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SET maintains surge as US Fed moves on bonds, hope for stimulus strengthens (nationthailand.com)

SET maintains surge as US Fed moves on bonds, hope for stimulus strengthens

EconDec 17. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,483.89 on Thursday, up 1.80 points or 0.12 per cent. The volume of total transactions was Bt112.75 billion with an index high of 1,495.37 and a low of 1,483.32.

In the morning session, an analyst at Krungsri Securities said he expected the day’s index to fluctuate between 1,475 and 1,490 points amid positive sentiment following the US Federal Reserve’s move to maintain bond purchases and hopes of a fresh economic stimulus package worth $900 billion (Bt26.9 trillion).

“However, investors should beware of mass sell-offs of shares due to the index’s tight valuation at 29 times the price-to-earnings ratio,” he said.

The top 10 stocks with the highest trade value today were TMB, KBANK, SCGP, CPALL, DELTA, BANPU, AOT, ADVANC, PTTGC and PTT.

As of 4.30pm, the price of oil rose by US$0.56 or 1.17 per cent to $48.38 per barrel, while gold rose by $20.60 or 1.11 per cent, to $1,879.70 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 26,806.67, up 49.27 points or 0.18 per cent.

China’s Shanghai SE Composite Index closed at 3,404.87, up 37.89 points or 1.13 per cent, while Shenzhen SE Component Index closed at 13,889.87, up 138.78 points or 1.01 per cent.

Hong Kong’s Hang Seng Index closed at 26,678.38, up 218.09 points or 0.82 per cent.

South Korea’s KOSPI Index closed at 2,770.43, down 1.36 points or 0.049 per cent.

Taiwan’s TAIEX Index closed at 14,258.93, down 45.53 points or 0.32 per cent.

Singapore’s Straits Times Index closed at 2,858.80, down 14 points or 0.49 per cent.

Vietnam’s Ho Chi Minh Stock Index closed at 1,051.77, down 15.22 points or 1.43 per cent.

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FIDF suspects irregularities in management of SAM, launches probe (nationthailand.com)

FIDF suspects irregularities in management of SAM, launches probe

EconDec 17. 2020Bank of Thailand’s deputy governor Ronadol Numnonda 

By The Nation

Bank of Thailand’s deputy governor Ronadol Numnonda said on Thursday that the central bank’s Financial Institutions Development Fund (FIDF) has learned about some irregularities in the management of Sukhumvit Asset Management (SAM).

FIDF is SAM’s largest shareholder. 

SAM’s board of directors had set up a committee to investigate suspected irregularities in the management of non-performing assets and non-performing loans. 

In support of this, the FIDF announced that four experts will join this panel to help with the probe, said Ronadol, who is also director of the FIDF. 

The fact-finding job will be completed within 60 days, he added. If any wrongdoing is found, legal action will be taken against those guilty of it, he warned. 

In order to allow SAM to continue working as usual, the FIDF has appointed one more director and will find a new chief for the firm urgently, he added. 

SAM was created after the 1997 financial crisis to deal with distressed assets and now it has to handle bad assets resulting from the Covid-induced crisis. 

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TMB share price drops more than 1.5% after Bt5bn selloff (nationthailand.com)

TMB share price drops more than 1.5% after Bt5bn selloff

EconDec 17. 2020

By The Nation

The price of Thai Military Bank (TMB) shares slumped more than 1.5 per cent in the morning session on Thursday, after Canada’s Bank of Nova Scotia (BNS) sold 4.40 billion TMB and TMB-F shares worth Bt5.02 billion.

The selloff accounted for 4.57 per cent of 96.40 billion in TMB paid shares at a book price of Bt0.95 per share.

BNS sold 2.14 billion TMB shares worth Bt2.44 billion, and 2.26 billion TMB-F shares worth Bt2.57 billion. Both were sold at Bt1.14 per share.

As of 11.08am, the TMB share price had fallen by Bt0.02 or 1.67 per cent to Bt1.18 per share. Total transactions amounted to Bt3.39 billion with the highest price per share at Bt1.19 and the lowest at Bt1.17.

An analyst at KTB Securities advised investors to hold TMB shares at the target price of Bt1.20 per share.

“We expect this negative sentiment to impact the TMB share price slightly because it was traded at a price lower than the market price,” he said, adding that BNS was selling TMB shares in line with its parent company’s policy to withdraw investment in 20 countries.

According to reports on acquisition or disposition of securities (form 246-2), BNS’s stake in TMB has fallen to 0.33 per cent or 315 million shares, from the previous 4.9 per cent or 4.72 billion shares.

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Domestic funds speculate for profits on the back of buoyant SET (nationthailand.com)

Domestic funds speculate for profits on the back of buoyant SET

EconDec 17. 2020

By The Nation

Thai funds are expected to sell stocks to take profits until next week thanks to a rising Stock Exchange of Thailand (SET) Index, experts said.

From September to December 16, domestic institutional investors made net sales of shares worth Bt36.40 billion, Bt7.30 billion of which was in December alone.

Asia Plus Securities’ executive vice president for research Therdsak Thaveeteeratham said Thai funds were selling shares to take profits as the SET Index had risen sharply in the previous month, adding that sales of long-term equity funds (LTFs), super savings funds (SSFs) and retirement mutual funds (RMFs) cannot compensate for mass sell-offs of Thai shares this year.

“We expected domestic funds to speculate profit from shares until next week before buying back in the last week of the month to make window dressing,” he said.

Principal Asset Management’s chief investment officer Win Phromphaet said both domestic and foreign funds made net sales in the first half of December.

He said domestic institutional investors took some profits after SET had risen from 1,200 points to 1,400 points to monitor various factors, while waiting to buy back shares later.

“We expect domestic funds to continue speculating on profits, but they will buy back shares again once the index falls to 1,400 points,” he said, adding that factors that would cause SET to face correction are the second Covid-19 wave in the US, European countries’ lockdown and correction in the US stock market.

He has advised investors to buy shares that benefit from the global economic recovery, positive news of Covid-19 vaccine and countries reopening.

Krung Thai Asset Management’s executive vice president Somchai Amornthum said investors speculated short-term profits as SET may face volatility in the last two weeks of the month from various factors, such as US Federal Reserve’s monetary policy meeting and the Covid-19 situation.

“However, we expect SET to hit 1,600 points next year,” he said.

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Gaining trade advantage not purpose of exchange-rate intervention, says BOT after US places Thailand on monitoring list (nationthailand.com)

Gaining trade advantage not purpose of exchange-rate intervention, says BOT after US places Thailand on monitoring list

EconDec 17. 2020Chantavarn Sucharitakul, assistant governor for Communications and Corporate Relations Group at the Bank of Thailand (BOT). 

By The Nation

The US Treasury Department has placed Thailand on its list of countries being monitored for having a significant bilateral trade surplus with the United States – more than $20 billion (Bt600 billion) – and a material current account surplus (over 2 per cent of GDP), Chantavarn Sucharitakul, assistant governor for Communications and Corporate Relations Group at the Bank of Thailand (BOT), said on Thursday.

His statement came after the Treasury Department issued its “Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States” on Wednesday.

According to the report, Thailand has been put on the monitoring list. 

The assessment has been conducted according to the framework and criteria provided under relevant legislation on foreign exchange practices of its major trading partners. Besides Thailand, the report says China, Japan, Korea, Germany, Italy, Singapore, Malaysia, Taiwan and India have also been included in the list of countries being watched.

At this stage, the assessment is not expected to have any material impact on Thailand’s international trade or foreign direct investment in the kingdom, Chantavarn said. 

Similarly, the assessment does not impede BOT’s ability to fulfill its mandate on macroeconomic policies to safeguard domestic stability, she said.

BOT has been in close dialogue with the US administration to foster an understanding of Thailand’s macroeconomic and financial conditions. The central bank has also reiterated its commitment to exchange-rate flexibility and has conducted two-way intervention only to ride out the volatility of the exchange rate, she explained. 

Meanwhile, BOT has ensured that Thailand has no intention to use the exchange rate as a tool to gain an unfair trade advantage or competitiveness over trading partners, Chantavarn made clear.

Thailand’s exporters have long complained that a stronger baht is affecting their exports and have urged authorities to make the currency weaker. After shooting up about 4 per cent in one month, the baht further appreciated today, breaking the 30-a-dollar level to Bt29 territory.

The US has also labelled Switzerland and Vietnam currency manipulators. This could lead to US sanctions against them.

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Kerry Express IPO eyed for growth potential, SET50 listing expected mid-2021 (nationthailand.com)

Kerry Express IPO eyed for growth potential, SET50 listing expected mid-2021

EconDec 17. 2020

By The Nation

Kerry Express (KEX) should be listed in the SET50 Index by mid-2021, SCB Securities director Veena Lertnimitr said on Thursday.

She expects KEX’s market capitalisation to hit Bt100 billion as its shares have high growth potential and investors are showing great interest.

Based on KEX’s initial public offering (IPO) price, she said the company’s market capitalisation should be around Bt48.7 billion.

KEX has received very strong investor interest with more than 23 times oversubscription from institutional investors and approximately 10 times oversubscription from cornerstone investors.

“Thailand’s leading parcel delivery brand has the potential to grow in line with the e-commerce industry, which is expected to grow by 20 per cent annually in the next five years,” she said.

KEX senior executive vice president of finance Issarin Patramai said the company’s compound annual growth rate (CAGR) from 2017 to 2019 was 72.8 per cent, while its revenue last year and in the first nine months this year were Bt19.7 billion and Bt14.6 billion, respectively.

“Revenue in the first nine months this year rose by 0.2 per cent year on year,” he said.

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Gold price flat despite rise in global markets (nationthailand.com)

Gold price flat despite rise in global markets

EconDec 17. 2020

By The Nation

The price of gold was unchanged in morning trade on Thursday after advancing by Bt200 per baht weight at close on Wednesday, the Gold Traders Association reported.

As of 9.26am, the buying price of a gold bar was Bt26,350 per baht weight and selling price Bt26,450 while gold ornaments cost Bt25,878.12 and Bt26,950, respectively.

The spot gold price moved to US$1,863 (Bt55,617) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in February next year rose by $3.80 to $1,859.10 per ounce on Wednesday, thanks to the progress in discussions on a fresh US economic stimulus package and the decline in US economic data, which boosted sales of the safe-haven asset.

The Hong Kong gold price meanwhile rose by HK$100 to $17,240 (Bt66,395) per tael, the Chinese Gold and Silver Exchange Society reported.

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SET extends gains despite index’s tight valuation (nationthailand.com)

SET extends gains despite index’s tight valuation

EconDec 17. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 9.23 points, or 0.62 per cent, to 1,491.32 in the morning session on Thursday.

An analyst at Krungsri Securities expected the day’s index to fluctuate between 1,475 and 1,490 points amid positive sentiment following the US Federal Reserve’s move to maintain bond purchases and hopes of a fresh economic stimulus package worth $900 billion (Bt26.9 trillion).

“However, investors should beware of mass sell-offs of shares due to the index’s tight valuation at 29 times the price-to-earnings ratio,” he said.

He recommended investors buy:

> PTTEP, PTTGC, TOP, IVL and SPRC that benefit from the rising oil price.

> BH, Sawad and TU, of which FTSE will increase the investment weight on December 18.

> BAM, Delta and Com7, which will be listed on the SET50 Index.

> JMart and MBK, which will be listed on the SET100 Index.

The SET Index closed at 1,482.09 on Wednesday, up 4.88 points, or 0.33 per cent. The volume of total transactions tipped Bt106.4 billion, with an index high of 1,488.86 points and a low of 1,475.09.

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Bitcoin passes $20,000 for first time (nationthailand.com)

Bitcoin passes $20,000 for first time

EconDec 17. 2020

By The Washington Post · Hannah Denham

Bitcoin soared above $20,000 for the first time Wednesday, hitting another benchmark in a mad-dash year that saw the digital currency more than double in value.

Bitcoin, the world’s first blockchain cryptocurrency, swelled more than 6% on Wednesday, to $20,800, according to CoinMarketCap.

It operates through peer-to-peer digital exchanges without a centralized hub and its trading history is marked by wild swings. Bitcoin was trading above $10,000 in February, just before the coronavirus crisis took hold and slid to about $4,000 within weeks. It was back above $10,000 by October amid growing demand from institutional investors and tech firms, and is now up more than 150% since the start of the year.

Tyler and Cameron Winklevoss, who co-founded the cryptocurrency exchange Gemini, told CNBC last week that this rally differs from other run-ups – it nearly breached $20,000 during a massive 2017 rally – because it’s being driven by Wall Street and Big Tech. “This is the most sophisticated investors, the smartest people in the room, buying the Bitcoin quietly,” Tyler Winklevoss said during the interview.

PayPal announced in October that it would allow customers to access cryptocurrencies, and that the services will extend to Venmo in 2021. Hedge fund investor Paul Tudor Jones has spoken publicly about buying Bitcoin to fend against potential inflation. Publicly traded Square invested $50 million in bitcoin in October.

Part of bitcoin’s appeal is that it is of limited supply, said Bob Fitzsimmons, the executive vice president for fixed income at Wedbush Securities, commodities and stock lending. It also offers investors a unique security that holdings in conventional markets do not have, he said.

“It’s a potential hedge against conventional financial assets. The stock market continues to rally, even though our debt deficits are increasing at what many would consider alarming rates,” Fitzsimmons said in an interview with The Washington Post. “I think people are looking for an alternative other than the stock market right now, because where else do you put your money?”

Bitcoin is highly speculative for fixed income. It has a floor value of zero, does not accrue interest and has no asset value beyond what the market allows – and has yet to become a widespread form of payment. But Bitcoin enthusiasts say the risk is worth the reward.

“As present implied real long-term rates are negative throughout much of the industrialized world, the prospective returns for fixed-income are constrained to say the least,” Fitzsimmons said. “These poor prospective returns have been capitalized into equity markets and likely will be capitalized into real estate markets as the world recovers from the covid-19 shock.”

Bitcoin was designed to have a finite supply when it was launched in 2009: 21 million units earmarked for circulation over 100 years unless the network community determined otherwise. So far, 18 million of those units have been mined.

It’s also designed for privacy: Satoshi Nakamoto, the alias of the bitcoin creator, claimed that the cryptocurrency’s security is in its privacy; users list their transactions and exchanges under unique pseudonyms. That attribute also makes bitcoin and other cryptocurrencies more attractive to criminals, given that transactions are not tied to banks or governments and can be carried out anonymously.

There were 4,049 cryptocurrencies listed on CoinMarketCap.com as of Wednesday, worth a total market capitalization of more than $599 billion. Bitcoin is the largest among them, with a market cap of $385.4 billion.

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Stocks climb on aid talks as bonds drop after Fed (nationthailand.com)

Stocks climb on aid talks as bonds drop after Fed

EconDec 17. 2020

By Syndication Washington Post, Bloomberg · Rita Nazareth

Stocks rose on speculation that lawmakers are getting closer to a stimulus deal aimed at reviving the world’s largest economy.

Treasuries fell as the Federal Reserve disappointed some traders who expected changes to the composition of bond purchases.

The S&P 500 climbed after Senate Majority Leader Mitch McConnell, R-Ky., said Congress leaders are still talking about fresh aid and he thinks “we’re gonna get there.” Retailers, technology and financial shares drove the advance in the benchmark gauge of American equities amid thin trading volume. The Nasdaq 100 outperformed, while the Dow Jones industrial average dropped. Treasuries pared some of its losses, with the yield on 10-year notes remaining below 1%. Bitcoin surpassed $20,000 for the first time.

Investors awaited developments on stimulus talks after months of deadlock amid signs the economic recovery is faltering. The deal that lawmakers are attempting to wrap up includes payments to individuals and supplemental unemployment insurance, but excludes liability protections and direct aid for state and local governments, according to two people familiar with the matter. Four people briefed said the virus aid is expected to be less than $900 billion. Fed Chair Jerome Powell said the case for fiscal stimulus is “very, very strong” as the pandemic continues to rage.

“Investors have clearly applauded recent news that legislation is imminent before Congress recesses for the holiday break knowing the Fed will buy every last Treasury that is issued to fund the relief package,” said Danielle DiMartino Booth, chief executive officer of Quill Intelligence in Dallas.

While enthusiasm for individual U.S. stocks is at an extreme among option traders, the same can’t be said for equity indexes. Option-based indicators compiled by Cboe Global Markets show the contrast. The ratio between stock-specific put and call options closed Monday at its lowest level since April 2000, based on 20-day averages. This shows contracts that rise along with specific stocks are much more in demand than usual. Yet the put-call ratio for index options is near a nine-year high, set Nov. 12. Variant Perception Research highlighted the distinction in a Twitter post Tuesday.

These are some of the main moves in markets:

Stocks

– The S&P 500 rose 0.2% as of 4 p.m. EST.

– The Stoxx Europe 600 Index gained 0.8%.

– The MSCI Asia Pacific Index rose 1%.

Currencies

– The Bloomberg Dollar Spot Index fell 0.1%.

– The euro increased 0.4% to $1.2197.

– The Japanese yen appreciated 0.2% to 103.44 per dollar.

Bonds

– The yield on 10-year Treasuries rose one basis point to 0.92%.

– Germany’s 10-year yield gained four basis points to -0.57%.

– Britain’s 10-year yield climbed one basis point to 0.272%.

Commodities

– The Bloomberg Commodity Index rose 0.4%.

– West Texas Intermediate crude climbed 0.5% to $47.85 a barrel.

– Gold rose 0.5% to $1,863.26 an ounce.