy:

▪︎ PTT, PTTEP, Top, IVL, Banpu, PSL and TTA, which would benefit from a global economic recovery.

▪︎ BCH, CHG, BDMS, Mint, Centel, ERW, AOT, CPAll, HMPro, CPN, CRC, AAV, Amata and WHA, which would benefit from the country reopening.

▪︎ KCE, IRPC, STA and STGT, expected to be listed on the SET50 Index in mid-June.

▪︎ AAV, BLA, Ichi, PSL, PTL, Singer, Stark, STGT and Synex, expected to be listed on the SET100 Index in mid-June.

Published : June 16, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002092

Baht likely ‘to weaken’ amid vaccine distribution hassles

The baht opened at 31.16 to the US dollar on Wednesday, weakening slightly from 31.15 at close on Tuesday.

The Thai currency is likely to move between 31.10 and 31.20 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He said the baht would move “sideways” while markets were awaiting the outcome of the US Federal Reserve meeting.

Poon also said the baht would weaken from stock sales by foreign investors after seeing problems with vaccine procurement and distribution in Thailand.

The baht will not weaken sharply as exporters aimed to sell their dollar holdings when the Thai currency touched 31.20 to 31.30 per US dollar, he added.

Published : June 16, 2021

By : The Nation