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Baht registers more gains against the dollar

NationalFeb 09. 2021

By THE NATION

The baht opened at 29.99 to the US dollar on Tuesday morning, strengthening from Monday’s close of 30.03.

The Thai currency is likely to move between 29.95 and 30.05 on Tuesday, Krungthai market strategist Poon Panichpibool said.

Financial markets were in a risk-on state continually, amid investors’ hopes of a recovery in the market, especially in the US, he said.

This market situation underlined the issue of reflation trades again, pushing several stock markets up. The Russell 2000 rose by 2.5 per cent, while the S&P 500 gained 0.74 per cent.

In Europe, the Stoxx 50 increased by 0.27 per cent and the FTSE MIB of Italy by 1.5 per cent.

However, Poon said that some market players saw this growth of risk assets as unreliable, causing some purchasing power to move towards safe haven assets. The Ten-Year Treasury yield stayed around 1.17 and 1.18 per cent, and the dollar weakened slightly.

Hopes of an economic recovery and the weakened dollar also helped increase the price of commodities. Brent crude oil price reached over $60 per barrel, while the price of gold rose by around 1 per cent to $1.832 (Bt 54,898) per ounce.

Bitcoin shot up recently by 17 per cent to $45,571 (Bt1,365,603).

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SET sees optimism amid hopes of US stimulus package, Covid-19 vaccine

NationalFeb 09. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 12.28 points, or 0.81 per cent, to 1,528.71 in the morning session on Tuesday.

A Krungsri Securities analyst expected the SET to rise to between 1,525 and 1,530 points on hopes of progress in the rollout of a US economic relief package and Covid-19 inoculation, triggering hopes of an economic recovery.

He added that energy and petrochemical shares gained positive sentiment from rising oil price in over a year as well.

He recommended that investors buy:

▪︎ PTTGC, TOP, IVL, EPG, VNT, CBG, ROJNA, TVO, STGT, HTC, CPF, RCL, PSL, SYNEX, COM7, XO, WICE, JMT, JMART, SINGER, MTC, SAWAD and KCE, who are expected to report improved results for the fourth quarter of 2020.

▪︎ CBG, ICHI, OSP, SAPPE, RBF, DOD and PTG, which benefit from positive news of hemp.

The SET Index closed at 1,516.43 on Monday, up 19.82 points or 1.32 per cent. Total transactions amounted to Bt94.27 billion with an index high of 1,517.31 and a low of 1,507.09.

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Part of Maha Rat Road closed for traffic due to open sinkhole

NationalFeb 09. 2021

By THE NATION

A sinkhole appeared on Maha Rat Road in front of the Navy Club, near Wat Phra Si Rattana Satsadaram or Temple of the Emerald Buddha in Bangkok’s Phra Nakhon district on Monday night.

“The sinkhole is about a metre wide and four metres long,” said Pol Colonel Jamorn Thongphan, chief of Phra Ratcha Wang Police Station.

“Initial reports revealed that a car that was passing over the hole was slightly damaged, but no one was injured.”

Police have laid a metal sheet to cover a patt of the hole and closed off the traffic lane on Maha Rat Road leading to the police station, while the other lane that leads to Phrachan Pier is still usable.

Officials have contacted Bangkok’s Public Works Department to inspect and repair the road surface immediately. They speculated that the sinkhole could have occurred due to work by the Metropolitan Electricity Authority to move powerlines along the road underground.

Police expect to open the traffic lane as normal on Tuesday morning.

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Virus to wipe Bt12bn off Chinese New Year spending in Thailand

NationalFeb 09. 2021File Photo

By The Nation

The Thai Chamber of Commerce (TCC) expects spending over this Chinese New Year to drop by Bt12 billion from 2020, to its lowest level in 13 years.

The forecast of Bt44.939 billion in spending – a drop of 21.85 per cent from last year – comes from TCC’s nationwide survey of spending behaviour among 1,215 samples conducted on January 25 to February 3.

Chinese New Year falls this Friday (February 12) and has been made an official holiday for the first time in Thailand.

The dramatic fall in holiday spending is due to the impact of the fresh Covid-19 outbreak on people’s income, Thanawat Phonvichai, adviser to the Economic and Business Forecast Centre, University of the Thai Chamber of Commerce. said on Monday.

However, he predicted the economy and consumer spending will begin to recover at the end of February as the government injects money via relief measures like the “Rao Chana” and “Mor33 Rao Rak Kan” cash handout schemes.

“The drop of Bt12 billion in Chinese New Year spending represents just 0.05-0.07 per cent of gross domestic product, which is very small and won’t have an impact on the economy over the whole year,” Thanawat said.

He forecast economic growth of around 3 per cent if stimulus measures were maintained and 4-6 million foreign tourists visit Thailand in the middle of this year as expected. If not, Thai GDP was expected to grow by 2.5 per cent, he added.

Saowanee Thairungroj, a permanent adviser to the Thai Chamber of Commerce University Council, reported 42 per cent of the survey’s respondents said they would cut their spending this Chinese New Year because of the worsening economy and financial burdens. Meanwhile, 33.2 per cent would spend the same amount as last year, and 24.6 per cent would spend more due to higher prices, better bonuses, or positive career developments during the virus crisis.

Covid-19 and rising product prices were the two main concerns cited by respondents in the survey. Their main hopes for the coming Year of the Ox were for career stability, wealth and good health.

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Probe on into small explosions near Myanmar embassy after anti-coup protests

NationalFeb 09. 2021

By THE NATION

Two explosive sounds were heard shortly after Myanmar anti-coup protesters and the We Volunteer (WeVo) group ended their rally on Monday evening and dispersed from in front of the Myanmar embassy on Sathon Nua Road in Bangkok’s Bang Rak district.

There were no reports of injuries after the incident.

“The EOD [Explosive Ordnance Disposal] unit investigated the scene and found shreds of material from small remote-detonated explosives, similar to ping-pong bombs,” said Pol Maj-General Yingyot Thepjamnong, spokesman of the Royal Thai Police.

“Ping-pong bombs have a small blast radius and are not life threatening. We suspect that the throwers only aimed to create a confusion.

“Police would like to ask citizens to be our eyes and ears during this sensitive time. If you see any suspicious persons or incidents, please call the police immediately at 191 or 1599, which are available 24/7,” he added.

Yingyot added that Metropolitan Police chief Pol Lt-General Phukphong Phongpetra will hold a press conference on Tuesday afternoon regarding the incident and progress in the investigation.

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Gold opens strong in Thai and Hong Kong markets

NationalFeb 09. 2021

By The Nation

The price of gold surged by Bt250 per baht weight in morning trade on Tuesday, the Gold Traders Association reported.

As of 9.25am, the buying price of a gold bar was Bt25,950 per baht weight and selling price Bt26,050, while gold ornaments were priced at Bt25,483.96 and Bt26,550, respectively.

At close on Monday, the buying price of a gold bar was Bt25,700 per baht weight and selling price Bt25,800, while gold ornaments were Bt25,241.40 and Bt26,300, respectively.

Spot gold price moved to US$1,838 (Bt55,081) per ounce in the morning after rising by $21.2 to $1,834.2 per ounce on Monday on hopes of rollout of US economic stimulus measures worth $1.9 trillion.

Hong Kong gold price rose by HK$20 to $16,960 (Bt65,564) per tael, the Chinese Gold and Silver Exchange Society reported.

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Bangkok administration slams brakes on Green Line fare hike plan

NationalFeb 09. 2021

By THE NATION

The Bangkok Metropolitan Administration (BMA) on Monday postponed the raising of fare for the Green Line BTS Skytrain to a maximum of Bt104 for the entire route.

The BMA announced on January 15 that fares on some of the Green Line routes would be raised by Bt3 per station to the maximum of Bt104, to be effective on February 16.

Read More: BMA hikes fares on some Green Line routes

The Green Line extension sections from Bearing to Samut Prakarn stations and from Mo Chit to Ku Kot stations had been partly opened for public use since April 3, 2018, and the whole route was opened on December 16. The BMA had not collected additional fares on the sections on top of the original fare rate of Bt65, which had led to its decision to hike the fare in order to pay the retroactive operating fee to Bangkok Mass Transit System Plc [BTSC] of Bt9.6 billion.

Read More: Skytrain operator threatens to shut Green Line unless City Hall pays Bt30bn debt

Monday’s announcement, signed by Bangkok Governor Aswin Kwanmuang, said that the government had ordered BMA to postpone the fare hike because of the impact it would have on people during the Covid-19 crisis.

“The BMA, therefore, has decided to postpone the hiking of fares for the Green Line Skytrain indefinitely,” it said.

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Thunderstorms, gusty winds and hail forecast for upper Thailand

NationalFeb 09. 2021

By THE NATION

The Thailand Meteorological Department said on Tuesday that the westerly trough is moving past the North to cover the upper Northeast, while the southerly and the southeasterly winds prevail over the lower Northeast, the Central, the East including Bangkok and its vicinity.

Thunderstorms with gusty winds are forecast for the areas with the possibility of hail in the lower North and the Northeast.

People in upper Thailand should beware of the severe conditions by keeping away from open areas, big trees and unsecured billboards, while farmers should beware of damage to crop, the department said.

Meanwhile the weak northeast monsoon prevails over the Gulf and the South, leading to isolated rain in the South.

The weather forecast for the next 24 hours is as follows:

North: Cool to cold weather with thunderstorms in 30 per cent of the areas, gusty winds and hail in some areas; temperature lows of 10-19 degrees Celsius and highs of 23-28°C; temperature on hilltops is likely to drop to 5-13°C.

Northeast: Cool weather with thunderstorms in 60 per cent of the areas, gusty winds and hail in some areas; temperature lows of 17-22°C, highs of 24-32°C; temperature on hilltops is likely to drop to 10-15°C.

Central: Cool weather with thundershowers in 40 per cent of the areas and gusty winds; temperature lows of 22-24°C, highs of 28-30°C.

East: Thundershowers in 60 per cent of the areas with gusty winds; temperature lows of 21-24°C, highs of 31-32°C; waves a metre high and 1-2 metres offshore.

South (east coast): Partly cloudy with thundershowers in 10 per cent of the areas; temperature lows of 22-24°C, highs of 30-32°C; waves 1-2 metres high and two metres during thundershowers.

South (west coast): Partly cloudy with thundershowers in 10 per cent of the areas; temperature lows of 22-25°C, highs of 32-35°C; waves a metre high and 1-2 metres offshore.

Bangkok and surrounding areas: Thundershowers in 40 per cent of the areas with gusty winds; temperature lows of 23-24°C, highs of 31-32°C.

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Treasury Dept teams up with geodata firm for land-price estimates

NationalFeb 09. 2021From left: ESRI (Thailand) general manager Thanaporn Thitisawat and Treasury Department director-general Yutthana Yimkarun.

By The Nation

The Treasury Department on Monday partnered with ESRI (Thailand), a geographic information system (GIS) development firm, in a bid to improve efficiency and transparency of land price estimates.

Treasury Department director-general Yutthana Yimkarun said the move is in line with the government’s digital policy to boost the economy and society.

“We need to develop the country’s geographic information in line with the current economic situation in order to create fairness among people,” he said.

Meanwhile, ESRI (Thailand) general manager Thanaporn Thitisawat said GIS is playing an important role in enhancing organisations’ efficiency worldwide.

“The Treasury Department is the only government agency in Thailand and one of 180 organisations worldwide that won SAG Awards 2020 from ESRI (USA),” she said.

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Thai stock market rises above 1500 as US poised to inject stimulus

NationalFeb 08. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,516.43 on Monday, up 19.82 points or 1.32 per cent. Total transactions amounted to Bt94.27 billion with an index high of 1,517.31 and a low of 1,507.09.

In the morning session, Krungsri Securities expected the day’s index to rise to the resistance line between 1,507 and 1,515 points on hopes of progress in the rollout of US economic relief worth US$1.9 trillion.

It added that the SET was gaining positive sentiment from the rise in oil price amid increasing demand as the global economy recovers.

The 10 stocks with the highest trade value today were BBL, KBANK, PTT, IVL, SCB, CBG, TMB, GPSC, MINT and CPALL.

As of 4.30pm, the price of oil rose by US$0.64 or 1.13 per cent to $57.49 per barrel, while gold dropped by $2.20 or 0.12 per cent to $1,810.80 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 29,388.50, up 609.31 points or 2.12 per cent.

China’s Shang Hai SE Composite Index closed at 3,532.45, up 36.11 points or 1.03 per cent, while the Shenzhen SE Component Index closed at 15,269.63, up 262.33 points or 1.75 per cent.

Hong Kong’s Hang Seng Index closed at 29,319.47, up 30.79 points or 0.11 per cent.

South Korea’s KOSPI closed at 3,091.24, down 29.39 points or 0.94 per cent.