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https://www.nationthailand.com/business/40000751

Baht expected to fluctuate in the range of 31 to 31.30 to the dollar

The baht opened at 31.09 to the US dollar on Tuesday, unchanged from Mondays closing rate. The Thai currency is likely to move between 31.05 and 31.20 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He predicted that the baht would move to 31 to the dollar with resistance.

Meanwhile, several companies are purchasing foreign currencies for paying dividend. During the rest of this month, dividend payments would total around THB18 billion, the market strategist added.

If the market remained in a risk-off state, he forecast that the Thai currency would move between 31 and 31.30 per US dollar.

Poon said that the baht would tend to weaken or fluctuate due to the Covid-19 situation in Thailand.

Foreign investors have continually sold Thai stocks, in volumes higher than bonds sold by other investors.

Published : May 11, 2021

By : The Nation

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https://www.nationthailand.com/business/40000750

Thai stocks sluggish amid lack of positive sentiment

The Stock Exchange of Thailand (SET) Index fell by 1.87 points, or 0.12 per cent, to 1,586.28 on Tuesday morning. The volume of total transactions was THB16.48 billion with an index high of 1,586.82 and a low of 1,578.43.

Krungsri Securities forecast that the SET Index would fluctuate between 1,560 and 1,575 points amid insufficient positive sentiment.

Meanwhile, it predicted that the index would be under pressure from worries over the outflow of foreign funds and increasing Covid-19 cases in Thailand.

“However, mass buy-ups of stocks that gain positive sentiment and whose first-quarter performance is likely to improve would help boost the index,” Krungsri Securities said.

It recommended that investors buy:

▪︎ PTT, PTTEP, PTTGC and IVL, which benefit from the rising oil price.

▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.

▪︎ PTTGC, EPG, CPF, BCH, CHG, STGT, STA, DOHOME, COM7, SYNEX, STARK, TWPC and WICE, whose first-quarter turnover was expected to improve.

The SET Index closed at 1,588.15 on Monday, up 3.12 points or 0.20 per cent. Total transactions amounted to THB111.86 billion with an index high of 1,596.80 and a low of 1,576.79.

Published : May 11, 2021

By : The Nation

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https://www.nationthailand.com/business/40000749

Thai gold shrugs off successive days of gains in spot price.

The price of gold in Thailand was unchanged in morning trade on Tuesday from Monday close despite spot gold seeing four days of gains over the weakening dollar and the decline in US bond yield.

The Gold Traders Association report at 9.29am showed buying price of a gold bar at THB26,900 per baht weight and selling price at THB27,000, while gold ornaments were priced at THB26,408.72 and THB27,500, respectively.

The price had risen by THB50 per baht weight compared to the opening on Monday.

Spot gold on Tuesday was US$1,836 (THB57,080) per ounce compared to Monday when it rose by $6.3 to $1,837.60 per ounce.

Hong Kong gold price on Tuesday dropped by HK$30 to $16,980 (THB67,973) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : May 11, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000732

Thai stocks up despite local Covid surge, US rate uncertainty

The Stock Exchange of Thailand (SET) Index closed at 1,588.15 on Monday, up 3.12 points or 0.20 per cent. Total transactions amounted to THB111.86 billion with an index high of 1,596.80 and a low of 1,576.79.

In the morning session, Krungsri Securities forecast that the SET Index would fluctuate between 1,590 and 1,600 points amid uncertainty over the US interest rate. The chance of the US Federal Reserve hiking the interest rate was lowered by a smaller-than-expected increase in the US non-farm payroll, while the country’s unemployment rate rose to 6.1 per cent.

Krungsri added that energy and petrochemical stocks gained positive sentiment after the oil price rose to over $65 per barrel.

“However, investors should beware of mass sell-offs due to uncertainty over Thailand’s high number of Covid-19 cases,” Krungsri Securities said.

The 10 stocks with the highest trade value today were TIDLOR, DELTA, KBANK, TU, OR, PTT, SAWAD, TTA, SCGP and SCC.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 29,518.34, up 160.52 points or 0.55 per cent.

China’s Shanghai SE Composite Index closed at 3,427.99, up 9.12 points or 0.27 per cent, while the Shenzhen SE Component Index closed at 13,917.97, down 15.84 points or 0.11 per cent.

Hong Kong’s Hang Seng Index closed at 28,595.66, down 14.99 points or 0.052 per cent.

South Korea’s KOSPI closed at 3,249.30, up 52.10 points or 1.63 per cent.

Taiwan’s TAIEX Index closed at 17,235.61, down 49.39 points or 0.29 per cent.

Published : May 10, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000729

Creditors want THAI reinstated as state-owned enterprise

The majority of creditors agree with moves to have Thai Airways International (THAI) reinstated as a state-owned enterprise, an adviser to THAI’s rehabilitation plan said on Monday.

THAI lost its status as a state-owned enterprise last year when the Finance Ministry cut its stake to less than 50 per cent as part of the airline’s debt-rehabilitation plan.

Finance Minister Arkhom Termpittayapaisith is thought to support THAI’s reinstatement as a state enterprise, but the State Enterprise Policy Office has indicated the debt-laden airline will not be recapitalised by the ministry.

Creditors and their official receiver will hold an online meeting to consider THAI’s rehab plan on Wednesday.

The adviser said reinstatement as a state enterprise would mean THAI could boost its liquidity by seeking loans from the Finance Ministry.

“THAI would gain benefits under the Public-Private Partnership Act, such as contracts with Airports of Thailand for public infrastructure,” he said.

However, he cautioned that as a state enterprise, THAI would not know how many times the government was willing to inject cash into the company.

“If Covid-19 does not impact THAI’s rehabilitation plan, we believe that it will be able to recover its business quickly because this is not the first time the company has faced losses,” he said.

He added that the rehab plan had made significant progress, with a plan to reduce expenditure by cutting the number of THAI employees from around 20,000 to 14,000.

Government Savings Bank president Vitai Ratanakorn said the bank is ready to approve THAI’s rehab plan. He added that the airline has a plan to inject funds of THB25 billion each to shareholders and creditors.

“We understand that the company will discuss who will get the funds after the rehabilitation plan is approved,” he said.

Poramate Intarachumnum, chair of the Cooperative League of Thailand, said 84 cooperatives had agreed to allow THAI to continue in business but insisted that it clarify financial support from the government and other matters.

Published : May 10, 2021

By : The Nation

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https://www.nationthailand.com/business/40000723

Thai govt has THB300 billion in hand to tackle Covid crisis until Sept 30

The government has THB240 billion left over from the THB1 trillion economic stimulus loan, plus THB60 billion from the 2020 emergency budget to deal with the Covid-19 crisis until September 30.

Last Wednesday (May 5), the Cabinet earmarked THB225.50 billion to tackle the third wave of Covid-19 infections, which has been more severe and more widespread than the previous two waves.

The money will be used to bolster several measures such as Rao Chana (We Win), Mor33 Rao Rak Kan (Section33 We Love Each Other), Khon La Khrueng (Let’s Go Halves) as well deposits in the state welfare card to help ease people’s burden and stimulate the economy.

Budget Bureau director Dechapiwat Na Songkhla said the funds will help the government deal with the crisis until the end of the 2021 fiscal year on September 30.

He added that if the crisis continues into next year, the government can use the THB89 billion earmarked for the 2022 emergency budget as well as the Finance Ministry’s reserve capital of THB50 billion.

“If these funds are not enough, the government can issue a budget transfer act like it did last year,” he said.

He added that the THB3.1 trillion national budget for the 2022 fiscal year does not include funds for tackling the Covid-19 crisis, because the crisis is expected to be resolved by then.

“However, we will propose the budget draft to the Cabinet again on Tuesday,” he said.

He added that the government can also use revenue from its agencies as well as the Public-Private Partnership investment budget to boost capital expenditure, so it is in line with the 2018 State Fiscal and Financial Disciplines Act.

He also pointed out that the prime minister cannot allocate funds from the 2022 integrated budget of THB208 billion for tackling the outbreak because a panel chaired by his deputies is responsible for the usage of this budget.

Published : May 10, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000721

SET Index expected to maintain upward trajectory

The Stock Exchange of Thailand (SET) Index rose by 3.29 points, or 0.21 per cent, to 1,588.32 at 10.12am on Monday. The volume of total transactions was THB20.05 billion with an index high of 1,596.80 and a low of 1,588.32.

Krungsri Securities forecast that the SET Index would fluctuate in an upward trajectory between 1,590 and 1,600 points amid uncertainty over US interest rate. The US Federal Reserve’s move to raise the interest rate was set back by US non-farm payroll increasing lesser than expected, while the country’s unemployment rate rose to 6.1 per cent.

Krungsri added that energy and petrochemical stocks gained positive sentiment after oil price rose to over $65 per barrel.

“However, investors should beware of mass sell-offs of shares due to uncertainty over Thailand’s high number of Covid-19 cases,” Krungsri Securities said.

It recommended that investors buy:

▪︎ PTT, PTTEP, PTTGC and IVL, which benefit from the rising oil price.

▪︎ BDMS, BCH and CHG, which gained positive sentiment from the import of Covid-19 vaccine.

▪︎ PTTGC, EPG, CPF, BCH, CHG, STGT, STA, DOHOME, COM7, SYNEX, STARK, TWPC and WICE, whose first-quarter turnover is expected to improve.

The SET Index closed at 1,585.03 on Friday, up 13.12 points or 0.83 per cent. Total transactions amounted to THB93.87 billion with an index high of 1,589.21 and a low of 1,577.19.

Published : May 10, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000717

Gold continues on last weeks upward trend

The price of gold in Thailand rose by THB50 per baht weight in morning trade on Monday, thanks to mass buy-ups of the precious metal after increase in US non-farm payroll was lower than expected.

The Gold Traders Association report at 9.32am showed buying price of a gold bar at THB26,850 per baht weight and selling price at THB26,950, while gold ornaments were priced at THB26,363.24 and THB27,450, respectively.

At close on Saturday, the buying price of a gold bar was THB26,800 per baht weight and selling price THB26,900, while gold ornaments were THB26,317.76 and THB27,400, respectively.

The price had shot up by THB750 per baht weight last week.

Spot gold price on Monday was US$1,832 (THB57,046) per ounce compared to Friday when it rose by $15.6 to $1,831.30 per ounce, the highest in almost three months.

Hong Kong gold price on Monday rose by HK$90 to $16,970 (THB68,042) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : May 10, 2021

By : The Nation

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https://www.nationthailand.com/business/40000714

Baht opens stronger but Covid-19 situation could determine direction

The baht opened at 31.06 to the US dollar on Monday, strengthening from its previous close of 31.17 on Friday. The Thai currency is likely to move between 31 and 31.15 during the day and between 31 and 31.15 this week, Krungthai Bank market strategist Poon Panichpibool said.

He suggested that investors monitor the dollar’s movements, as the US currency could be stable or weak, if the market is ready for risk.

The market strategist said that the baht would not weaken sharply, and predicted resistance for the currency at 31 to the dollar.

However, Poon warned investors to beware of possible fluctuation of the baht caused by the Covid-19 situation in Thailand.

Published : May 10, 2021

By : The Nation

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https://www.nationthailand.com/business/40000697

Oil palm growers in Krabi to protest over falling price

A group of oil palm growers vowed to hold an anti-government protest at Krabi Provincial Hall on Tuesday as the price of oil palm in Thailand is likely to drop further.

Chayodom Suwanwattana, chairman of the oil palm growers of Thailand group, said the price of oil palm was currently at THB4 per kilogram compared to THB7.60-7.80 per kg in Malaysia.

He also said that the price of 46-0-0 fertiliser for oil palm had increased from THB550 on August 28 last year to THB750 on April 15 this year.

“Meanwhile, the price of 18-46-0 fertiliser had increased from THB760 on August 28 last year to THB1,080 on April 15 this year,” he said.

“Therefore, we will gather at Krabi Provincial Hall on Tuesday to pour oil palm fertiliser and submit a letter to the government.”

He added that the rise in fertiliser price had increased farming cost to THB4 per kg.

“It would be better if the oil palm price increases,” he added.

Published : May 09, 2021

By : The Nation