The Stock Exchange of Thailand (SET) Index closed at 1,553.59 on Friday, down 14.62 points or 0.93 per cent. The volume of total transactions was THB86.15 billion with an index high of 1,564.62 and a low of 1,550.62.
The index closed in negative territory on news that Thailand’s daily Covid-19 caseload had exceeded 2,000, US President Joe Biden’s move to raise capital gains tax from 20 per cent to 39.6 per cent, and volatility in foreign fund flows. The resulting negative sentiment triggered investors to sell their stocks.
The 10 stocks with the highest trade value today were KBANK, STGT, STA, SAWAD, CPALL, INTUCH, BANPU, BCH, CPF and ADVANC.
Other Asian indices were on the rise with one exception:
Japan’s Nikkei Index closed at 29,020.63, down 167.54 points or 0.57 per cent.
China’s Shang Hai SE Composite Index closed at 3,474.17, up 9.05 points or 0.26 per cent, while Shenzhen SE Component Index closed at 14,351.86, up 142.41 points or 1.00 per cent.
Hong Kong’s Hang Seng Index closed at 29,078.75, up 323.41 points or 1.12 per cent.
South Korea’s KOSPI closed at 3,186.10, up 8.58 points or 0.27 per cent.
Taiwan’s TAIEX Index closed at 17,300.27, up 203.30 points or 1.19 per cent.
Bangkok Airways says it gives high priority to sanitation, hygiene to contain Covid-19
Bangkok Airways Pcl, as well as airports under its management, are continuing to strictly implement hygienic measures to prevent the spread of Covid-19, the company said.
The company manages Samui, Sukhothai and Trat airports.
The company said it had cleaned its facilities with high quality and effective disinfectant spray to kill potential virus in aircraft cabins as well as in the service areas at airports such as check-in counters, waiting areas, passenger lounges and lavatories. The frequency of general cleaning in common service areas and high-traffic areas also has been increased, the company said.
The precautions and prevention plans are in accordance with the standards and guidance of national authorities such as the Department of Disease Control, Ministry of Public Health and the Civil Aviation Authority of Thailand, Bangkok Airways said.
Despite the new wave of Covid-19, Thai Vietjet has announced that it will continue operating all its flights and claims it is one of the safest travel alternatives during the pandemic.
The airline has won seven stars under AirlineRatings, and has been rated for Covid-19 compliance for global airlines, and has also won the Amazing Thailand Safety and Health Administration (SHA) certification for meeting basic standards of hygiene in line with national measures to curb the spread of Covid-19.
“We never ceased flying for even a single day since the first Covid-19 outbreak early last year. It’s our mission to maintain our services with the highest safety for our passengers. We believe that flying when wearing a mask remains one of the safest travel alternatives during Covid-19. Our fleet is equipped with HEPA [high-efficiency particulate air system], which can filter up to 99.7 per cent of dust, bacteria and viruses according to the Airbus verification,” said Woranate Laprabang, chief executive officer of Thai Vietjet.
“The airline is fully compliant with safety standards and strictly disinfects aircraft daily throughout our fleet, plus cleaning and disinfecting our company premises to reduce potential risk to staff to ensure passenger wellbeing,” he added.
The airline has also offered support measures for passengers affected by the third wave of infections. Passengers who have bought tickets before April1 0, with travel date scheduled between April 12 and 30, can choose one of the following options:
• Travel date can be changed free of charge provided it is within July 31. Rerouting is not applicable. The change can only be made once and is subject to flight availability.
• A credit voucher can be issued for the value of the ticket but must be used before July 31.
Passengers wishing to change flights or exchange ticket for a credit voucher can contact the airline via the following options at least 72 hours before the original departure time:
Baht expected to see wide fluctuation amid global Covid-19 crisis
The baht opened at 31.39 to the US dollar on Friday, weakening from its close of 31.35 on Thursday. The Thai currency is likely to move between 31.30 and 31.45 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He said the baht was facing several negative factors, such as the Covid-19 crisis in Thailand and in other countries.
Moreover, some companies have purchased foreign currencies to pay dividend. This activity tended to weaken the baht as well.
Poon predicted that the baht would move in a wide range after importers bought the US currency as the baht strengthened to 31.15 per dollar.
He expected exporters to sell the baht when it weakens to 31.50 per dollar.
The Stock Exchange of Thailand (SET) Index fell by 5.08 points or 0.32 per cent to 1,563.13 in the morning session on Friday. The volume of total transactions was THB11.30 billion with an index high of 1,564.44 and a low of 1,558.34.
The 10 stocks with the highest trade value were KBANK, STGT, STA, CPF, BBL, SAWAD, AOT, ADVANC, SCB and BANPU.
The SET Index closed at 1,568.21 on Thursday, down 11.80 points or 0.75 per cent. The volume of total transactions was THB93.33 billion with an index high of 1,587.95 and a low of 1,564.83.
Gold opens stronger in Thailand despite strong US data prompting sell-offs
The price of gold in Thailand rose by THB100 per baht weight in morning trade on Friday amid mass sell-offs of the precious metal after the US revealed strong economic data. The rise in price was comparable to the opening trade on Thursday.
According to the Gold Traders Association report at 9.26am, the buying price of a gold bar was THB26,500 per baht weight and selling price THB26,600, while gold ornaments were priced at THB26,029.72 and THB27,100, 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$1,788 (THB56,215) per ounce compared to Thursday when it fell by $11.1 to $1,782 per ounce.
Hong Kong gold price on Friday fell by HK$70 to $16,510 (THB66,886) per tael, the Chinese Gold and Silver Exchange Society reported.
Stocks drop on Biden plan to lift capital-gain tax
U.S. stocks had their biggest slide in five weeks after President Joe Biden was said to propose almost doubling the capital-gains tax for the wealthy. The dollar rose.
The S&P 500 turned lower after Bloomberg News reported that for those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for rich investors could be as high as 43.4%. Speculation arose that some traders could sell shares before any change was made to capture the lower rate. Equities whipsawed throughout the session amid mixed economic data and renewed concern the pandemic was worsening.
All major groups in the S&P 500 fell, led by material, energy and tech shares. AT&T Inc. rallied after beating profit estimates. Data showed sales of previously owned U.S. homes slid in March to a seven-month low, while jobless claims posted an unexpected decline last week.
“Sticker shock over some of these tax figures will be hard to shake off for some investors,” Edward Moya, senior market analyst at Oanda, wrote in a note. “Some traders are looking for an excuse to lock in profits and they might choose to use this tax story as their catalyst.”
A gauge of market breadth suggests investor concerns remain. The percentage of Russell 2000 members trading above their 50-day moving average fell below 40%, compared to about 80% for the large-cap S&P 500, a smidgen off a record gap, according to data compiled by Bloomberg going back to 1995. It’s too early to tell whether this can morph into something larger, but previous instances have led to subsequent pressure on U.S. stocks, wrote Sundial Capital Research founder Jason Goepfert in a note to clients.
Elsewhere, Bitcoin declined for the sixth time in seven days, extending losses after the higher capital gains proposal was revealed. Investors already face a capital-gains tax if they hold the cryptocurrency for more than a year.
Here are some key events to watch this week:
– U.S. releases new home sales data Friday.
These are some of the main moves in markets:
Stocks
– The S&P 500 fell 0.9% at 4 p.m. EDT.
– The Stoxx Europe 600 Index advanced 0.7%.
– The MSCI All-Country World Index declined 0.2%.
Currencies
– The Bloomberg Dollar Spot Index gained 0.2%.
– The euro fell 0.2% to $1.2012.
– The Japanese yen was little changed at 108.03 per dollar.
Bonds
– The yield on 10-year Treasurys fell one basis point to 1.55%.
– Germany’s 10-year yield climbed one basis point to -0.25%.
– Britain’s 10-year yield was unchanged at 0.74%.
Commodities
– West Texas Intermediate crude advanced 0.5% to $61.65 a barrel.
– Gold fell 0.5% to $1,783.60 an ounce.
Published : April 23, 2021
By : Syndication Washington Post, Bloomberg · Kamaron Leach, Vildana Hajric
Asia Plus bullish on Thai stock market after strong 1st quarter
Asia Plus Securities (ASP) expects to raise its current forecast for companies listed on the Stock Exchange of Thailand (SET) following commercial banks strong first-quarter performance.
ASP’s current 2021 forecast has SET-listed companies’ profits growing 32 per cent from last year to THB796 billion, or THB70.20 per share.
Executive vice president Therdsak Thaveeteeratham said on Thursday that the securities company’s research department believed listed companies’ first-quarter profits would be higher than expected after commercial banks, which account for 20 per cent of the Thai stock market, showed strong first-quarter profits.
He also expected community trading firms, a core structure of the Thai stock market, to show strong profits in line with the rising oil price.
“Siam Cement [SCC]’s first-quarter profit is expected to be around THB10 billion and then increase to THB36 billion this year,” he said.
“Also, profits of steel producers are likely to increase due to the rising steel price.”
He said the new wave of Covid-19 and delayed vaccine distribution would pressure the SET in the short term but cause limited impact on SET-listed companies since Thailand’s liquidity is still high – reflected in a record THB15.72 trillion of deposits in the system as of January.”However, in the worst-case scenario, Thailand’s gross domestic product this year will grow only 2 per cent, compared to the research department’s forecast of 2.6 per cent.”
He said more funds were flowing into risky assets. Also, 270,000 stock trading accounts were opened in February, eight times higher than in the past.
“Meanwhile, 10 per cent of investment funds flowed into Thai equity funds in the first two months. These positive sentiments will help the SET to overcome the Covid-19 crisis,” he said.
He expected SET to rise 3.1 per cent in the remainder of April as investors speculate for profits before dividend payments are made.
“We advise purchasing value stocks whose price is cheap and that stand to gain from positive sentiment,” he said, predicting the SET Index could hit 1,670 points at the end of this year.
SET loses 0.75% amid worries over Covid-19, foreign fund flows
The Stock Exchange of Thailand (SET) Index closed at 1,568.21 on Thursday, down 11.80 points or 0.75 per cent. The volume of total transactions was THB93.33 billion with an index high of 1,587.95 and a low of 1,564.83.
In the morning session, Krungsri Securities expected the day’s index to rise to a resistance level between 1,585 and 1,590 points in line with regional indices.
However, uncertainty over the surge of Covid-19 cases in Thailand, the falling oil price and possible outflow of foreign funds would pressure the index, it added.
The 10 stocks with the highest trade value today were SAWAD, KBANK, STA, SCC, SCB, STGT, ADVANC, BBL, PSL and AOT.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 29,188.17, up 679.62 points or 2.38 per cent.
China’s Shang Hai SE Composite Index closed at 3,465.11, down 7.82 points or 0.23 per cent, while Shenzhen SE Component Index closed at 14,209.44, up 58.30 points or 0.41 per cent.
Hong Kong’s Hang Seng Index closed at 28,755.34, up 133.42 points or 0.47 per cent.
South Korea’s KOSPI closed at 3,177.52, up 5.86 points or 0.18 per cent.
Taiwan’s TAIEX Index closed at 17,096.97, down 105.14 points or 0.61 per cent.
Montara Hospitality Group Names Functional Medicine Pioneer Dr. Stephen Barrie to Tri Vananda Executive Board
The world-renowned medical expert joins highly anticipated health and wellness community in Phuket Montara Hospitality Group, the Bangkok-based developer behind the award-winning luxury resort destination Trisara and Michelin-starred PRU, is developing Tri Vananda, a comprehensive health and wellness residential community in Phuket, Thailand, to be completed in 2023. Montara is investing over THB 6,600 million (USD 220 million) in Tri Vananda, envisioned to become Asia’s largest and most comprehensive wellness residential community.
Dr. Stephen Barrie, founder of the world’s largest functional medicine clinical reference laboratory for physicians, will join Montara Hospitality’s executive board to help develop a holistic suite of world-class integrative health and wellbeing programs for Tri Vananda. Montara Hospitality had also tapped spa and wellness industry authority Susan Harmsworth, who sits on the Advisory Board of the Global Wellness Summit and the Global Wellness Institute. Lending their expertise to the designs of the residential community and resort are three celebrated Thai firms: Habita Architects, P49 Deesign, and Arsomsilp Community and Environmental Architect. Furthermore, the interior design of the Community House scheduled to launch in July 2021 has been completed by globally renowned hospitality design firm AvroKO.
Dr. Barrie brings a wealth of expertise in the area of functional medicine to Montara. He is an internationally recognized physician, clinical medical researcher, lecturer, inventor, author and entrepreneur. For the past three years he has served as an executive at Viome – an artificial intelligence healthcare company developing diagnostics and therapeutics for chronic disease, based on the body’s expression of mRNA.
Dr. Barrie is the founder and former CEO and Chairman of Genova Diagnostics, the world’s largest functional medicine clinical reference laboratory for physicians, which he started in 1986 to advance natural medicine and the scientific research of integrative and anti-aging medicine around the world. In addition, He was Chief Medical Officer for Peking Union Functional Medicine Centers and Clinical Laboratory in Beijing, establishing over 50 functional medicine clinics throughout China as well as the largest private clinical diagnostic laboratory in China. He has been an advisor to the Chinese Minister of Health on integrating functional medicine into the Chinese healthcare system. Dr. Barrie is also a New York Times and Los Angeles Times bestselling author of several health books, including 7-Day Detox Miracle, Energize Your Life, and numerous scientific articles which have appeared in major medical journals including The Lancet, Agents and Actions, and Medical Hypothesis.
“I am excited to contribute my experience in functional medicine and help establish Tri Vananda as a world-class community that will pave a new path to integrative wellness,” says Dr. Barrie about his role at Montara Hospitality Group.
Says Kittisak Pattamasaevi, CEO of Montara Hospitality Group, “Dr. Barrie brings tremendous expertise in functional medicine in addition to global entrepreneurial wisdom. It is truly a privilege for the group to welcome him to our proud family.”
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