The Stock Exchange of Thailand (SET) Index rose by 4.56 points or 0.29 per cent to 1,575.39 in the morning session on Thursday.
A Krungsri Securities analyst predicted the SET Index would fluctuate between 1,560 and 1,580 points despite positive sentiment over a rising oil price.
The index would be under pressure due to a fresh Covid-19 outbreak in European countries and volatility in fund flows, he also predicted.
He recommended investors buy:
▪︎ EA and GPSC, which will benefit from news that Thailand will stop sales of conventional motor vehicles by 2035 and go in solely for electric vehicles.
▪︎ Hana, KCE, TU and CPF, which benefit from the weakening baht.
▪︎ Ichi, Sappe, RBF, DOD, IP, TACC, Gunkul, Kiss and Ziga, which benefit from positive news on hemp production and its general use.
The SET Index closed at 1,570.83 on Wednesday, up 6.58 points or 0.42 per cent. Total transactions amounted to Bt85 billion with an index high of 1,570.84 points and a low of 1,555.72.
The price of gold rose by Bt50 per baht weight in morning trade on Thursday, the Gold Traders Association reported.
As of 9.33am, the buying price of a gold bar was Bt25,400 per baht weight and selling price Bt25,500 while gold ornaments cost Bt24,938.20 and Bt26,000, respectively.
At close on Wednesday, the buying price of a gold bar was Bt25,350 per baht weight and selling price Bt25,450 while gold ornaments cost Bt24,892.72 and Bt25,950, respectively.
The spot gold price climbed to US$1,735 (Bt53,887) per ounce after rising by $8.10 to $1,733.20 on Wednesday, thanks to mass buy-ups of safe-haven assets amid uncertainty as some European countries went into stricter lockdown to curb a fresh wave of Covid-19.
The Hong Kong gold price dropped by HK$40 to $16,060 (Bt64,208) per tael, the Chinese Gold and Silver Exchange Society reported.
By Syndication Washington Post, Bloomberg · Vildana Hajric
Tech companies led declines in U.S. equities as investors rotated away from the stocks that thrived during the pandemic. Oil jumped after the Suez Canal was blocked by a giant container ship.
Zoom Video Communications Inc., Peloton Interactive Inc. and DocuSign Inc. were among the worst performers on the Nasdaq 100. Energy producers, banks and transportation companies fared better as traders bought up cyclical stocks. The dollar strengthened.
Demand increased at an auction of five-year Treasury notes, boosting the bid-to-cover ratio from the previous sale, a relief after last month’s disastrous seven-year auction sparked a global sell-off in bonds. Investors are also wagering on which sectors of the stock market are poised to fare the best as growth picks up.
“As long as we continue to exceed expectations on the economic front, which I think we will, the cyclical trade is still going to have legs,” Brian Nick, chief investment strategist at Nuveen, told Bloomberg Television.
European stocks eked out a gain. A gauge of Asia-Pacific shares fell the most in almost three weeks. Hong Kong equities dropped to a 10% correction amid the city’s decision to temporarily suspend BioNTech SE vaccines.
West Texas Intermediate crude added more than 5% after a container ship ran aground in the Suez Canal and blocked traffic in both directions on one of the world’s busiest maritime trade routes.
These are some of the main moves in financial markets:
Stocks
The S&P 500 Index fell 0.5% as of 4 p.m. EDT.
The Stoxx Europe 600 Index rose less than 0.1%.
The MSCI Asia Pacific Index dropped 2%.
The MSCI Emerging Market Index dipped 2%.
Currencies
The Bloomberg Dollar Spot Index rose 0.3%.
The euro fell 0.3% to $1.1814.
The British pound sank 0.5% to $1.3688.
The Japanese yen weakened 0.1% to 108.68 per dollar.
Bonds
The yield on 10-year Treasurys fell two basis points to 1.6%.
Germany’s 10-year yield fell one basis point to -0.36%.
Britain’s 10-year yield was little changed at 0.76%.
Commodities
West Texas Intermediate crude gained 5.2% to $60.74 a barrel.
The Stock Exchange of Thailand (SET) Index closed at 1,570.83 on Wednesday, up 6.58 points or 0.42 per cent. Total transactions amounted to Bt85 billion with an index high of 1,570.84 and a low of 1,555.72.
The rise exceeded a forecast by Krungsri Securities, which said the day’s index would fall to between 1,555 and 1,560 points due to a new wave of Covid-19 in Europe and the falling oil price.
Instead, trade was buoyed after the Bank of Thailand’s Monetary Policy Committee voted unanimously to maintain the benchmark interest rate at 0.50 per cent to support the fragile economic recovery.
“Meanwhile, the index will be under pressure from uncertainty over the US move to increase corporate tax, and volatility in fund flows,” said Krungsri Securities.
The 10 stocks with the highest trade value today were OR, SCC, SAWAD, KBANK, SCGP, PTT, TASCO, PTTGC, DELTA and PTTEP.
Other Asian indices were on the slide:
Japan’s Nikkei Index closed at 28,405.52, down 590.40 points or 2.04 per cent.
China’s Shang Hai SE Composite Index closed at 3,367.06, down 44.45 points or 1.30 per cent, while Shenzhen SE Component Index closed at 13,407.35, down 199.92 points or 1.47 per cent.
Hong Kong’s Hang Seng Index closed at 27,918.14, down 579.24 points or 2.03 per cent.
South Korea’s KOSPI closed at 2,996.35, down 8.39 points or 0.28 per cent.
Taiwan’s TAIEX Index closed at 16,032.12, down 145.47 points or 0.90 per cent.
The central bank’s Monetary Policy Committee on Wednesday voted unanimously to maintain the policy rate at 0.50 per cent in a bid to support economic recovery amid uncertainties.
Titanun Mallikamas, the committee’s assistant governor, said the Thai economy is expected to grow by 3 per cent this year, and by 4.7 per cent next year thanks to a recovery in the export sector and the government’s stimulus measures.
“However, the expansion still lower than previously predicted due to the drop in foreign tourists and the fallout of the Covid-19 pandemic,” he said.
The committee also expects the country’s inflation rate to be lower than expected, though credit risk is likely to rise as many households and businesses are under pressure due to the new wave of infections.
“Hence, we believe that the continuation of stimulus measures and cooperation between government agencies is key to relieving people’s sufferings, which will lead to a sustainable economic recovery,” he said.
He added that the committee will use additional financial tools to support recovery if necessary, while monitoring the sufficiency of government measures and other risk factors, like the pandemic situation both locally and overseas.
MEA signs pact to study waste-to-energy power project
Mar 23. 2021
By The Nation
The Metropolitan Electricity Authority and New Sky Energy (Thailand) have signed a memorandum of understanding (MoU) to study the option of building a waste-to-energy plant.
The plant, to be built as part of a Thailand-China cooperation, is part of a micro-grid pilot project that aims to expand alternative energy usage in metropolitan areas as well as promote environmental protection.
The MoU was signed by MEA governor Kirapat Jiamset and New Sky Energy (Thailand)’s chief executive officer He Ning. Also present at the ceremony were Parliament President Chuan Leekpai; Wang Li Ping, China’s minister-counsellor for economics and commercial affairs; Deputy Education Minister Kalaya Sophonpanich; and deputy Bangkok governor Pol Lt-General Sophon Phisutthiwong.
Kirapat said MEA aimed to deliver electricity effectively to serve rising demands, coupled with responsibility to society and the environment.
New Sky Energy (Thailand), meanwhile, is already operating waste-incineration plants in Thailand.
This cooperation aims to study the possibility of developing a micro-grid system in areas near the incineration plant, so communities nearby do not need to rely on the main power grid.
Generating power from waste will also help boost the country’s electricity security. This cooperation comes under the policies of the Interior and Energy ministries and is also part of the MEA’s Smart Grid system.
New Sky Energy has been operating the 500 tonnes per day Nong Khaem Solid Waste Disposal Centre in cooperation with the Bangkok Metropolitan Administration (BMA) since 2016 and has signed a deal with the BMA to develop incineration plants with a capacity of at least 1,000 tonnes per day. The new plants are at Nong Khaem and Onnut, which should be able to provide energy to the main system by 2024.
This collaboration is part of China’s move to promote strategic partnerships with Asean countries in the Greater Mekong sub-region.
New oral Covid-19 vaccine candidate ‘produces antibodies after a single dose’
Mar 23. 2021
By THE NATION
Premas Biotech, an Indian developer of novel biotherapeutic and vaccine candidates, on Tuesday announced the development of an oral Covid-19 vaccine that has shown efficacy after a single dose, in conjunction with Nasdaq-listed Oramed Pharmaceuticals Inc.
Accelerating the vaccine’s path to market, Premas, Oramed and other shareholders have formed Oravax Medical Inc, which has received exclusive licences from Oramed and Premas to develop oral Covid-19 vaccines.
After a single dose of the Oravax Covid-19 capsule, efficacy was evident through antibody production in a pilot animal study.
Oravax’s vaccine promoted both systemic immunity through Immunoglobulin G (IgG), the most common antibody in blood and bodily fluids that protects against viral infections, and Immunoglobulin A (IgA) which protects the respiratory and gastrointestinal tracts against infection.
Premas’ protein-based VLP (virus-like particle) vaccine candidate creates triple protection against the Sars CoV-2 virus Spike, Membrane, and Envelope targets, the company said.
The vaccine candidate is also safe, efficacious and well tolerated at normal to high doses, and generated high titres of neutralising antibodies. The VLP is manufactured using Premas’ proprietary D-Crypt platform, which is highly scalable and can be manufactured on large scales.
Premas Biotech co-founder and managing director, Dr. Prabuddha Kundu, said: “An oral Covid-19 vaccine that harnesses and combines the true potential of the two platforms, Premas’ D-Crypt technology platform with Oramed’s world-leading oral protein delivery platform POD, is an excellent example of a true collaboration and can rapidly advance into late-stage clinical trials.
“Oramed’s experience and success in conducting Phase 2 and 3 oral protein trials positions our programme very favourably in the race to find an effective oral Covid-19 vaccine that can be administered by anyone anywhere. We are looking forward to sharing clinical data soon.”
“We are very excited about our oral vaccine candidate’s potential to help end the pandemic,” said Nadav Kidron, CEO of Oramed.
“An oral Covid-19 vaccine would eliminate several barriers to rapid, widescale distribution, enabling people to take the vaccine themselves at home. While ease of administration is critical today to accelerate inoculation rates, an oral vaccine could become even more valuable in the likely case that a Covid-19 vaccine may be required annually or biannually like the standard flu shot,” Kidron said.
“We have secured these rights under very attractive terms. They are an important part of the jigsaw that will make Singha Estate into one of Thailand’s foremost property, power generation, and engineering services companies, while tripling the size of our business in three years.”
“We want a business that can become huge, combining steady, consistent returns with exciting growth opportunities. We will leverage the synergies between our four business platforms to give us great competitive strength.”
Singha Estate PCL (S), a leading Thai property investment and development company, today, announced that it has secured the exclusive rights to acquire a 30% shareholding in three major co-generation power plants with total capacity of 400 megawatts, at par value, and with a total investment of Bht 1,392 million.
The first of the plants is an operational 123 megawatt (MW) combined cycle co-generation power plant that is owned and operated by Angthong Power Company Limited and located in the ‘World Food Valley’ industrial estate in Ang Thong, Central Thailand.
The second and third plants, each with 140 MW capacity, are greenfield operations that are currently under construction and will enter into service in 2023. They are also located in the ‘World Food Valley’ industrial estate. The licences for these power plants are owned by B.Grimm Power (Ratchaburi) 1 Limited and B.Grimm Power (Ratchaburi) 2 Limited.
The three acquisitions are subject to Singha Estate’s shareholders’ approval at its Annual General Meeting on April 23, 2021.
Chutinant Bhirombhakdi, Chairman of the Board of Directors of Singha Estate PCL, said, “We have secured these rights under very attractive terms. They are an important part of the jigsaw that will make Singha Estate into one of Thailand’s foremost property, power generation, and engineering services companies, while tripling the size of our business to Bt20 billion in revenues in three years.”
Singha Estate recently announced that 2021 is a transition year for the company in which it is moving into the next phase of its development by embracing businesses that complement its three core property businesses that are comprised of commercial property, residential property, and resorts and hotels.
“We want a business that can become huge, combining steady, consistent returns with exciting growth opportunities. We will leverage the synergies between our four business platforms to give us great competitive strength,” Bhirombhakdi said.
Thitima Rungkwansiriroj, Chief Executive Officer, Singha Estate PCL, said, “Licences for power generation plants of this size are a very rare commodity, so we are especially pleased to have secured rights to a substantial stake in three important power plants. They will give us an immediate and sure-footed presence in this sector.”
“Our options are made particularly attractive by the fact that 270 MW, or close to 70 per cent of the combined output of the three power plants, is already pre-sold at guaranteed prices. This assures us sustainable recurring revenues that will enhance the resilience of our business,” she added.
According to Rungkwansiriroj, Angthong Power is the only power plant in Thailand that is profitable even without the need to sell to independent users and that 75 per cent of its output is taken up through a 25-year power purchase agreement with the Electricity Generating Authority of Thailand. She noted that “the use of advanced technology has reduced costs and further improved the margins of the business beyond initial estimates.”
The three power plants are expected to generate Bt7,500 million in revenues in 2024.
“Apart from the synergy benefits that we foresee from these acquisitions, their returns as stand-alone businesses are also attractive. We have a draw-down facility with banks so that Singha Estate only needs to put up minimal capital, and at the tail end under a ‘back-end equity’ arrangement,” Rungkwansiriroj said.
Singha Estate has a low net debt-to-equity ratio of 0.96 and access to Bt25 billion in credit facilities.
The Stock Exchange of Thailand (SET) Index dropped by 6.20 points, or 0.40 per cent, to 1,558.05 in the morning session on Wednesday.
A Krungsri Securities analyst predicted that the SET Index would fall to a range between 1,555 and 1,560 points due to a new wave of Covid-19, especially in European countries, and the falling oil price.
“Meanwhile, the index would be under pressure amid uncertainty over the US move to increase corporate tax and volatility in fund flows,” he said.
He advised investors to follow the Monetary Policy Committee meeting on Wednesday. The committee is expected maintain the interest rate at 0.5 per cent.
He recommended investors buy:
▪︎ AOT, Mint, Centel, AAV, BA, CPN, CRC and Major, which benefit from positive news of a Covid-19 vaccine in Thailand.
▪︎ Hana, KCE, TU and CPF, which benefit from the weakening baht.
▪︎ Ichi, Sappe, RBF, DOD, IP, TACC, Gunkul, Kiss and Ziga which benefit from positive news on hemp production and its general use.
The SET Index closed at 1,564.25 on Tuesday, down 2.11 points or 0.13 per cent. Total transactions amounted to Bt93 billion with an index high of 1,574.14 points and a low of 1,562.03.
The price of gold dropped by Bt100 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.
As of 9.28am, the buying price of a gold bar was Bt25,300 per baht weight and selling price Bt25,400 while gold ornaments cost Bt24,847.24 and Bt25,900, respectively.
At close on Tuesday, the buying price of a gold bar was Bt25,400 per baht weight and selling price Bt25,500 while gold ornaments cost Bt24,938.20 and Bt26,000, respectively.
The spot gold price rose to US$1,731 (Bt53,672) per ounce after falling by $13 to $1,725.10 on Monday due to the strengthening dollar.
The Hong Kong gold price dropped by HK$100 to $16,010 (Bt63,904) per tael, the Chinese Gold and Silver Exchange Society reported.
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