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Bangkok-Nong Khai high-speed rail contract inked with China

EconOct 28. 2020PM Prayut Chan-o-cha, centre, presides over the signing ceremony. 

By The Nation

Prime Minister Prayut Chan-o-cha has hailed the development of the Thai-Sino high-speed rail project as key to strengthening the country’s competitiveness.

The premier on Wednesday presided over the signing of “Contract 2.3” between the State Railway of Thailand (SRT), China Railway International and China Railway Design Corp at Government House.

The Bt50.63-billion contract is for Phase 1 of the Bangkok-Nakhon Ratchasima high-speed railway, which will run from Bangkok to Nong Khai. The contract covers construction of the track and electrical, signalling and communication systems, procurement of trains, maintenance and technology transfer.

Transport Minister Saksayam Chidchob said that Phase 1 comprises a 253-kilometre stretch of track with six stations – Bang Sue, Don Muang, Ayutthaya, Saraburi, Pak Chong and Nakhon Ratchasima.

The Thai side is entirely responsible for investment on this phase and the civil works, while the Chinese side will oversee the design and installation of track, electrical systems, train operation system, train procurement and personal training.

The Thai side is currently drafting the design of Phase 2 – a 354.5km track from Nong Khai to Nakhon Ratchasima.

Saksayam said the ministry will ask the Cabinet to approve the launch of an institute to conduct research and development of track system technology, aiming to increase the number of experts in the field.

This would help boost use of local materials, add about Bt21 billion in value to the Thai rail industry, and create jobs worth about Bt6 billion annually, he said.

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SET nudges down a point as virus saps US, Europe

EconOct 28. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,207.94 on Wednesday, down 1.01 points or 0.08 per cent. Total transactions amounted to Bt55 billion with an index high of 1,217.88 and a low of 1,205.88.

In the morning session, an analyst at Krungsri Securities expected the day’s index to hover around 1,200 points in the absence of new positive economic factors.

“Existing factors include the Covid-19 situation and doubts over fresh economic stimulus in the US,” he said.

However, the analyst expected investors to focus on business turnovers in the third quarter of this year.

The 10 stocks with the highest trade value today were SCGP, STA, PTT, AOT, BBL, KBANK, STGT, NER, CPALL and MINT.

As of 4.30pm, the price of oil dropped by US$1.45 or 3.66 per cent to $38.12 per barrel, while gold fell by $8.20 or 0.43 per cent, to $1,903.70 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 23,418.51, down 67.29 points or 0.29 per cent.

China’s Shang Hai SE Composite Index closed at 3,269.24, up 14.92 points or 0.46 per cent, while the Shenzhen SE Component Index closed at 13,388.10, up 118.45 points or 0.89 per cent.

Hong Kong’s Hang Seng Index closed at 24,708.80, down 78.39 points or 0.32 per cent.

South Korea’s KOSPI Index closed at 2,345.26, up 14.42 points or 0.62 per cent.

Taiwan’s TAIEX Index closed at 12,793.75, down 81.26 points or 0.63 per cent.

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Cabinet gives initial nod to letting passengers off cruise ships

EconOct 28. 2020

By The Nation

The Cabinet on Wednesday approved in principle guidelines for foreigners to disembark cruise liners under the Special Tourist Visa programme, deputy government spokesperson Traisuree Taisaranakul said.

The guidelines cover captains, crew and passengers from countries where the Covid-19 outbreak is low or medium based on the Public Health Ministry’s list.

The visitors will also have to agree to go into quarantine for at least 14 days, as well as have health coverage of US$100,000 for Covid-19 as well as local health and accident insurance. Proof of advance payment for the anchoring of the liner will also have to be provided.

Eligible tourists will be allowed to stay in Thailand for 90 days, after which they will be allowed to extend their stay twice, by 90 days each time.

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Tech shares gain after chipmaker M&A; oil climbs

EconOct 28. 2020

By Syndication Washington Post, Bloomberg · Vildana Hajric · BUSINESS  

Tech shares rose after Advanced Micro Devices announced a $35 billion takeover of another chipmaker, helping to blunt concern about the impact of growing coronavirus infections. Oil climbed.

The tech strength wasn’t enough to buoy the S&P 500 Index, which declined for a second straight day. Almost four stocks fell for every one that rose, with banks bearing the brunt of selling. Xilinx Inc. surged after agreeing to be bought by AMD. Megacap tech names including Amazon.com Inc. and Apple Inc. also gained as investors sought out companies that fare well during lockdowns.

The Stoxx Europe 600 Index fell to its lowest since May amid concern about the faster spread of the coronavirus on the continent. BP Plc warned of many challenges ahead as the pace of recovery in oil demand remained uncertain.

Stocks have been knocked around in recent weeks by speculation about whether lawmakers will pass a fiscal stimulus package, but with almost no possibility of that happening before Americans vote Nov. 3, investors were looking for fresh insight into corporate America’s health. A U.S. consumer confidence report came in worse than forecast Tuesday as data showed Covid-19 hospitalizations have risen at least 10% in the past week in 32 states and the nation’s capital.

“Covid case counts and hospitalizations continue to rise — these will continue to be closely watched as investors gauge the likelihood of more stringent mitigation measures,” said Yousef Abbasi, global market strategist at StoneX.

Elsewhere, the dollar slipped and Treasury yields dipped. Crude oil climbed as U.S. Gulf producers shut production ahead of Tropical Storm Zeta. Bitcoin rose past $13,500, approaching levels not seen since just after the burst of the cryptocurrency market bubble almost three years ago.

Here are the main moves in markets:

Stocks

– The S&P 500 Index fell 0.3% as of 4 p.m. EDT.

– The Stoxx Europe 600 Index decreased 1%.

– The MSCI Asia Pacific Index rose 0.2%.

Currencies

– The Bloomberg Dollar Spot Index dipped 0.1%.

– The British pound rose 0.2% to $1.3055.

– The Japanese yen strengthened 0.3% to 104.49 per dollar.

Bonds

– The yield on 10-year Treasuries dipped three basis points to 0.77%.

– Germany’s 10-year yield decreased four basis points to -0.62%.

– Britain’s 10-year yield fell four basis points to 0.23%.

Commodities

– West Texas Intermediate crude added 2.2% to $39.42 a barrel.

– Gold strengthened 0.3% to $1,908.13 an ounce.

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Right time about now to snap up more shares: big investors

EconOct 28. 2020

By The Nation

Large investors say this is the best time to purchase more shares after the Stock Exchange of Thailand (SET) Index temporarily fell below 1,200 points.

The index on Tuesday hit a low of 1,197.74 points before closing at 1,208.95, up 0.98 points, or 0.08 per cent, with total transactions of Bt45.73 billion.

Margin accounts and institutional, foreign and domestic investors made net sales of Bt139.41 million, Bt969.88 million, Bt139.41 million and Bt1.84 billion, respectively.

Anurak Boonsawaeng, a large investor who specialises in value investing, said this is an opportunity for investors holding cash to buy shares with good fundamentals and cheap prices, adding that investors who did not hold cash should not sell their stocks because it is too late to cut losses.

“Currently, stock prices are very cheap compared to prices when the index hit a high of 1,800 points; investors can get high returns because the prices of some shares are cheaper than their fair value,” he pointed out.

“Therefore, I advised investors to make selective buys because it may be too late if they wait until negative sentiments pressuring the index subside.”

Anurak said he bought stocks until they reached the maximum of his investment portfolio.

However, Dr Niwet Hemwachirawarakorn, another large investor who specialises in value investing, advised investors to wait until all listed companies announced their third-quarter performance.

“There are both cheap and expensive stocks, while most investors decided to speculate on profit from expensive stocks without knowing that prices may fall sharply,” he said.

He believed that the index would fall further, adding that he is holding 10 per cent of cash.

“Our stock market fell more than other markets due to bad fundamentals and domestic political unrest, causing foreign investors to sell stocks, especially large-cap ones,” he added.

Another big investor, Watchara Kaewsawang, said the index was currently under pressure from domestic political unrest and Covid-19.

Watchara said he has 70 per cent of cash and is waiting to buy more shares, adding that his investment in stocks currently accounts for 30 per cent of his investment portfolio.

He advised investors to make selective buys in stocks with good fundamentals and those able to escape the impact of the domestic political unrest when the index plunges to 1,150 points.

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Green bonds in high demand as investors embrace ESG: Krungsri

EconOct 28. 2020From left: Prakob Phiencharoen, Krungsri’s executive vice president and acting head of investment banking, and Poonsit Wongthawatchai, executive vice president and head of the environmental, social and governance division. 

By The Nation

Krungsri Bank said it has committed to UN sustainable development goals, placing a focus on environmental, social and governance (ESG) issues.

Poonsit Wongthawatchai, Krungsri’s executive vice president, said Thailand’s green bond market has growth rapidly from almost zero three years ago to Bt10 billion in 2018, Bt30 billion last year and Bt37 billion in the first nine months this year.

Thailand’s green and social bonds will grow in tandem with the global market as investors embrace sustainable development goals, he said.

“Demand is high, but supply is constrained,’’ said Poonsit, who is also head of Krungsri’s environmental, social and governance division.

He forecast the green bond market would hit Bt60 billion by the end of this year. The Covid-19 crisis would also boost social bond issuances as the government sought funding to aid affected citizens and businesses, he said.

Prakob Phiencharoen, executive vice president and acting head of investment banking, said that Krungsri had introduced sustainability-linked loans. The current portfolio is about Bt10 billion, compared to the Bt420 billion loans for Thai corporate clients. 

“ESG-linked loans are still a small proportion, but we expect it will increase significantly next year,” he said.

Krungsri is leading efforts to help clients issue and distribute green bonds, the two executives said. The bank is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group, and has gained in-depth knowledge of the green bond market from MUFG.

Investors are also seeking out green bonds as a way of reducing their carbon footprint amid the increasing threat of climate change, they added.

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SRT set to sign Bt50-bn contract for Phase 1 of Thai-China high-speed railway

EconOct 27. 2020Deputy government spokesperson Traisuree Taisaranakul 

By The Nation

The government will on Wednesday sign a contract worth more than Bt50.63 billion for Phase 1 development of the Thai-Chinese high-speed railway project, deputy government spokesperson Traisuree Taisaranakul said.

This contract, number 2.3, will be signed between the State Railway of Thailand (SRT) and China Railway International as well as China Railway Design Corporation at Government House in a ceremony presided over by Prime Minister Prayut Chan-o-cha.

This contract is related to the Phase 1 of the Bangkok-Nakhon Ratchasima high-speed railway, which will run from Bangkok to Nong Khai.

This contract will cover the construction of the track, as well as electrical, signalling and communication systems, procurement of trains, maintenance and technology transfer.

She said Phase 1 will feature a 253-kilometre track with six stations, namely Bang Sue, Don Muang, Ayutthaya, Saraburi, Pak Chong and Nakhon Ratchasima.

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SET rebounds despite uncertainty over Covid-19, delays in US economic stimulus

EconOct 27. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,208.95 on Tuesday, up 0.98 points or 0.08 per cent. The volume of total transactions was Bt45 billion with an index high of 1,212.03 and a low of 1,197.74.

In the morning session, a Krungsri Securities analyst said he expected the index to fall to 1,200 points due to uncertainty over rising Covid-19 cases in the US and Europe, delays in the rollout of US economic stimulus measures and falling price of oil.

“The number of Covid-19 cases in the US hit a new high at 73,700 people last Friday,” he said. “Meanwhile, there is a possibility that US economic stimulus measures will be rolled out after the presidential election because there is no sign that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will reach an agreement before that.”

The top 10 stocks with the highest trade value today were SCGP, AOT, CPALL, PTT, KBANK, MINT, SCB, STA, BANPU and STGT.

As of 4.30pm, the price of oil rose by US$0.11 or 0.29 per cent to $38.67 per barrel, while gold dropped by $6.20 or 0.33 per cent, to $1,899.50 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 23,485.80, down 8.54 points or 0.036 per cent.

China’s Shanghai SE Composite Index closed at 3,254.32, up 3.20 points or 0.098 per cent, while Shenzhen SE Component Index closed at 13,269.65, up 78.41 points or 0.59 per cent.

Hong Kong’s Hang Seng Index closed at 24,787.19, down 131.59 points or 0.53 per cent.

South Korea’s KOSPI Index closed at 2,330.84, down 13.07 points or 0.56 per cent.

Taiwan’s TAIEX Index closed at 12,875.01, down 34.02 points or 0.26 per cent.

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Govt closing gaps in EV charging station network

EconOct 27. 2020Ratchada Thanadirek 

By The Nation

State electricity agencies have been ordered to ensure there are no gaps in the national network of electric vehicle (EV) charging stations, said government deputy spokesperson Ratchada Thanadirek.

The charging stations must be placed 50-70 kilometres apart.

Currently, several different companies operate a loose network of charging stations around the country, with a single payment platform in the pipeline.

Meanwhile the committee tasked with steering the national EV development policy has come up with a roadmap to boost production of electric vehicles to 30 per cent of total auto-manufacturing in the country by 2030.

Surging demand for EVs should see at least 2,000 sold this year, according to the Federation of Thai Industries’ Automotive Industry Club.

In related news, Industry Minister Suriya Juanroongruangkit said on Monday that the Industry and Transport ministries are working to draw up conditions and criteria to woo train and electric vehicle manufacturers to Thailand.

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New e-Withholding Tax system launched to boost convenience

EconOct 27. 2020Director-general Ekniti Nitithanprapas 

By The Nation

Thailand’s new e-Withholding Tax system was introduced by the Revenue Department and 11 banks on Tuesday.

Director-general Ekniti Nitithanprapas said the launch was part of the department’s continued digital transformation aimed at boosting convenience for taxpayers. The new system is a one-stop way of managing withholding tax.

The 11 participating banks are Krungthai, Kasikornbank, the Bank for Agricultural and Agricultural Cooperatives, Bangkok Bank, Mizuho Bank (Bangkok branch), Krungsri, Siam Commercial Bank, Sumitomo Mitsui Banking Corporation, Standard Chartered (Thai), TMB and the Land and Houses Bank.