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https://www.nationthailand.com/business/30404682

Stocks climb on Powell’s reassurance

EconApr 09. 2021A Wall Street street sign outside the New York Stock Exchange as snow falls in New York on Feb. 1, 2021. MUST CREDIT: Bloomberg photo by Jeenah Moon.

By Syndication Washington Post, Bloomberg · Rita Nazareth

Stocks climbed as Federal Reserve Chairman Jerome Powell said the central bank has the tools to curb any inflation pressures, which are expected to be temporary as the economy reopens.

The S&P 500 notched another record amid thin trading volume. The Nasdaq 100 outperformed major equity benchmarks as giants such as Apple Inc. and Tesla Inc. rallied. Energy producers and banks retreated. Treasuries rose, while the dollar fell.

One day after the Fed’s March minutes struck a dovish tone for the path of monetary policy, Powell said the central bank would react if inflation expectations start “moving persistently and materially above levels we’re comfortable with.” He also noted that disparate efforts to vaccinate people globally is a risk to progress for the economic rebound, which remains “uneven and incomplete.”

“The doves are in control, and today’s cautious comments from Fed Chair Powell delivered another reiteration of their ultra-accommodative stance,” said Edward Moya, senior market analyst at Oanda in New York.

Meanwhile, Fed Bank of St. Louis President James Bullard said it’s too soon for central bankers to discuss tapering asset purchases as long as the pandemic continues. Data Thursday showed applications for U.S. state unemployment insurance unexpectedly rose for a second week, underscoring the choppy nature of the labor-market recovery.

These are some of the main moves in markets:

Stocks

– The S&P 500 rose 0.4% at 4 p.m. EDT.

– The Stoxx Europe 600 Index climbed 0.6%.

– The MSCI Asia Pacific Index gained 0.3%.

Currencies

– The Bloomberg Dollar Spot Index decreased 0.4%.

– The euro advanced 0.4% to $1.1914.

– The Japanese yen appreciated 0.5% to 109.31 per dollar.

Bonds

– The yield on two-year Treasurys fell one basis point to 0.15%.

– The yield on 10-year Treasurys slid five basis points to 1.62%.

– The yield on 30-year Treasurys fell five basis points to 2.31%.

Commodities

– West Texas Intermediate crude settled at $59.60 a barrel.

– Gold rose 1% to $1,755.79 an ounce.

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https://www.nationthailand.com/business/30404671

SET rebounds despite new virus wave

EconApr 08. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,558.83 on Thursday, up 2.27 points or 0.15 per cent. Total transactions were Bt83 billion with an index high of 1,564.65 and a low of 1,552.18. The SET rebounded after falling 1.46 per cent on Wednesday.

In the morning session, Krungsri Securities forecast that the day’s SET would fall to between 1,545 and 1,550 points as a new wave of Covid-19 sparked uncertainty over Thailand’s economic recovery.

However, the US Federal Reserve’s resolution to maintain monetary policies until the economy recovers and the International Monetary Fund’s move to raise its global growth forecast would help the index rebound, Krungsri Securities predicted.

The 10 stocks with the highest trade value today were STA, STGT, DELTA, SCC, KCE, IRPC, HANA, KBANK, TISCO and PTT.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 29,708.98, down 21.81 points or 0.073 per cent.

China’s Shang Hai SE Composite Index closed at 3,482.55, up 2.93 points or 0.084 per cent, while Shenzhen SE Component Index closed at 13,989.94, up 10.63 points or 0.076 per cent.

Hong Kong’s Hang Seng Index closed at 29,008.07, up 333.27 points or 1.16 per cent.

South Korea’s KOSPI closed at 3,143.26, up 5.85 points or 0.19 per cent.

Taiwan’s TAIEX Index closed at 16,926.44, up 111.08 points or 0.66 per cent.

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https://www.nationthailand.com/business/30404657

SET gains slightly, but worries over new Covid-19 wave cast shadow

EconApr 08. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 1.03 points or 0.07 per cent to 1,557.59 in the morning session on Thursday.

A Krungsri Securities analyst forecast that the SET would fall to between 1,545 and 1,550 points amid uncertainty over Thailand’s economic recovery after a new wave of Covid-19 emerged.

However, the US Federal Reserve’s resolution to use monetary policies until the economy recovers and the International Monetary Fund’s move to boost its global economic growth forecast would help the index to rebound, he predicted.

He recommended investors buy:

▪︎ TQM, STGT, Com7, Synex, PTL and AJ, which benefit from the Covid-19 situation.

▪︎ Hana, KCE, TU, and CPF, which benefit from the weakening baht.

▪︎ CBG, Ichi, Sappe, RBF, DOD, IP, Gunkul and Kiss, which benefit from positive news on hemp production and its general use.

The SET Index closed at 1,556.56 on Wednesday, down 23.10 points or 1.46 per cent. The volume of total transactions was Bt107.77 billion, with an index high of 1,570.69 points and a low of 1,555.57.

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https://www.nationthailand.com/business/30404653

Gold price flat amid mass sell-offs for profit, strong dollar

EconApr 08. 2021

By The Nation

The price of gold was unchanged from Wednesday’s close in morning trade on Thursday, the Gold Traders Association reported.

As of 9.29am, the buying price of a gold bar was Bt25,700 per baht weight and selling price Bt25,800, while gold ornaments cost Bt25,241.40 and Bt26,300, respectively.

The price had risen by Bt50 per baht weight compared to the opening trade on Wednesday.

The spot gold price on Wednesday dropped by $1.40 to $1,741.60 (Bt54,771) per ounce due to mass sell-offs of the precious metal for profit after its price rose for four successive days.

Besides, the strong dollar also pressured the gold price.

The Hong Kong gold price rose by HK$10 to $16,130 (Bt65,169) per tael, the Chinese Gold and Silver Exchange Society reported.

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https://www.nationthailand.com/business/30404639

Stocks rise after Fed minutes as volume dwindles

EconApr 08. 2021

By Syndication Washington Post, Bloomberg · Rita Nazareth, Claire Ballentine

Stocks rose with the dollar and Treasuries fluctuated after the Federal Reserve refrained from signaling it will make any changes to its bond-buying program any time soon.

The S&P 500 notched another record amid thin trading volume. A rally in giants such as Apple Inc. and Google’s parent Alphabet Inc. pushed the Nasdaq 100 higher. Benchmark 10-year government yields remained below 1.7%.

Traders sifted through the minutes from the latest Fed meeting, which indicated there would likely be “some time” before the conditions are met for scaling back the asset-purchase program of $120 billion per month. Officials still saw elevated uncertainty in the growth outlook — in line with an “accommodative” stance. Meanwhile, the central bank said the recent surge in Treasury yields reflected improved economic prospects. While Wall Street has been increasingly worried about inflation, policymakers saw those risks as balanced.

“The rate side is still somewhat front and center, and probably the biggest risk to what is going on with equity valuations,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management. “Clearly, there’s been a re-pricing of inflation expectations higher this year, and at times, the stock market has struggled with it. I would say that’s to me the biggest risk at this point — that inflation readings start to come in to the point where the Fed potentially has to alter their plans.”

Rates are going higher for the “next several months, just like they have over the previous several months,” Jim Bianco, president of Bianco Research, said on a Bloomberg Television interview. Bond yields have recently fallen because they’ve had a “relentless rise,” he noted.

If yields are going up because the economy is reopening and massive real growth is expected, that “won’t bother the economy or the stock market,” Bianco said. “But if interest rates are going up because of inflation,” which is a loss of purchasing power, “that’s a problem for the economy and the stock market, and we’re going to continue to have that debate.”

Credit markets have yet to signal any type of impending weakness ahead for U.S. stocks, according to Ian McMillan, a market technician at Client First Tax & Wealth Advisors. He compared the S&P 500 with the yield gap between some of the lowest-rated high-yield bonds and Treasurys. This week began with the gap for the Bloomberg Barclays Caa U.S. High Yield Index moving to its narrowest level since July 2018. A widening of high-yield spreads would be a caution signal for equities, he wrote.

These are some of the main moves in markets:

Stocks

– The S&P 500 gained 0.1% as of 4 p.m. EDT.

– The Stoxx Europe 600 Index fell 0.2%.

– The MSCI Asia Pacific Index decreased 0.3%.

Currencies

– The Bloomberg Dollar Spot Index increased 0.2%.

– The euro was little changed at $1.1871.

– The Japanese yen was little changed at 109.80 per dollar.

Bonds

– The yield on two-year Treasurys declined less than one basis point to 0.15%.

– The yield on 10-year Treasurys rose one basis point to 1.67%.

– The yield on 30-year Treasurys gained three basis points to 2.35%.

Commodities

– West Texas Intermediate crude rose 0.4% to $59.59 a barrel.

– Gold fell 0.4% to $1,737.02 an ounce.

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https://www.nationthailand.com/business/30404632

SET down 1.46% amid concern over Covid, protests

EconApr 07. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,556.56 on Wednesday, down 23.10 points or 1.46 per cent. The volume of total transactions was Bt107.77 billion with an index high of 1,570.69 and a low of 1,555.57.

In the morning session, Krungsri Securities forecast the day’s index would fall to between 1,570 and 1,575 points despite hopes of global economic recovery amid strong data from the United States and China, plus the US’s $2.26-trillion (Bt70.7 trillion) infrastructure plan.

The index would come under pressure from uncertainty over the new wave of Covid-19 and pro-democracy protests in Thailand, said Krungsri Securities.

The 10 stocks with the highest trade value today were STGT, DELTA, STA, STARK, PTT, CPALL, AOT, COM7, KBANK and OR.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 29,730.79, up 34.16 points or 0.12 per cent.

China’s Shang Hai SE Composite Index closed at 3,479.63, down 3.34 points or 0.096 per cent, while Shenzhen SE Component Index closed at 13,979.31, down 104.03 points or 0.74 per cent.

Hong Kong’s Hang Seng Index closed at 28,674.80, down 263.94 points or 0.91 per cent.

South Korea’s KOSPI Index closed at 3,137.41, up 10.33 points or 0.33 per cent.

Taiwan’s TAIEX closed at 16,815.36, up 75.49 points or 0.45 per cent.

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https://www.nationthailand.com/business/30404617

Worries over new Covid-19 wave rattles SET

EconApr 07. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index fell by 19.56 points or 1.24 per cent to 1,560.10 in the morning session on Wednesday.

A Krungsri Securities analyst forecast that the SET would fall to between 1,570 and 1,575 points despite hopes of an economic recovery after strong data from the US and China, plus the US’s $2.26-trillion (Bt70.7 trillion) infrastructure plan.

The index would be under pressure due to uncertainty over the new wave of Covid-19 and anti-government pro-democracy protests, he said.

He recommended investors buy:

▪︎ TQM and STGT, which benefit from the Covid-19 situation.

▪︎ Hana, KCE, TU, CPF and XO, which benefit from the weakening baht.

▪︎ CBG, Ichi, Sappe, RBF, DOD, IP, TACC, Gunkul and Kiss, which benefit from positive news on hemp production and its general use.

The SET Index closed at 1,579.66 on Monday, down 16.61 points or 1.04 per cent. The volume of total transactions was Bt81.50 billion, with an index high of 1,601.24 points and a low of 1,575.56.

The index was closed on Tuesday for Chakri Day.

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https://www.nationthailand.com/business/30404614

Gold price rises in the morning trade

EconApr 07. 2021

By The Nation

The price of gold rose by Bt50 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.

As of 9.27am, the buying price of a gold bar was Bt25,650 per baht weight and selling price Bt25,750, while gold ornaments cost Bt25,180.76 and Bt26,250, respectively.

At close on Tuesday, the buying price of a gold bar was Bt25,600 per baht weight and selling price Bt25,700, while gold ornaments cost Bt25,135.28 and Bt26,200, respectively.

The spot gold price on Tuesday rose by $14.20 to $1,743 (Bt54,608) per ounce, thanks to a falling US Treasury yield, a weakening dollar and the International Monetary Fund’s move to boost its global economic growth forecast.

The Hong Kong gold price meanwhile rose by HK$200 to $16,140 (Bt65,006) per tael, the Chinese Gold and Silver Exchange Society reported.

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Stocks decline after rally to record

EconApr 07. 2021

By Syndication Washington Post, Bloomberg · Rita Nazareth

Stocks dropped after a rally that drove the equity market to all-time highs. Treasurys climbed, while the dollar fell.

Technology companies led losses in the S&P 500, offsetting gains in retailers. The Dow Jones industrial average and the Nasdaq 100 also retreated. Stocks tied to the Archegos Capital Management crisis whipsawed after Credit Suisse Group AG unloaded more than $2 billion of the shares in the latest block trades stemming from the liquidation of Bill Hwang’s fund. ViacomCBS Inc., Vipshop Holdings Ltd. and Farfetch Ltd. bounced after slumping in early trading.

Investors bought stocks in record amounts in the first quarter of 2021 as a combination of generous stimulus and bets on an economic recovery drove $372 billion into global equity funds, according to Bank of America Corp. strategists. The data confirm the bullish market sentiment that has pushed shares to fresh highs, with optimism over vaccination efforts outweighing the fear that higher bond yields can interfere with the rally.

“Stocks’ momentum is strong, no doubt about that,” said Lindsey Bell, chief investment strategist at Ally Invest. “But the market may be ready to take a breather as investors digest all the good news, determine how much of that is priced in and weigh it against uncertain risks like inflation.”

The rally that lifted the S&P 500 above 4,000 for the first time is unusually broad. That’s evident from the percentage of the index’s component stocks that closed higher than their 200-day moving average, a gauge of price trends. Last week’s readings peaked at 94.4%, the highest since January 2010, according to data compiled by Bloomberg. They were the first to surpass 94% since May 2013 and contrasted with levels as low as 3.2% in March 2020.

On the economic front, data showed U.S. job openings rose to a two-year high in February, led by gains in some of the industries hardest hit during the pandemic. The International Monetary Fund upgraded its global growth forecast for the second time in three months, while warning about widening inequality and a divergence between advanced and lesser-developed nations.

These are some of the main moves in markets:

Stocks

– The S&P 500 fell 0.1% as of 4 p.m. EDT.

– The Stoxx Europe 600 Index advanced 0.7%.

– The MSCI Asia Pacific Index gained 0.1%.

Currencies

– The Bloomberg Dollar Spot Index dropped 0.2%.

– The euro gained 0.5% to $1.1868.-

– The Japanese yen appreciated 0.3% to 109.85 per dollar.

Bonds

– The yield on two-year Treasurys declined one basis point to 0.16%.

– The yield on 10-year Treasurys decreased five basis points to 1.65%.

– The yield on 30-year Treasurys fell three basis points to 2.32%.

Commodities

– West Texas Intermediate crude climbed 1.2% to $59.35 a barrel.

– Gold rose 0.8% to $1,741.59 an ounce.

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https://www.nationthailand.com/business/30404587

Experts see good value in Thai stocks after SET falls

EconApr 06. 2021

By The Nation

Experts recommended that investors buy shares after the Stock Exchange of Thailand (SET) Index dropped more than 1 per cent on Monday.

The SET Index fell by 16.61 points or 1.04 per cent to 1,579.66 on Monday.

Chanchai Pantathanakij, a research analyst at Asia Plus Securities, said the SET was in negative territory due to mass sell-offs in response to a new wave of Covid-19 infections at entertainment venues in Bangkok.

Investors had also sold stocks to cut risks over the Songkran holiday, he added.

“However, we expect these factors will only add short-term pressure to the index as the government will not impose a nationwide lockdown to deal with new Covid-19 outbreak,” Chanchai said.

“Meanwhile, investors would pay attention to SET-listed companies’ performance in the first quarter of this year after the Songkran holiday.”

Chanchai forecast the SET would fluctuate between 1,530 and 1,644 points in April.

Chaiyaporn Nompitakcharoen, executive vice president at Bualuang Securities, predicts a narrower range of 1,550-1,600 points in April, advising investors to buy shares during this time.

“Even though the SET will have limited upside room after Songkran, we expect the index to hit 1,700 points in the second half this year,” he said.

Sorrabhol Virameteekul, senior vice-president at Kasikorn Securities, said a tight valuation and uncertainty over Covid-19 vaccination in Thailand are also pressuring the index.

“Thailand’s vaccination rate is relatively low, making it more vulnerable to a new Covid-19 wave compared to other countries,” Sorrabhol said.

Supongvorn Mianpoka, head of global investment at Tisco Asset Management, expects SET to lose 50-80 points due to the new Covid-19 wave.

However he predicts a rise to 1,650 points if the government is able to deliver Covid-19 vaccines and reopen the country to foreign tourists as planned, starting with Phuket on July 1.

“The Thai stock market is expected to fall by 5 per cent in the second quarter this year, so this is an opportunity for investors to buy shares in large companies that will benefit from the country reopening and the economic recovery,” he said.

Supongvorn added that fund managers have started to add large-cap stocks to their portfolios.

“We advise buying shares related to finance, petrochemicals, food and beverages, commerce, energy and public utilities,” he added.