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https://www.nationthailand.com/business/40011621

The Stock Exchange of Thailand (SET) Index is expected to rise to the resistance level of 1,642 to 1,650 points on Friday, Krungsri Securities said.

The index gained positive sentiment from the 6.9 per cent rise in the US GDP in the last quarter of 2021, higher oil prices and mass buy-up of shares in companies that are expected to grow.

However, the index will be under pressure from volatility in fund flows due to uncertainty over the US Federal Reserve’s signal that it will increase the interest rate in March.

Krungsri Securities, meanwhile, recommends the purchase of the following as an investment strategy:

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

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

• AOT, MINT, CENTEL, ERW and AAV will benefit from the government’s move to relaunch the Test & Go scheme and the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) travel subsidy.

The SET Index closed at 1,634.17 on Thursday, down 9.27 points or 0.56 per cent. Transactions totalled 93.86 billion baht.

Published : January 28, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011606

The restoration of diplomatic ties with Saudi Arabia would open up a big market for Thailand and boost trade, the chairman of the Thai Chamber of Commerce, Sanan Angubolkul, stated.

In 2021, Thailand’s exports to Saudi Arabia were valued at around US$1.5 billion, or 0.6 per cent of total exports.

If Thailand opens the door to more trade with Saudi Arabia, the share of exports to Saudi Arabia could return to 2.2 per cent as it was in 1989, worth more than $5 billion, said Sanan.

He forecast that Thailand would be able to penetrate the automobile and parts market, food and processed food products, mechanical and electrical equipment which is an area with potential.

Saudi Arabia is considered the centre of the Middle East and has plans to expand and develop the country without relying solely on oil. Products with an opportunity to earn additional income include industrial machinery, automobiles and parts, iron and steel, which accounted for 27.5 per cent of total imports of Saudi Arabia.

In the past, Saudi Arabia was also Thailand’s largest labour market in the Middle East. More than 200,000 Thai workers were employed in Saudi Arabia, sending home an average of 9 billion baht per year in remittances.

The restoration of this relationship will give Thai workers the opportunity to return to work in Saudi Arabia. It is expected that the number of Thai workers in Saudi Arabia will increase to 50,000 people within three years and to 100,000 people within five years, which would bring in about 2.25 billion to 4.5 billion baht in remittances per year, he forecast.

Published : January 27, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011591

The government has been discussing the collection of digital asset taxes as it saw the importance of fintech and how such assets have grown quickly, Finance Minister Arkhom Termpittayapaisith told The Big Issue 2022 seminar with the theme “Future Crypto Future Thailand”, organised by Thansettakij on Wednesday.

Such transactions have caused challenges in regulation and guidelines have to be set up to take care of consumers, he said.

Arkhom said many countries have regulations. As for Thailand, he has already instructed the Securities and Exchange Commission (SEC) to regulate digital assets.

The SEC and the ministry is closely monitoring developments and discussing policies to handle new transactions and products. They are also discussing promoting the development of technology, business operations and, most importantly, protecting investors, Arkhom said.

He reiterated that tax-collection discussions had started back in 2018. Previously, there was only an income tax. However, there have been increasing transactions from buying, selling, exchanging, brokering, and fundraising via IPOs, the minister noted.

He said his ministry is collecting opinions from related organisations and the private sector to create guidelines for calculating tax.

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Arkhom said that a tax has actually been collected from 2018 but some people might not have been aware of it. So they might think this is a new tax.

On Tuesday, there were further discussions and he said he received “good suggestions”. He expected a decision to be finalised at the end of this month.

The ministry has placed importance on utilising digital assets so that these are beneficial to the economy but will not affect the monetary system.

Arkhom said he is always monitoring the development and exchange of digital assets because these have the potential to grow and become an important technology foundation for transactions without the need for middlemen.

He felt guidelines and practices from other countries must be adapted for use in Thailand.

Arkhom made it clear that the tax collection will be implemented fairly in a move to support investment and drive the economy forward with innovation.

Published : January 27, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011570

The Stock Exchange of Thailand (SET) Index is expected to fluctuate between 1,635 and 1,655 points on Thursday amid rising oil prices in response to tension between the US and Russia over Ukraine, Krungsri Securities said.

It said the index gained positive sentiment from mass buy-ups of company stocks whose business turnover last year was expected to grow.

“However, investments would come under pressure with the US Federal Reserve signalling that it would raise the interest rate in March to tackle inflation. So we advise investors to buy stocks which have gained specific positive sentiment,” Krungsri Securities said.

It recommended the purchase of the following shares as an investment strategy:

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

• BBL, KBank, KTB and BLA, which stand to benefit from news of a US interest rate hike.

• AOT, Mint, Centel, ERW and AAV, which would benefit from the resumption of the Test & Go scheme and the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) travel subsidy.

The SET Index closed at 1,643.44 on Wednesday, up 4.35 points or 0.27 per cent. Transactions totalled 85.44 billion baht with an index high of 1,649.82 and a low of 1,642.07.

Published : January 27, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011567

The baht opened at 33.15 to the US dollar on Thursday, weakening from Wednesday’s closing rate of 32.96.

The Thai currency is likely to move between 33.05 and 33.25 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is likely to fluctuate and weaken as the dollar strengthens after the US Federal Reserve signalled it would raise the interest rate in March to tackle inflation.

However, Poon said, the baht would not weaken much as some investors, especially exporters, would sell the currency when it reaches between 33.20 and 33.30 to the dollar.

Poon said there was speculation whether foreign investors would sell Thai stocks or purchase shares amid a rise in the crude oil price, which might increase the value of energy stocks.

Meanwhile, investors might sell their gold holdings. The baht could strengthen if gold reached $1,820-1,830 per ounce.

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Poon believes the Federal Reserve wants to keep the policy interest rate at 0 to 0.25 per cent. The Fed feels the US economy is recovering, especially the labour market, despite the Omicron situation. The inflation rate is still at 2 per cent, which is higher than the Fed’s target, Poon pointed out.

The currency market is in a risk-on state and again volatile after the Fed’s signal on rising the interest rate. The Fed said it might increase the rate four times, more than the market expected, if inflation goes higher, he said.

The market expects the Fed to increase the policy interest rate to 0.3 per cent in March, with some even thinking it could be 0.52 per cent, Poon added.

Published : January 27, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011527

Financial authorities plan to prohibit the use of digital assets to pay for goods and services by drafting six criteria to control the use of such assets and minimise the economic impact.

In a joint statement issued on Tuesday, the Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Finance Ministry (MOF) said they had jointly reviewed the benefits and risks of digital assets and deemed it necessary to regulate their use as a means of payment for goods and services to avert potential impacts on financial stability and the economic system.

“Digital asset business operators have expanded to cover services related to the use of digital assets as a means of payment for goods and services. Some have solicited businesses by offering to facilitate merchants and businesses in accepting digital assets, such as by setting up digital asset settlement systems,” the statement said.

“This may result in wider adoption of digital assets as a means of payment, aside from its use as investment, which could potentially impact financial stability and the overall economic system.

“The use of digital assets in this manner could also pose further risks to consumers and businesses through price volatility, cybertheft, personal data leaks, money laundering, etc,” the statement pointed out.

The regulators have therefore drafted six criteria for operators of the digital asset business to prevent the use of such assets to pay for goods and services:

– Digital asset business operators must not advertise or persuade shop owners that they can accept payment with digital assets.

– Operators must not provide a system or tool that facilitates shop owners to accept payment with digital assets.

– Operators must not provide an electronic wallet service to shop owners.

– Selling of digital assets in baht must be directly transferred to the operator’s own account.

– The transfer of digital assets or money from a seller’s account to another account for the purpose of goods or service payments is prohibited.

– Operators must not engage in any activity that promotes or supports the use of digital assets for goods or service payments.

SEC secretary-general Ruenvadee Suwanmongkol said that after discussions with BOT and the MOF, the commission is conducting a public hearing regarding the guidelines for using digital assets as a means of payment for goods and services to determine the appropriate frameworks in due course.

The public hearing is being held until February 8. Those interested can submit their opinions and suggestions to the SEC via its website, or e-mail anons@sec.or.th or ekarit@sec.or.th.

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Published : January 26, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011526

Department of Agriculture to provide special training to durian and mangosteen farmers regarding the use of safe insecticides and prevention of Covid-19 virus contamination on produce to be exported to China.

“Last year China has temporarily banned the import of longans from Chanthaburi after they had found traces of insecticides that are not approved by the Chinese government,” said Patchaphon Meunjaeng, deputy director-general of Department of Agriculture on Tuesday. “The Ministry of Agriculture and Cooperatives has coordinated with farmers and fruit processing factories to trace back to the source of insecticides and successfully fixed the problem, prompting China to eventually lift the ban.”

“To prevent such incident from happening again while the harvesting time of durians and mangosteens is drawing near, the ministry has tasked Department of Agriculture to provide training on the use of insecticides approved by foreign markets as well as the prevention of Covid-19 contamination on exported fruits,” he said. “Farmers who attend the training will also learn of regulations of Food and Agriculture Organization (FAO) and World Health Organization (WHO) regarding safety procedures in fruit manufacturing and packaging during Covid-19 pandemic.”

The training will be provided at Chanthaburi’s Agricultural Research and Development Institute from January 28 onward, whereas fruits farmers in the eastern provinces of Rayong, Chanthaburi, and Trat are welcome to attend.

Over 700,000 rai plantations in the three eastern provinces are dedicated to three economic fruits: Durian, mangosteen, and longan. Department of Agriculture estimated that this year’s output of the three fruits cold reach 1.3 million tonnes and generate more than 100 billion baht of income from export. The three provinces are also locations of 702 fruit processing factories.
 

Published : January 26, 2022

By : THE NATION