#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000376

Finance Ministry cuts 2021 GDP forecast to 2.3%

The Finance Ministry slashed its 2021 GDP growth forecast from 2.8 per cent to 2.3 per cent on Thursday, citing the impact of fresh Covid-19 outbreaks on the Thai economy.

The surge in infections here and abroad would affect international travel to Thailand, said the ministry’s Fiscal Policy Office.

However, it expects Thai exports to grow 11 per cent this year as the world economy continues to recover.

Private consumption and private investment are expected to grow at 2.3 per cent and 4.8 per cent this year, respectively.

Government consumption and public investment will rise 5 per cent and 10.1 per cent this year, according to the ministry forecast.

For domestic economic stability, core inflation in 2021 is expected to be 1.4 per cent, up from last year in line with the global economic recovery and oil price rise. The current account will maintain a surplus of $1.1 billion, or 0.2 per cent of GDP, down from last year due to fewer foreign tourists and the rising cost of imported goods, said the ministry.

The ministry identified four risk factors to the Thai economy: new waves of Covid-19 here and abroad, restrictions on foreign tourists, potential crude oil price rises due to geopolitical conflict and energy policy adjustments, and fluctuations in the global financial system and international capital flows.

However, Thailand’s stable fiscal position meant the ministry was ready to implement additional fiscal measures in line with the changing economic situation, driven by public spending and investment.

Published : April 30, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000373

Thai stocks rise after Fed maintains rate, QE

The Stock Exchange of Thailand (SET) Index closed at 1,590.46 on Thursday, up 13.67 points or 0.87 per cent. The volume of total transactions was THB89.56 billion with an index high of 1,592.90 and a low of 1,583.98.

In the morning session, Krungsri Securities expected the index to rise to between 1,585 and 1,590 points in response to the US Federal Reserve’s decision to maintain the interest rate at 0.25 per cent and continue its quantitative easing policy.

It added that energy shares had gained positive sentiment from the rising oil price.

“Mass buy-ups of stocks attracting positive sentiment and whose first-quarter performance is likely to improve will help boost the index,” said Krungsri Securities.

“However, we advise investors to follow reports on Thailand’s daily Covid-19 caseload as the index will be under pressure if the number rises.”

The 10 stocks with the highest trade value today were IRPC, SCC, PTT, PTTEP, PTTGC, KBANK, GUNKUL, CPALL, OR and SCGP.

Other Asian indices were mixed:

China’s Shang Hai SE Composite Index closed at 3,474.90, up 17.83 points or 0.52 per cent, while Shenzhen SE Component Index closed at 14,464.08, up 65.70 points or 0.46 per cent.

Hong Kong’s Hang Seng Index closed at 29,303.26, up 231.92 points or 0.80 per cent.

South Korea’s KOSPI closed at 3,174.07, down 7.40 points or 0.23 per cent.

Taiwan’s TAIEX Index closed at 17,566.66, down 0.87 points or 0.0049 per cent.

Japan’s Nikkei Index was closed for Golden Week.

Published : April 29, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000368

Thailand, Singapore link real-time payment systems in world first

Thailand’s PromptPay was linked with Singapore’s PayNow on Thursday, marking the world’s first bridge between national real-time payment systems.

The linkage allows customers of participating banks in Thailand and Singapore to transfer funds of up to THB25,000 or S$1,000 daily across the two countries, using just a mobile number. The funds will flow seamlessly and securely between customers’ accounts in Thailand and Singapore.

The linkage is the culmination of years of collaboration between the Bank of Thailand (BOT) and Monetary Authority of Singapore (MAS), the payment system operators, and bankers.

Transfers will be completed within a matter of minutes, representing a marked improvement over the average of 1-2 working days needed by most cross-border remittance solutions.

The participating banks have committed to benchmark their fees against the market. The fees will be affordably priced and transparently displayed to senders before confirming their transfers.

Senders will also be able to view the applicable foreign exchange charges before sending their funds, with these rates benchmarked closely to prevailing market rates.

The PromptPay-PayNow linkage is a collaboration under the Asean Payment Connectivity initiated in 2019 and closely aligns with efforts by the G20, Financial Stability Board, and other international standard-setting bodies to facilitate faster, cheaper, more inclusive and more transparent cross-border payment arrangements.

BOT and MAS will progressively scale the PromptPay-PayNow linkage to include more participants and extend the transfer limits to facilitate business transactions.

Published : April 29, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000366

CIMB cuts Thai GDP forecast to 2.2%

A new round of restrictions aimed at containing the fresh wave of Covid-19 will shake the Thai economy’s fragile recovery from its 2020 slump, says CIMB bank. The bank has revised down its GDP growth forecast for 2021 from 2.6 per cent to 2.2 per cent.

The Bank of Thailand has already signalled it will slash its GDP forecast for this year from 3 per cent, following partial lockdowns to combat the third wave of infections that began early this month.

However, CIMB forecasts this round of restrictions will impact the economy far less than lockdowns last year, which saw the Thai economy shrink by 6.1 per cent.

The main difference, says CIMB, is the strong recovery of exports.

Exports in March jumped over 8 per cent from last year, thanks to accelerating recovery in the US and China. Exports this year could grow about 10 per cent, driven by higher demand for auto parts, electronics, chemicals, rubber products and processed food, it said.

CIMB adds that speedy vaccination is the main hope for economic recovery.

However, Thailand’s economy would likely remain sluggish this year amid a lack of foreign tourists.

The baht could weaken by over 31.50 per US dollar by the second quarter following capital outflows over fears of QE tapering amid higher inflation expectation in the US, said the bank.

It projects the year-end dollar/THB at 31.30.

Published : April 29, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000356

SET gains 0.68% on Fed decision, rising oil price

The Stock Exchange of Thailand (SET) Index rose by 10.72 points or 0.68 per cent to 1,587.51 as of 10.07am on Thursday. The volume of transactions was THB11.24 billion, with an index high of 1,588.64 and a low of 1,583.98.

AKrungsri Securities analyst expected the index to rise to between 1,585 and 1,590 points in response to the US Federal Reserve’s decision to maintain the interest rate at 0.25 per cent and continue its quantitative easing policy.

He added that shares related to the energy sector gained positive sentiment from the rising oil price.

“Mass buy-ups of stocks that gain positive sentiment and whose first-quarter performance is likely to improve would help boost the index,” he said.

“However, we advise investors to follow reports on Thailand’s daily Covid-19 cases as the index would be under pressure if the number rises.”

He recommended investors buy:

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

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

▪︎ PTTGC, IVL, EPG, SCC, CPF, BCH, CHG, STGT, Global, DoHome, Com7, Synex, Stark and TWPC, whose first-quarter turnover is expected to improve.

The SET Index closed at 1,576.79 on Wednesday, up 17.56 points or 1.13 per cent. The volume of total transactions was THB94.64 billion, with an index high of 1,578.62 and a low of 1,562.84.

Published : April 29, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000349

Gold price surges in the morning trade

The price of gold in Thailand rose by THB200 per baht weight in the morning trade on Thursday.

The Gold Traders Association report at 9.27am showed buying price of a gold bar at THB26,350 per baht weight and selling price at THB26,450, while gold ornaments were priced at THB25,878.12 and THB26,950, respectively.
On Wednesday’s close, the buying price of a gold bar was THB26,150 per baht weight and selling price THB26,250, while gold ornaments cost THB25,681.04 and THB26,750, respectively. 

Published : April 29, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40000335

U.S. equities retreat, bonds gain after Fed

U.S. stocks fell, while Treasurys rose after the Federal Reserve maintained its support for the economy.

Policymakers strengthened their view of the economy and said that recent increases in inflation looked “transitory,” reassuring investors that the central bank is in no hurry to tap the brakes on growth. The dollar was lower, the 10-year Treasury rate was at 1.61% and gold was little changed.

“No news is good news as far as the market is concerned because it means the Fed will remain accommodative for the near future,” said Ellen Hazen, portfolio manager and principal at F.L. PutnamWealth Management. “This is a Goldilocks Fed. It is exactly what the equity markets are looking for.”

The Fed decision came as investors parsed the latest batch of corporate earnings reports. Alphabet Inc. rose to a record after its results showed a surge in ad sales. Microsoft Corp. was among the biggest drags, dropping to a three-week low after the software maker failed to deliver the blockbuster results some analysts were looking for. All of the main U.S. equity gauges closed lower.

Among other earnings-related news, Boeing Co. dropped after it burned through more cash than expected in the first quarter, and Texas Instruments Inc. fell the most in two months after it gave a sales forecast that some analysts saw as weak.

With stock valuations about 25% above their five-year average, investors have been searching for new catalysts to sustain the bull market momentum.

A string of encouraging data and rapid vaccination progress have boosted optimism about growth prospects in the developed world, reviving the so-called reflation trade in recent days. A release Thursday may show the U.S. gross domestic product increased an annualized 6.8% in the first quarter.

Crude-oil futures rose after OPEC+ expressed confidence in the demand outlook with plans to boost supply, even India’s raging covid-19 crisis is causing near-term pressure.

These are some of the main moves in markets:

Stocks

– The S&P 500 fell 0.1% as of 4:01 p.m. EDT

– The Nasdaq 100 fell 0.4%

– The Dow Jones industrial average fell 0.5%

– The MSCI Emerging Markets Index rose 0.4%

Currencies

– The Bloomberg Dollar Spot Index fell 0.4%

– The euro rose 0.2% to $1.2129

– The British pound rose 0.2% to $1.3947

– The Japanese yen rose 0.1% to 108.59 per dollar

Bonds

– The yield on 10-year Treasurys declined one basis point to 1.61%

– Germany’s 10-year yield advanced two basis points to -0.23%

– Britain’s 10-year yield advanced two basis points to 0.80%

Commodities

– West Texas Intermediate crude rose 1.2% to $64 a barrel

– Gold futures were little changed

Published : April 29, 2021

By : Syndication Washington Post, Bloomberg · Richard Richtmyer, Vildana Hajric