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https://www.nationthailand.com/business/40000587

SET rebounds, but expected to fall due to worries over possible Fed rate hike, virus cases

The Stock Exchange of Thailand (SET) Index rose by 7.39 points or 0.48 per cent to 1,556.61 at 10.21am on Thursday. The volume of transactions was THB14.91 billion with an index high of 1,558.64 and a low of 1,551.42.

Krungsri Securities predicted that the index on Thursday would fall to between 1,540 and 1,545 points due to uncertainty over whether the US Federal Reserve would raise the interest rate and the number of Thailand’s Covid-19 cases, 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.

It recommended 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 vaccines.

▪︎ PTTGC, IVL, EPG, CPF, BCH, CHG, STGT, DoHome, Com7, Synex, Stark and TWPC, whose first-quarter turnover is expected to improve.

The SET Index closed at 1,549.22 on Wednesday, down 33.91 points or 2.14 per cent. The volume of total transactions was THB127.10 billion with an index high of 1,583.27 and a low of 1,547.35.

Published : May 06, 2021

By : The Nation

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https://www.nationthailand.com/business/40000585

Baht weakens, likely to fluctuate

The baht opened at 31.13 to the US dollar on Thursday, weakening from its previous close of 31.11 on Wednesday.

The Thai currency is likely to move between 31.05 and 31.20 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He said the baht tends to fluctuate according to the Covid-19 situation in the country. Also, foreigners have been selling their Thai assets, especially stocks.

Poon explained that the Thai currency would come under pressure if investors sell more than THB3 billion a day.

Published : May 06, 2021

By : The Nation

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https://www.nationthailand.com/business/40000584

Gold up after Yellens interest-rate clarification

The price of gold in Thailand rose by THB150 per baht weight in morning trade on Thursday, thanks to US Treasury Secretary Janet Yellen’s clarification on Wednesday that there was no need for the Federal Reserve to raise the interest rate.

The gold market also gained positive sentiment from weak US economic data.

A Gold Traders Association report at 9.27am showed the buying price of a gold bar at THB26,250 per baht weight and selling price at THB26,350, while gold ornaments were priced at THB25,772 and THB26,850, respectively.

At close on Wednesday, the buying price of a gold bar was THB26,100 per baht weight and selling price THB26,200, while gold ornaments cost THB25,635.56 and THB26,700, respectively.

The spot gold price on Thursday was US$1,787 (THB55,754) per ounce compared to the price on Wednesday, when it rose by $8.30 to $1,784.30 per ounce.

The Hong Kong gold price on Thursday increased by HK$70 to $16,530 (THB66,377) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : May 06, 2021

By : The Nation

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https://www.nationthailand.com/business/40000564

Tech leads stock losses as vaccine makers decline

Tech led losses in stocks, almost wiping out an advance that was driven by optimism over solid earnings and economic data.

The S&P 500 pared gains into the close while the Nasdaq erased a rally of about 1%. Moderna and Johnson & Johnson retreated, while Pfizer ended the session little changed on news that the United States will support a proposal to waive intellectual-property protections for coronavirus vaccines. Peloton tumbled after recalling its treadmill products. Copper and lumber climbed, adding to inflation worries.

As the world’s largest economy rebounds, an intense debate has emerged over whether actual price pressures are set to materialize. The five-year break-even rate – a proxy for the annual inflation rate bond traders expect over the span – reached the highest mark since 2008. Despite the increase in commodity prices and supply shortages, several Fed officials said Wednesday that inflation probably will not get out of control.

Money managers who’ve spent the bulk of their careers profiting from deflationary trends need to quickly switch gears or risk an “inflation shock” to their portfolios, warned Marko Kolanovic, JPMorgan Chase’s chief global markets strategist.

“Given the still high unemployment, and a decade of inflation undershoot, central banks will likely tolerate higher inflation and see it as temporary,” he wrote. “The question that matters the most is if asset managers will make a significant change in allocations to express an increased probability of a more persistent inflation.”

– – –

Here are some key events to watch this week:

– Bank of England announces a rate decision Thursday

– The April U.S. employment report is released on Friday

These are some of the main moves in markets:

Stocks

– The S&P 500 was little changed as of 4 p.m. New York time

– The Nasdaq fell 0.3%

– The Dow Jones industrial average rose 0.3%

The MSCI World index rose 0.3%

Currencies

– The Bloomberg Dollar Spot index was little changed

– The euro was little changed at $1.2005

– The British pound rose 0.2%, to $1.3909

– The Japanese yen rose 0.1%, to 109.20 per dollar

Bonds

– The yield on 10-year Treasuries declined two basis points to 1.57%

– Germany’s 10-year yield advanced one basis point to -0.23%

– Britain’s 10-year yield advanced two basis points to 0.82%

Commodities

– West Texas Intermediate crude fell 0.7%, to $65 a barrel

– Gold futures rose 0.6%, to $1,787 an ounce

Published : May 06, 2021

By : Syndication Washington Post, Bloomberg · Rita Nazareth

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https://www.nationthailand.com/business/40000558

Thai durian rules global fruit market thanks to tariff waivers: DTN

The Thai durian is still a market leader in China thanks to the free trade agreement (FTA) between the two countries, the Department of Trade Negotiations (DTN) said on Wednesday.

Auramon Supthaweethum, DTN director-general, said the export of Thailand’s “king of fruits” in the first quarter of this year to China was worth US$186 million (THB5.8 billion), up 14 per cent year on year, followed by Hong Kong ($14 million) and Vietnam ($10 million).

Export of durian to China last year stood at $1.5 billion, up 78 per cent from 2019, she said.

“FTAs have also helped Thailand gain an advantage in the international market,” she added.

Apart from the nine Asean countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore and Vietnam), import tariff for Thai durian has also been waived in China, Hong Kong, Australia, New Zealand, Japan, India, Chile and Peru.

“Under the Regional Comprehensive Economic Partnership [RCEP] agreement, Thailand can ask South Korea to gradually reduce import tariff on durian until it reaches zero,” she said, adding that import tariff on Thai durian in South Korea is currently 36 per cent.

She also expects demand for processed fruit, such as dried fruit, to rise as more consumers are opting for healthy snacks.

“Hence, this is a perfect opportunity for Thai farmers and entrepreneurs to offer a bigger variety of products for export,” she said. “However, they must ensure products are developed in line with international standards and no chemicals or pesticide is used.”

Published : May 06, 2021

By : The Nation

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https://www.nationthailand.com/business/40000557

SET plunges more than 2% as Covid surge hits Thai stocks

The Stock Exchange of Thailand (SET) Index closed at 1,549.22 on Wednesday, down 33.91 points or 2.14 per cent. The volume of total transactions was THB127.10 billion with an index high of 1,583.27 and a low of 1,547.35.

In the morning session, Krungsri Securities expected the day’s index to rebound to between 1,590 and 1,595 on mass buy-ups of energy and petroleum shares after the oil price rose to $66 (Bt2,054) per barrel and expectations of better first-quarter performances.

The index also gained positive sentiment from hopes of economic recovery as the US and Europe ease their lockdowns, it added.

“However, uncertainty over the higher number of Covid-19 cases in Thailand and volatility in foreign fund flows would pressure the index,” said Krungsri Securities.

The 10 stocks with the highest trade value today were KBANK, PTT, AOT, CPALL, SCB, STA, SAWAD, STGT, IRPC and PTTEP.

Other Asian indices were on the fall:

Hong Kong’s Hang Seng Index closed at 28,417.98, down 139.16 points or 0.49 per cent.

Taiwan’s TAIEX Index closed at 16,843.44, down 90.34 points or 0.53 per cent.

Japan’s Nikkei Index was closed for Golden Week, while China’s Shanghai and Shenzhen indices were closed for Labour Day and South Korea’s KOSPI was shut for Children’s Day.

Published : May 05, 2021

By : The Nation

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https://www.nationthailand.com/business/40000540

SET falls slightly over higher Covid-19 cases, foreign fund flow volatility

The Stock Exchange of Thailand (SET) Index fell by 4.37 points or 0.28 per cent to 1,578.76 at 10.06am on Wednesday. The volume of total transactions was THB8.22 billion with an index high of 1,583.27 and a low of 1,577.41.

Krungsri Securities expected the day’s index to rebound to between 1,590 and 1,595 from mass buy-ups of energy and petroleum shares as the oil price rose to $66 per (Bt2,054) barrel, while their first-quarter performance is expected to improve.

It added that the index also gained positive sentiment from hopes over an economic recovery after the US and Europe eased lockdowns.

“However, uncertainty over the higher number of Covid-19 cases in Thailand and volatility in foreign fund flows would pressure the index,” it said.

The securities company advised investors to follow the outcome of the Bank of Thailand’s Monetary Policy Committee meeting on Wednesday amid expectations that the interest rate would be maintained at 0.5 per cent.

He recommended 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, IVL, EPG, CPF, BCH, CHG, STGT, DoHome, Com7, Synex, Stark and TWPC, whose first-quarter turnover is expected to improve.

The SET Index closed at 1,583.13 on Friday, down 7.33 points or 0.46 per cent. Total transactions amounted to THB85.48 billion with an index high of 1,593.23 and a low of 1,580.74.

The index was closed on Monday and Tuesday for Labour Day and Coronation Day, respectively.

Published : May 05, 2021

By : The Nation

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https://www.nationthailand.com/business/40000538

Gold price drops in response to Yellen’s remark that interest rate could rise

The price of gold in Thailand dropped by THB50 per baht weight in morning trade on Wednesday due to the strengthening dollar after US Treasury Secretary Janet Yellen remarked that “it may be that interest rates will have to rise somewhat to make sure our economy doesn’t overheat”.

The Gold Traders Association report at 9.28am showed the buying price of a gold bar at THB26,200 per baht weight and selling price at THB26,300, while gold ornaments were priced at THB25,726.52 and THB26,800, respectively.

At close on Tuesday, the buying price of a gold bar was THB26,250 per baht weight and selling price THB26,350, while gold ornaments cost THB25,772 and THB26,850, respectively.

The spot gold price on Wednesday was US$1,790 (THB55,758) per ounce compared to the price on Tuesday, when it dropped by $15.80 to $1,776 per ounce.

The Hong Kong gold price on Wednesday fell by HK$90 to $16,480 (THB66,086) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : May 05, 2021

By : The Nation

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https://www.nationthailand.com/business/40000537

Baht expected to fluctuate amid Covid crisis

The baht opened at 31.18 to the US dollar on Wednesday, weakening from its previous close of 31.14.

The Thai currency is likely to move between 31.15 and 31.25 during the day and between 31.10 and 31.40 this week, Krungthai Bank market strategist Poon Panichpibool said.

He said the baht tends to fluctuate according to the Covid-19 situation in the country.

The financial market has also seen fluctuation and is in a risk-off state because investors are concerned the US Federal Reserve may lift the interest rate.

Poon explained that this concern came from a statement by US Treasury Secretary Janet Yellen, who said “it may be that interest rates would have to rise somewhat to make sure that our economy doesn’t overheat”.

Published : May 05, 2021

By : The Nation

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https://www.nationthailand.com/business/40000522

Commission eyes new electricity tariffs for next year

The Energy Regulatory Commission (ERC) announced that though the electricity tariff structure in Thailand will remain the same for the next five years, it will also offer benefits to consumers who produce their own power.

“The new electricity tariff structure will look into individuals who produce and consume power they generate [Prosumer] and independent power suppliers [IPS], as we are seeing more solar panels being registered every week,” said ERC secretary-general Khomkrit Tantrawanich.

The commission is expected to come up with clear guidelines this year and the new tariff will go into effect in 2022.

The new structure will support changes in the power-generation industry in line with national strategy and future economic, social, environmental and technological changes, he said.

Published : May 04, 2021

By : The Nation