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https://www.nationthailand.com/business/40012654

The baht opened at 32.43 to the US dollar on Wednesday, weakening from Tuesday’s close of 32.40.

The Thai currency is likely to move between 32.35 and 32.50 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht was likely to fluctuate and weaken due to the Omicron situation as well as Russia-Ukraine tensions.

Poon suggested speculating on foreign investor transactions in the short term. If they decide to sell their Thai assets, it would pressure the baht into weakening.

However, the Thai currency will not weaken much, he said. If war breaks out, the gold price is likely to increase, which will force investors to sell, especially if the precious metal reaches 1,950 dollars per ounce.

Poon believed the baht on Wednesday would be supported by investors buying long-term bonds in Thailand as there would be 20-year bond auction worth 17 billion baht.

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Published : February 23, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012653

Finance Minister Arkhom Termpittayapaisith said on Tuesday that the rising tensions between Russia-Ukraine could affect the fuel and energy prices globally as well as in Thailand, and that the government will use appropriate measures to limit the impact on transport sector and prices of necessary products.

“On Wednesday (February 23) the ministry will discuss this issue at the meeting of the Centre for Covid-19 Situation Administration (CCSA), including the possible impacts on Thailand,” he added.

“The world is monitoring the Russia-Ukraine situation and its impact on prices of fuel and energy closely,” he said. “However, the United States and Iran are discussing the possibility to increase oil production capability, which should help mitigate the rising of global oil price.”
 

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Published : February 23, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012651

The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,670 and 1,680 points on Wednesday, Krungsri Securities said.

It said the index was currently under pressure due to Russia-Ukraine tensions after a host of countries imposed sanctions on Russia in response to President Vladimir Putin’s decision to recognise the independence of Donetsk and Luhansk republics in eastern Ukraine.

“However, mass buy-ups of company shares that are expected to grow based on their business turnover last year would help boost the index,” Krungsri Securities said.

It recommends the purchase of the following companies’ shares as an investment strategy:

• PTTEP, Top, IVL, SPRC and BCP, which would benefit from the rising price of oil and the gross refining margin.

• PSL and TTA, which would gain from the rising freight rate.

• IVL, Banpu, TU, CPF, ORI, WHA, Amata, HMPro, CRC, BLA, UBE, Forth, TH and ONEE, that are expected to grow based on their business turnover last year.

The SET Index closed at 1,691.12 on Tuesday, down 3.20 points or 0.19 per cent. Transactions totalled 93.07 billion baht with an index high of 1,691.62 and a low of 1,673.31.

Published : February 23, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012636

Buyers of Thai jewellery will soon be able to verify their purchases via blockchain, in a move to lift the industry to international standards.

The Commerce Ministry has asked the Gem and Jewellery Institute of Thailand (GIT) to help local jewellery producers use blockchain technology so customers can trace the origins of gems used in their products.

Traceability has become a big feature of the gems trade in Europe and the US over concerns surrounding so-called “blood diamonds”, or gems mined to fuel conflicts or war.

Rubies and jade mined in Myanmar have come under an international spotlight over concerns that they fund the country’s military dictatorship and its brutal campaigns against citizens.

“Now, Europe and American brands have started requiring makers to declare the origins of gemstones, which can be traced back and verified using blockchain technology,” Deputy Commerce Minister Sinit Lertkrai said.

“Thai makers must adapt themselves to this development.”

The minister said GIT was asked to educate Thai jewellery makers on accountable business practices, environmental issues and technology used to trace gems’ origins.

He warned that Thai jewellery makers who were too slow to adopt these technologies would “fail to catch the train”.

Jewellery was Thailand’s fifth-highest exports earner in 2021, at Bt194.65 billion. Thailand ranked as the world’s third-largest exporter of gemstones and 17th largest exporter of jewellery last year, Sinit said.

GIT and the Responsible Jewellery Council (RJC) will launch free online transparency and good governance training for gems traders on March 9, GIT director Sumet Prasongpongchai said.

The training will be carried out using Zoom Meeting application

Conducted via the Zoom app, the training will be led by RJC executive director Iris Van der Veken and GIT deputy director Thanong Leelawatanasuk as well as representatives from Precious Metal Refining Co Ltd and Pranda Jewellery Plc.

Published : February 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012631

The Cabinet on Tuesday approved lowering the withholding tax rate to 17 per cent for highly skilled foreign professionals in target industries.

Asource from the Cabinet meeting said the draft royal decree on tax measures was approved to attract high-skilled foreign talent. The move means highly skilled foreign workers in government-targeted sectors will pay a flat rate of 17 per cent tax on their income.

The decree will also exempt wealthy foreigners, wealthy foreign pensioners and high-skilled foreigners with long-term residency visas from being taxed on income or assets earned before they moved to Thailand.

The tax exemption is aimed at drawing more wealthy foreigners to live in the Kingdom, the source said.

Earlier, the Cabinet approved a measure to grant 10-year residency visas to four groups of foreigners – “wealthy global citizens”, “wealthy pensioners”, “work-from-Thailand professionals” and “high-skilled professionals”.

The source said the decree approved on Tuesday would set a rate of 17 per cent withholding tax for targeted-industry employers to deduct from salaries of high-skilled professionals. Targeted businesses are exempted from paying corporate income tax in a move designed to promote investment, especially in the Eastern Economic Corridor.

The draft decree states that high-skilled foreign professionals can choose not to add the income on which they pay withholding tax to their yearly taxable revenue.

Published : February 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012622

The Stock Exchange of Thailand (SET) Index slumped below 1,700 points in morning trade on Tuesday amid uncertainty over the Russia-Ukraine standoff.

The SET Index closed at 1,678.73 points, down 15.59 points, or 0.92 per cent, in the morning session on Tuesday with transactions totalling 8.16 billion baht.

Tisco Securities senior strategist Apichat Poobunjirdkul predicted the SET Index on Tuesday would fall, seeing the day’s support level at between 1,670 and 1,680 and the resistance level at between 1,705 and 1,710.

He said Russia-Ukraine tensions intensified after Russian President Vladimir Putin ordered troops to station in Donetsk and Luhansk republics in eastern Ukraine. The move came after Putin’s decision to recognise the independence of two breakaway regions.

Meanwhile, US President Joe Biden signed an executive order to bar Americans from trade and investment in Donetsk and Luhansk republics in response to Putin’s move.

“However, the Thai stock market would not fall sharply as the index gained positive sentiment from over a 4-per-cent rise in oil price, due to Russia-Ukraine tensions,” he said.

He also advised investors to follow the Centre for Covid-19 Situation Administration’s meeting on Wednesday, to see whether additional measures to contain the spread of Covid-19 will be announced after the level 4 Covid-19 alert was sounded nationwide.

Published : February 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012608

The baht opened at 32.27 to the US dollar on Tuesday, weakening from Monday’s close of 32.16.

The Thai currency is likely to move between 32.20 and 32.35 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is likely to fluctuate and weaken as the number of Omicron patients is increasing, which might force the government to enforce strict prevention measures again.

However, the baht will not weaken much due to gold sales.

Poon suggested that speculating foreign investors might sell Thai stocks due to the increasing risk of a Russia-Ukraine conflict. Some investors might opt to decrease their possession of risky assets.

If foreign investors sell Thai stocks, it will pressure the baht to weaken. Poon added that the baht would weaken in the range of 32.40 to 32.50 to the dollar, the range exporters are waiting for to sell their dollars.

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Published : February 22, 2022

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#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012607

The Stock Exchange of Thailand (SET) Index is expected to fall to between 1,680 and 1,685 points on Tuesday, Krungsri Securities said.

It said the index is being pressured due to tensions between Russia and Ukraine, making investors turn to safe-haven assets.

“However, the rising oil price would help boost the index,” Krungsri Securities said.

It recommends the purchase of the following stocks as an investment strategy:

• PTTEP, TOP, PTTGC, IVL, SPRC and BCP will benefit from the rising price of oil and gross refining margin.

• PSL and TTA will benefit from the rising freight rate.

• IVL, SPRC, BANPU, TU, CPF, ORI, WHA, AMATA, HMPRO, CRC, BLA, ITEL, UBE, FORTH, TH and ONEE are expected to grow based on their business turnover last year.

The SET Index closed at 1,694.32 on Monday, down 18.88 points or 1.10 per cent. Transactions totalled 104.94 billion baht.

Published : February 22, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012586

Thailand’s economy performed better than expected in the fourth quarter of 2021, expanding 1.9 per cent year on year, according to official figures on Monday.

Reuters had forecast a 1.4 per cent expansion from October to December.

Meanwhile gross domestic product (GDP) for the whole year rose 1.6 per cent, the National Economic and Social Development Council (NESDC) reported.

Fourth-quarter exports expanded 16.6 per cent for products and 30.5 per cent for services, but overall investment contracted by 0.2 per cent year on year.

“The 2021 economic growth was higher than our forecast of 1.2 per cent,” said NESDC secretary-general Danucha Pichayanan. For this year, the NESDC forecasts 3.5 to 4.5 per cent expansion of GDP driven by rising domestic demand, exports and the recovery of tourism after Covid-19 restrictions are lifted. However, Danucha warned that economic recovery could be slowed by risk factors such as a surge in domestic virus infections or a new variant in the future that could trigger travel restrictions.

Other key figures for Thailand’s economy in 2021 are as follows:

– Product exports expanded 18.8 per cent

– Private consumption expanded 0.3 per cent

– Overall investment expanded 3.4 per cent

– Agricultural, forestry and fishery sectors expanded 1.4 per cent

– Industrial sector expanded 4.9 per cent

– Retail and wholesale sectors expanded 1.7 per cent

– Hotel and food service sectors contracted 14.4 per cent

– Transport sector contracted 2.9 per cent

NESDC also forecast that US dollar exports in 2022 will expand by 4.9 per cent, private consumption by 4.5 per cent, private investment by 3.8 per cent, and public investment by 4.6 per cent. Inflation of 2022 is predicted at 1.5-2.5 per cent, with a current account surplus of 1.5 per cent of GDP.

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Published : February 21, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012575

The Stock Exchange of Thailand (SET) Index is expected to fall to the support level of 1,700 to 1,705 points on Monday due to tensions between Russia and Ukraine, Krungsri Securities said.

It added that uncertainty over the US Federal Reserve signalling it would raise the interest rate in March, plus rising Covid-19 cases in Thailand, would pressure the index.

“However, mass buy-ups of company shares that are expected to rise in value based on their business turnover last year will help boost the index,” Krungsri Securities said.

It recommends purchasing the following as an investment strategy:

• PSL and TTA will benefit from rising freight rate.

• BBL, KBANK, KTB, SCB, TTB, BLA and THREL will benefit from news of the US interest rate hike.

• IVL, SPRC, BANPU, TU, CPF, ORI, WHA, AMATA, HMPRO, CPN, CRC, BLA, NER, ITEL, XO, UBE, FORTH, TH, SNNP and ONEE that are expected to grow based on their business turnover last year.

The SET Index closed at 1,713.20 on Friday, up 1.62 points or 0.09 per cent. Transactions totalled 95.61 billion baht with an index high of 1,716.14 and a low of 1,703.60.

Published : February 21, 2022

By : THE NATION