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https://www.nationthailand.com/business/40000623

Baht may be pressured if foreign investors continue to sell assets

The baht opened at 31.23 to the US dollar on Friday, strengthening from its previous close of 31.26 on Thursday. The Thai currency is likely to move between 31.15 and 31.30 during the day, Krungthai Bank market strategist Poon Panichpibool said.

In the short term, he predicted that the baht would tend to fluctuate due to the Covid-19 situation in Thailand, which could prompt foreign investors to sell more assets in Thailand.

The market strategist suggested that investors monitor the volume of stocks foreign investors sell this time.

However, he added that the baht would weaken only slightly, as the dollar has not strengthened.

Moreover, some foreign investors have purchased bonds, a sign of speculation on the baht.

Published : May 07, 2021

By : The Nation

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https://www.nationthailand.com/business/40000620

Thai gold price sees big jump as US bond yield falls

The price of gold in Thailand rose by THB300 per baht weight in morning trade on Friday, due to the weakening dollar and the decline in US bond yield.

The Gold Traders Association report at 9.32am showed the buying price of a gold bar at THB26,700 per baht weight and selling price at THB26,800, while gold ornaments were priced at THB26,226.80 and THB27,300, respectively.

At close on Thursday, the buying price of a gold bar was THB26,400 per baht weight and selling price THB26,500, while gold ornaments were THB25,923.60 and THB27,000, respectively.

Spot gold price on Friday was US$1,816 (THB56,697) per ounce, the highest since February, compared to Thursday when it rose by $31.4 to $1,800 per ounce.

Hong Kong gold price on Friday rose by HK$200 to $16,810 (THB67,600) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : May 07, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000611

Dow average hits record before Fridays jobs report

Stocks climbed as data showing the worlds largest economy is strengthening overshadowed inflation worries, with investors awaiting Fridays jobs report. The dollar retreated.

The S&P 500 closed near session highs, while the Dow Jones industrial average rose to a record. In a volatile session, tech stocks finished among the biggest gainers. China’s shares traded in New York briefly extended losses after Bloomberg News reported that the Biden administration probably will preserve limits on U.S. investments in some companies from China.

Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as labor market conditions continued to improve and the economy reopened more broadly. Separate data highlighted a rebound in productivity as the pace of output exceeded a pickup in hours worked. Traders are now awaiting Friday’s employment report, which is expected to show that the U.S. added about 1 million jobs in April.

“With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E-Trade Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.”

After closing at a fresh high on Wednesday, the Dow Jones transportation average – considered a barometer of economy activity – surged 25% above its 200-day moving average. The move could be “perceived as indicative of strength likely to continue in the broader equity market,” said Bloomberg Intelligence’s Gina Martin Adams.

– – –

These are some of the main moves in markets:

Stocks

– The S&P 500 rose 0.8% as of 4 p.m. New York time

– The Nasdaq 100 rose 0.8%

– The Dow Jones industrial average rose 0.9%

– The MSCI World index rose 0.7%

Currencies

– The Bloomberg Dollar Spot index fell 0.5%

– The euro rose 0.5%, to $1.2062

– The British pound was little changed at $1.3897

– The Japanese yen rose 0.1%, to 109.05 per dollar

Bonds

– The yield on 10-year Treasurys was little changed at 1.57%

– Germany’s 10-year yield was little changed at -0.23%

– Britain’s 10-year yield declined three basis points, to 0.79%

Commodities

– West Texas Intermediate crude fell 1.1%, to $65 a barrel

– Gold futures rose 1.7%, to $1,815 an ounce

Published : May 07, 2021

By : Syndication Washington Post, Bloomberg · Rita Nazareth, Vildana Hajric

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https://www.nationthailand.com/business/40000602

Thailand hastens push to clinch ‘gateway’ FTAs

Deputy Commerce Minister Sinit Lertkrai has ordered officials to speed up talks on free trade agreements with Pakistan, Sri Lanka and Turkey. The three countries serve as gateways for Thai trade to South Asia, Europe, Africa and the Middle East.

The department is also seeking to expand trade and investment opportunities with large trading partners by upgrading Asean FTAs with China, India and South Korea, Sinit said on Thursday.

Meanwhile, Thai negotiators are preparing to reopen talks on FTAs with the European Union, the European Free Trade Association and Canada in a bid to find new markets for Thai exports.

Sirit also urged the creation of an FTA fund to support businesses and activities impacted by the FTAs. He said Thai farmers, entrepreneurs and SMEs would be given information on how to take advantage of the FTAs with major trading partners such as Asean, China, Japan, South Korea, India, Australia and New Zealand.

Published : May 07, 2021

By : The Nation

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https://www.nationthailand.com/business/40000601

Thai-Hong Kong FTA to launch in 3rd quarter

A free-trade agreement between Thailand and Hong Kong should be sealed by the third quarter of this year, Commerce Minister Jurin Laksanawisit said on Thursday.

Hong Kong also confirmed its interest in joining the Regional Comprehensive Economic Partnership (RCEP) with 15 current members including Thailand, said Jurin, speaking after a video meeting with his Hong Kong counterpart, Edward Yau.

Hong Kong is Thailand’s eighth-largest trading partner with yearly trade worth THB413 billion.

Thai exports to Hong Kong grew rapidly last year, led by frozen pork (345 per cent rise), fresh mango (400 per cent), and soap and cosmetics (216 per cent).

The ministry is awaiting the results of Chulalongkorn University’s study on the FTA, which would remove all tariffs on trade between the two territories.

Thailand is also ready to welcome tourists from Hong Kong, especially elderly travellers seeking wellness and healthcare holidays, said Jurin.

He added that Thailand may be able to forge a “travel bubble” with Hong Kong, one of its largest tourism markets. Hong Kong is already in talks for post-Covid travel bubbles with Singapore, Australia and New Zealand.

Jurin and Yau also discussed a special agreement for access to Hong Kong’s thriving animation and film industry.

Thailand has expertise in animation production and film editing, which could boost Hong Kong’s animation and film production for the overseas market, said the ministry.

Meanwhile, Hong Kong invited Jurin to give a speech at the 6th Belt and Road Summit on September 13-14. The summit will see senior government officials and business leaders from around the world meet to discuss plans and opportunities in China’s global infrastructure programme.

Published : May 07, 2021

By : The Nation

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https://www.nationthailand.com/business/40000598

SET rebounds by almost 1.5% after dropping 2% on Wednesday.

The Stock Exchange of Thailand (SET) Index closed at 1,571.91 on Thursday, up 22.69 points or 1.46 per cent. The volume of total transactions was THB91.32 billion with an index high of 1,575.37 and a low of 1,551.42.

The Thai stock market bounced back after falling sharply by 33.91 points or 2.14 per cent on Wednesday.

In the morning session, Krungsri Securities predicted the Thursday’s index would fall to between 1,540 and 1,545 points over uncertainty on whether the US Federal Reserve would raise the interest rate coupled with the surge of Covid-19 cases in Thailand, 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.

The 10 stocks with the highest trade value today were DELTA, STA, KBANK, SCC, BANPU, PTT, SAWAD, IVL, STGT and COM7.

Other Asian indices were on the rise, except in China:

Japan’s Nikkei Index closed at 29,331.37, up 518.74 points or 1.80 per cent.

China’s Shanghai SE Composite Index closed at 3,441.28, down 5.57 points or 0.16 per cent, while the Shenzhen SE Composite Index closed at 14,210.60, down 227.97 points or 1.58 per cent.

Hong Kong’s Hang Seng Index closed at 28,637.46, up 219.48 points or 0.77 per cent.

South Korea’s KOSPI closed at 3,178.74, up 31.37 points or 1.00 per cent.

Taiwan’s TAIEX Index closed at 16,994.36, up 150.92 points or 0.90 per cent.

Published : May 06, 2021

By : The Nation

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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

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

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