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https://www.nationthailand.com/business/40000564

Tech leads stock losses as vaccine makers decline

Tech led losses in stocks, almost wiping out an advance that was driven by optimism over solid earnings and economic data.

The S&P 500 pared gains into the close while the Nasdaq erased a rally of about 1%. Moderna and Johnson & Johnson retreated, while Pfizer ended the session little changed on news that the United States will support a proposal to waive intellectual-property protections for coronavirus vaccines. Peloton tumbled after recalling its treadmill products. Copper and lumber climbed, adding to inflation worries.

As the world’s largest economy rebounds, an intense debate has emerged over whether actual price pressures are set to materialize. The five-year break-even rate – a proxy for the annual inflation rate bond traders expect over the span – reached the highest mark since 2008. Despite the increase in commodity prices and supply shortages, several Fed officials said Wednesday that inflation probably will not get out of control.

Money managers who’ve spent the bulk of their careers profiting from deflationary trends need to quickly switch gears or risk an “inflation shock” to their portfolios, warned Marko Kolanovic, JPMorgan Chase’s chief global markets strategist.

“Given the still high unemployment, and a decade of inflation undershoot, central banks will likely tolerate higher inflation and see it as temporary,” he wrote. “The question that matters the most is if asset managers will make a significant change in allocations to express an increased probability of a more persistent inflation.”

– – –

Here are some key events to watch this week:

– Bank of England announces a rate decision Thursday

– The April U.S. employment report is released on Friday

These are some of the main moves in markets:

Stocks

– The S&P 500 was little changed as of 4 p.m. New York time

– The Nasdaq fell 0.3%

– The Dow Jones industrial average rose 0.3%

The MSCI World index rose 0.3%

Currencies

– The Bloomberg Dollar Spot index was little changed

– The euro was little changed at $1.2005

– The British pound rose 0.2%, to $1.3909

– The Japanese yen rose 0.1%, to 109.20 per dollar

Bonds

– The yield on 10-year Treasuries declined two basis points to 1.57%

– Germany’s 10-year yield advanced one basis point to -0.23%

– Britain’s 10-year yield advanced two basis points to 0.82%

Commodities

– West Texas Intermediate crude fell 0.7%, to $65 a barrel

– Gold futures rose 0.6%, to $1,787 an ounce

Published : May 06, 2021

By : Syndication Washington Post, Bloomberg · Rita Nazareth

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https://www.nationthailand.com/business/40000558

Thai durian rules global fruit market thanks to tariff waivers: DTN

The Thai durian is still a market leader in China thanks to the free trade agreement (FTA) between the two countries, the Department of Trade Negotiations (DTN) said on Wednesday.

Auramon Supthaweethum, DTN director-general, said the export of Thailand’s “king of fruits” in the first quarter of this year to China was worth US$186 million (THB5.8 billion), up 14 per cent year on year, followed by Hong Kong ($14 million) and Vietnam ($10 million).

Export of durian to China last year stood at $1.5 billion, up 78 per cent from 2019, she said.

“FTAs have also helped Thailand gain an advantage in the international market,” she added.

Apart from the nine Asean countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore and Vietnam), import tariff for Thai durian has also been waived in China, Hong Kong, Australia, New Zealand, Japan, India, Chile and Peru.

“Under the Regional Comprehensive Economic Partnership [RCEP] agreement, Thailand can ask South Korea to gradually reduce import tariff on durian until it reaches zero,” she said, adding that import tariff on Thai durian in South Korea is currently 36 per cent.

She also expects demand for processed fruit, such as dried fruit, to rise as more consumers are opting for healthy snacks.

“Hence, this is a perfect opportunity for Thai farmers and entrepreneurs to offer a bigger variety of products for export,” she said. “However, they must ensure products are developed in line with international standards and no chemicals or pesticide is used.”

Published : May 06, 2021

By : The Nation

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https://www.nationthailand.com/business/40000557

SET plunges more than 2% as Covid surge hits Thai stocks

The Stock Exchange of Thailand (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.

In the morning session, Krungsri Securities expected the day’s index to rebound to between 1,590 and 1,595 on mass buy-ups of energy and petroleum shares after the oil price rose to $66 (Bt2,054) per barrel and expectations of better first-quarter performances.

The index also gained positive sentiment from hopes of economic recovery as the US and Europe ease their lockdowns, it added.

“However, uncertainty over the higher number of Covid-19 cases in Thailand and volatility in foreign fund flows would pressure the index,” said Krungsri Securities.

The 10 stocks with the highest trade value today were KBANK, PTT, AOT, CPALL, SCB, STA, SAWAD, STGT, IRPC and PTTEP.

Other Asian indices were on the fall:

Hong Kong’s Hang Seng Index closed at 28,417.98, down 139.16 points or 0.49 per cent.

Taiwan’s TAIEX Index closed at 16,843.44, down 90.34 points or 0.53 per cent.

Japan’s Nikkei Index was closed for Golden Week, while China’s Shanghai and Shenzhen indices were closed for Labour Day and South Korea’s KOSPI was shut for Children’s Day.

Published : May 05, 2021

By : The Nation

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https://www.nationthailand.com/business/40000540

SET falls slightly over higher Covid-19 cases, foreign fund flow volatility

The Stock Exchange of Thailand (SET) Index fell by 4.37 points or 0.28 per cent to 1,578.76 at 10.06am on Wednesday. The volume of total transactions was THB8.22 billion with an index high of 1,583.27 and a low of 1,577.41.

Krungsri Securities expected the day’s index to rebound to between 1,590 and 1,595 from mass buy-ups of energy and petroleum shares as the oil price rose to $66 per (Bt2,054) barrel, while their first-quarter performance is expected to improve.

It added that the index also gained positive sentiment from hopes over an economic recovery after the US and Europe eased lockdowns.

“However, uncertainty over the higher number of Covid-19 cases in Thailand and volatility in foreign fund flows would pressure the index,” it said.

The securities company advised investors to follow the outcome of the Bank of Thailand’s Monetary Policy Committee meeting on Wednesday amid expectations that the interest rate would be maintained at 0.5 per cent.

He recommended investors buy:

▪︎ PTT, PTTEP, PTTGC and IVL, which benefit from the rising oil price.

▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.

▪︎ 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 1,583.13 on Friday, down 7.33 points or 0.46 per cent. Total transactions amounted to THB85.48 billion with an index high of 1,593.23 and a low of 1,580.74.

The index was closed on Monday and Tuesday for Labour Day and Coronation Day, respectively.

Published : May 05, 2021

By : The Nation

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https://www.nationthailand.com/business/40000538

Gold price drops in response to Yellen’s remark that interest rate could rise

The price of gold in Thailand dropped by THB50 per baht weight in morning trade on Wednesday due to the strengthening dollar after US Treasury Secretary Janet Yellen remarked that “it may be that interest rates will have to rise somewhat to make sure our economy doesn’t overheat”.

The Gold Traders Association report at 9.28am showed the buying price of a gold bar at THB26,200 per baht weight and selling price at THB26,300, while gold ornaments were priced at THB25,726.52 and THB26,800, respectively.

At close on Tuesday, the buying price of a gold bar was THB26,250 per baht weight and selling price THB26,350, while gold ornaments cost THB25,772 and THB26,850, respectively.

The spot gold price on Wednesday was US$1,790 (THB55,758) per ounce compared to the price on Tuesday, when it dropped by $15.80 to $1,776 per ounce.

The Hong Kong gold price on Wednesday fell by HK$90 to $16,480 (THB66,086) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : May 05, 2021

By : The Nation

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https://www.nationthailand.com/business/40000537

Baht expected to fluctuate amid Covid crisis

The baht opened at 31.18 to the US dollar on Wednesday, weakening from its previous close of 31.14.

The Thai currency is likely to move between 31.15 and 31.25 during the day and between 31.10 and 31.40 this week, Krungthai Bank market strategist Poon Panichpibool said.

He said the baht tends to fluctuate according to the Covid-19 situation in the country.

The financial market has also seen fluctuation and is in a risk-off state because investors are concerned the US Federal Reserve may lift the interest rate.

Poon explained that this concern came from a statement by US Treasury Secretary Janet Yellen, who said “it may be that interest rates would have to rise somewhat to make sure that our economy doesn’t overheat”.

Published : May 05, 2021

By : The Nation

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https://www.nationthailand.com/business/40000522

Commission eyes new electricity tariffs for next year

The Energy Regulatory Commission (ERC) announced that though the electricity tariff structure in Thailand will remain the same for the next five years, it will also offer benefits to consumers who produce their own power.

“The new electricity tariff structure will look into individuals who produce and consume power they generate [Prosumer] and independent power suppliers [IPS], as we are seeing more solar panels being registered every week,” said ERC secretary-general Khomkrit Tantrawanich.

The commission is expected to come up with clear guidelines this year and the new tariff will go into effect in 2022.

The new structure will support changes in the power-generation industry in line with national strategy and future economic, social, environmental and technological changes, he said.

Published : May 04, 2021

By : The Nation

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https://www.nationthailand.com/business/40000518

Thai rice exports drop to third in the world, Vietnam close behind

Rice exports plunged 23 per cent year on year in volume and value in the first quarter of 2021, relegating Thailand to third place among top rice exporting countries.

Customs Department data for January to March 2021 showed export of 1,131,944 tons of rice, worth THB21.80 billion (US$732.9 million), amounting to a 23 per cent drop in export volume and a 23.6 fall in value.

In the same period in 2020, Thailand had exported 1,469,664 tons, worth THB28.53 billion ($939.0 million).

Rice exports in March 2021 amounted to 302,668 tons worth THB6.262 billion. Export volume and value declined 25.8 per cent and 18.8 per cent respectively compared with 407,800 tonnes of export in February 2021, worth THB7.716.

Thailand’s rice exports now rank third behind India and Pakistan. With Thai exports only about 30,000 tons higher than Vietnam, there is a chance that Vietnam will topple Thailand from third place.

Experts said Thailand still had problems with container shortage, rising freight costs and other expenses. Moreover, the price of Thai rice, especially white and parboiled rice, is much higher than that of India and Pakistan. As a result, orders from abroad have decreased considerably compared to the normal times.

In March 2021, only 87,305 tonnes of white rice were exported, down 49.2 per cent

compared to the previous month, mostly to Cameroon, Japan, Mozambique, Guinea, Malaysia and Benin.

Meanwhile, exports of parboiled rice were only 60,803 tons, down 22.3 per cent month on month.

Most of them were exported to major markets such as South Africa, Benin, Cameroon, etc.

Export of jasmine rice amounted to 90,508 tons, down 9.6 per cent month on month. Most of them were shipped to main markets, such as the United States, Hong Kong, China and Canada.

The Thai Rice Exporters Association expects that in April 2021, the export volume of rice will be around 400,000 tons, a level that Thailand can export despite fierce price competition. This is because Thailand’s rice prices are still higher than their main competitors, especially India, which has the lowest rice prices in the market, about US$90-120 lower than Thailand.

Thai 5% broken white rice is priced at $493 per ton. Meanwhile, 5% white rice prices of Vietnam, India and Pakistan were at $488-492, 398-402 and 438-442 per ton respectively. Thai parboiled rice was priced at $496 per ton. While parboiled price of India and Pakistan were $368-372 and 441-445 per ton respectively, which led to Thailand losing the white and parboiled rice markets to India.

Over the past year, India has exported nearly 2 million tons of rice per month and is expected to export around 15-16 million tons this year.

Published : May 04, 2021

By : The Nation