The Stock Exchange of Thailand (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.
In the morning session, Krungsri Securities forecast the SET Index on Friday would fluctuate between 1,565 and 1,585 points amid the fall in US jobless claims, US stimulus measures and mass buy-ups of Thai shares whose first-quarter performance is likely to improve.
It added that US jobless claims had dropped to the lowest in a year.
“However, uncertainty over Thailand’s higher Covid-19 cases and volatility in foreign fund flows would pressure the day’s index,” Krungsri Securities said.
The 10 stocks with the highest trade value today were DMT, DELTA, KBANK, PTTGC, SCC, IVL, CPALL, PTT, COTTO and COM7.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 29,357.82, up 26.45 points or 0.090 per cent.
China’s Shanghai SE Composite Index closed at 3,418.87, down 22.41 points or 0.65 per cent, while the Shenzhen SE Component Index closed at 13,933.81, down 276.79 points or 1.95 per cent.
Hong Kong’s Hang Seng Index closed at 28,610.65, down 26.81 points or 0.094 per cent.
South Korea’s KOSPI closed at 3,197.20, up 18.46 points or 0.58 per cent.
Taiwan’s TAIEX Index closed at 17,285.00, up 290.64 points or 1.71 per cent.
DITP tightens safety standards for Thai frozen food export
Department of International Trade Promotion (DITP) has tightened its measures for Thai frozen food exporters by launching Thailand Delivers with Safety campaign to boost confidence among global consumers in COVID-19-free safety food product from Thailand.
DITP also joins forces with partner organizations in implementing COVID-19 Prevention Measures in food production, which the exporters promptly and responsively comply with to enhance consumers’ safety, as well as boosting the confidence for global trade partners. As for the market outlook, Thai frozen food market is expected to grow this year, demonstrating Thailand’s potential as the major food manufacturer with advanced manufacturing technology that meets international standards.
DITP tightens safety standards for Thai frozen food export
Somdet Susomboon, Director-General of the Department of International Trade Promotion (DITP) revealed that the market outlook for Thai frozen food in 2021 is expected to grow continuously, targeting to reach 140,256.75 million baht in export value, accounting 2% expansion, despite the fact that Thailand has been affected by the COVID-19 pandemic, which results in the slowdown of the purchase orders and delivery of Thai products overseas.
DITP tightens safety standards for Thai frozen food export
DITP has collaborated with Thailand’s public and private sector in elevating the manufacturing procedure by issuing COVID-19 Prevention Measures in food production for export, to enable manufacturers, exporters, business operators, fruit and vegetable suppliers, as well as logistics operators to strictly follow the standard guidelines. The goal is to enhance safety for consumers and strengthen confidence among global trade partners.
For this safety measures, business operators and suppliers in ingredient shipping from ships and piers must intensify their effort to reduce the risk of contamination from ingredients and containers. Manufacturers must implement strict quality and safety controls throughout the production line, from receiving ingredients from ships and piers, storing in chilled room, processing, and packing in compliance with Good Manufacturing Practice (GMP) and Hazard Analysis Critical Control Point (HACCP). Besides, they shall maintain preventive measures for transporting goods by cleaning and disinfecting the interior of the vehicle containers as well as the personal hygiene of employees. To monitor personal hygiene, work environment as well as location and manufacturing building, manufacturers shall prioritize sanitation and strictly clean and disinfect the machinery, manufacturing buildings, floors, walls, as well as common areas which are prone to contact in appropriate frequency. As for personal hygiene of workers, workers must be trained to protect themselves from COVID-19 to properly prevent any contaminations during operation.
DITP tightens safety standards for Thai frozen food export
These measures will go hand in hand with the strategy for frozen food export, including identifying new sources of ingredients, setting up internationally accepted standards, as well as focusing more on making an agreement with neighboring countries in providing labor through the clear guidelines for migrant worker management while effectively establishing the labor management best practices.
Meanwhile, the private sector related to Thai Frozen Foods Association has responded positively to this and is ready to implement strict measures. The cooperation among members of the Association has been reached to strictly adhere to these preventive measures from COVID-19, ensuring the confidence among consumers.
Although many countries around the world are facing the spread of COVID-19 pandemic, Thailand still retains its potential as the world’s major food producer with advanced manufacturing technology for products that best cater to different market demands and meet international quality standards. DITP has launched “Thailand Delivers with Safety” campaign along with the preventive measures for Thai manufacturers, exporters, business operators, frozen food suppliers and logistics operators to follow the same standards. This is to enhance confidence among buyers and trade partners around the world, highlighting the strong potential and finest quality of Thai products in every procedure from sourcing ingredients, harvesting, transporting, manufacturing with high level of personal safety, packaging to delivering at the consumers’ doorsteps,” Mr. Somdet affirmed.
As for the market overview of the frozen food export in January 2021, Thailand exported fresh, chilled, frozen, canned and processed seafood (including canned and processed tuna, excluding fresh, chilled, frozen and processed shrimp) totaling 9,480.46 million baht, a 1.59 percent drop from the same period last year. The major export products under this category were canned tuna, amounting to 4,557.11 million baht, or 1.07 percent decrease. The total seafood export volume was 78,056 tons, divided into 18,217 tons of fresh, chilled and frozen seafood, or 16.48 percent decrease, 9,453 tons of processed seafood, 19.25 percent increase and 50,386 tons of canned seafood or 1.85 percent increase, the majority of which are canned tuna with 38,990 tons in volume, an increase of 0.48 percent compared to the same period last year.
The largest importer countries of frozen food from Thailand were the United States, Japan, Australia, Egypt and Canada, accounting for 57.37%. In addition, the markets with a high growth rate were Argentina which grew up to 194.18 percent, followed by Egypt, United Arab Emirates, Israel and Taiwan with the growth rate of 80.90%, 45.13%, 42.11% and 40.56%, respectively. Thai frozen food products with the highest export value in 2020 are: 1. Canned tuna 2. Processed fish (tuna + other fish) 3. Canned shrimp 4. Other canned seafood 5. Live, chilled and frozen squid.
15 foreign companies investing over Bt3 billion get FBA approval in April
The governments Business Development Department gave approvals to 15 foreign companies under the Foreign Business Act (FBA) in April this year.
“These companies, most of them from Hong Kong, Singapore and Japan, were bringing in more than Bt3.08 billion in investment capital into the country and generating jobs for 227 Thais,” department director-general Tossapon Tangsubut said. “These foreign companies have also transferred their technology and business know-how to Thailand, which will be beneficial for our industrial development.”
Tossapon said the sectors that received significant foreign investment in April were petroleum extraction, logistics services, mass transit services, advertising and marketing.
“In the first four months of 2021, 75 foreign companies were approved under the FBA with combined investment value of Bt7.96 billion,” he added.
“Most of the businesses being approved are either directly related to the government’s investment promotion plan or support the country’s infrastructure system, such as the construction of high-speed train routes connecting the three airports.”
Thailands Covid-19 situation, volatile funds flows expected to pressure SET
The Stock Exchange of Thailand (SET) Index rose by 9.34 points, or 0.59 per cent, to 1,581.25 at 10.04am on Friday. The volume of total transactions was THB7.31 billion with an index high of 1,584.42 and a low of 1,581.15.
Krungsri Securities forecast that the SET Index would fluctuate between 1,565 and 1,585 points despite the decline in US jobless claims, US economic stimulus measures and mass buy-ups of shares whose first-quarter performance is likely to improve.
It added that US jobless claims had dropped to the lowest in a year.
“However, uncertainty over Thailand’s higher Covid-19 cases and volatility in foreign fund flows would pressure the day’s index,” Krungsri Securities predicted.
It recommended that investors buy:
▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.
▪︎ BDMS, BCH and CHG, which gained positive sentiment from the import of Covid-19 vaccine.
▪︎ PTTGC, IVL, EPG, CPF, BCH, CHG, STGT, DOHOME, COM7, SYNEX, STARK, TWPC, TNP and WICE, whose first-quarter turnover is expected to improve.
The SET Index closed at 1,571.91 on Thursday, up 22.69 points or 1.46 per cent. The volume of total transactions was THB91.32 billion with an index high of 1,575.37 and a low of 1,551.42.
Baht may be pressured if foreign investors continue to sell assets
The baht opened at 31.23 to the US dollar on Friday, strengthening from its previous close of 31.26 on Thursday. The Thai currency is likely to move between 31.15 and 31.30 during the day, Krungthai Bank market strategist Poon Panichpibool said.
In the short term, he predicted that the baht would tend to fluctuate due to the Covid-19 situation in Thailand, which could prompt foreign investors to sell more assets in Thailand.
The market strategist suggested that investors monitor the volume of stocks foreign investors sell this time.
However, he added that the baht would weaken only slightly, as the dollar has not strengthened.
Moreover, some foreign investors have purchased bonds, a sign of speculation on the baht.
Thai gold price sees big jump as US bond yield falls
The price of gold in Thailand rose by THB300 per baht weight in morning trade on Friday, due to the weakening dollar and the decline in US bond yield.
The Gold Traders Association report at 9.32am showed the buying price of a gold bar at THB26,700 per baht weight and selling price at THB26,800, while gold ornaments were priced at THB26,226.80 and THB27,300, respectively.
At close on Thursday, the buying price of a gold bar was THB26,400 per baht weight and selling price THB26,500, while gold ornaments were THB25,923.60 and THB27,000, respectively.
Spot gold price on Friday was US$1,816 (THB56,697) per ounce, the highest since February, compared to Thursday when it rose by $31.4 to $1,800 per ounce.
Hong Kong gold price on Friday rose by HK$200 to $16,810 (THB67,600) per tael, the Chinese Gold and Silver Exchange Society reported.
Dow average hits record before Fridays jobs report
Stocks climbed as data showing the worlds largest economy is strengthening overshadowed inflation worries, with investors awaiting Fridays jobs report. The dollar retreated.
The S&P 500 closed near session highs, while the Dow Jones industrial average rose to a record. In a volatile session, tech stocks finished among the biggest gainers. China’s shares traded in New York briefly extended losses after Bloomberg News reported that the Biden administration probably will preserve limits on U.S. investments in some companies from China.
Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as labor market conditions continued to improve and the economy reopened more broadly. Separate data highlighted a rebound in productivity as the pace of output exceeded a pickup in hours worked. Traders are now awaiting Friday’s employment report, which is expected to show that the U.S. added about 1 million jobs in April.
“With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E-Trade Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.”
After closing at a fresh high on Wednesday, the Dow Jones transportation average – considered a barometer of economy activity – surged 25% above its 200-day moving average. The move could be “perceived as indicative of strength likely to continue in the broader equity market,” said Bloomberg Intelligence’s Gina Martin Adams.
– – –
These are some of the main moves in markets:
Stocks
– The S&P 500 rose 0.8% as of 4 p.m. New York time
– The Nasdaq 100 rose 0.8%
– The Dow Jones industrial average rose 0.9%
– The MSCI World index rose 0.7%
Currencies
– The Bloomberg Dollar Spot index fell 0.5%
– The euro rose 0.5%, to $1.2062
– The British pound was little changed at $1.3897
– The Japanese yen rose 0.1%, to 109.05 per dollar
Bonds
– The yield on 10-year Treasurys was little changed at 1.57%
– Germany’s 10-year yield was little changed at -0.23%
– Britain’s 10-year yield declined three basis points, to 0.79%
Commodities
– West Texas Intermediate crude fell 1.1%, to $65 a barrel
– Gold futures rose 1.7%, to $1,815 an ounce
Published : May 07, 2021
By : Syndication Washington Post, Bloomberg · Rita Nazareth, Vildana Hajric
Deputy Commerce Minister Sinit Lertkrai has ordered officials to speed up talks on free trade agreements with Pakistan, Sri Lanka and Turkey. The three countries serve as gateways for Thai trade to South Asia, Europe, Africa and the Middle East.
The department is also seeking to expand trade and investment opportunities with large trading partners by upgrading Asean FTAs with China, India and South Korea, Sinit said on Thursday.
Meanwhile, Thai negotiators are preparing to reopen talks on FTAs with the European Union, the European Free Trade Association and Canada in a bid to find new markets for Thai exports.
Sirit also urged the creation of an FTA fund to support businesses and activities impacted by the FTAs. He said Thai farmers, entrepreneurs and SMEs would be given information on how to take advantage of the FTAs with major trading partners such as Asean, China, Japan, South Korea, India, Australia and New Zealand.
A free-trade agreement between Thailand and Hong Kong should be sealed by the third quarter of this year, Commerce Minister Jurin Laksanawisit said on Thursday.
Hong Kong also confirmed its interest in joining the Regional Comprehensive Economic Partnership (RCEP) with 15 current members including Thailand, said Jurin, speaking after a video meeting with his Hong Kong counterpart, Edward Yau.
Hong Kong is Thailand’s eighth-largest trading partner with yearly trade worth THB413 billion.
Thai exports to Hong Kong grew rapidly last year, led by frozen pork (345 per cent rise), fresh mango (400 per cent), and soap and cosmetics (216 per cent).
The ministry is awaiting the results of Chulalongkorn University’s study on the FTA, which would remove all tariffs on trade between the two territories.
Thailand is also ready to welcome tourists from Hong Kong, especially elderly travellers seeking wellness and healthcare holidays, said Jurin.
He added that Thailand may be able to forge a “travel bubble” with Hong Kong, one of its largest tourism markets. Hong Kong is already in talks for post-Covid travel bubbles with Singapore, Australia and New Zealand.
Jurin and Yau also discussed a special agreement for access to Hong Kong’s thriving animation and film industry.
Thailand has expertise in animation production and film editing, which could boost Hong Kong’s animation and film production for the overseas market, said the ministry.
Meanwhile, Hong Kong invited Jurin to give a speech at the 6th Belt and Road Summit on September 13-14. The summit will see senior government officials and business leaders from around the world meet to discuss plans and opportunities in China’s global infrastructure programme.
SET rebounds by almost 1.5% after dropping 2% on Wednesday.
The Stock Exchange of Thailand (SET) Index closed at 1,571.91 on Thursday, up 22.69 points or 1.46 per cent. The volume of total transactions was THB91.32 billion with an index high of 1,575.37 and a low of 1,551.42.
The Thai stock market bounced back after falling sharply by 33.91 points or 2.14 per cent on Wednesday.
In the morning session, Krungsri Securities predicted the Thursday’s index would fall to between 1,540 and 1,545 points over uncertainty on whether the US Federal Reserve would raise the interest rate coupled with the surge of Covid-19 cases in Thailand, resulting in high volatility in foreign fund flows.
“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.
The 10 stocks with the highest trade value today were DELTA, STA, KBANK, SCC, BANPU, PTT, SAWAD, IVL, STGT and COM7.
Other Asian indices were on the rise, except in China:
Japan’s Nikkei Index closed at 29,331.37, up 518.74 points or 1.80 per cent.
China’s Shanghai SE Composite Index closed at 3,441.28, down 5.57 points or 0.16 per cent, while the Shenzhen SE Composite Index closed at 14,210.60, down 227.97 points or 1.58 per cent.
Hong Kong’s Hang Seng Index closed at 28,637.46, up 219.48 points or 0.77 per cent.
South Korea’s KOSPI closed at 3,178.74, up 31.37 points or 1.00 per cent.
Taiwan’s TAIEX Index closed at 16,994.36, up 150.92 points or 0.90 per cent.
DITP tightens safety standards for Thai frozen food export
DITP tightens safety standards for Thai frozen food export
DITP tightens safety standards for Thai frozen food export
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