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https://www.nationthailand.com/business/40010938

The baht opened at 33.62 to the US dollar on Tuesday, unchanged from Monday’s closing rate.

The Thai currency is likely to move between 33.50 and 33.70 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht is likely to fluctuate during the day as the dollar strengthened after investors believed that the US Federal Reserve will increase the policy interest rate faster than expected while the Omicron situation was worsening.

However, Poon said that the baht will not weaken much as foreign investors continue to buy Thai assets including short term bonds which might cause the baht to strengthen.

The key resistance level for the baht would be at 33.75 to the dollar while the key support level would be from 33.30 to 33.40.

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Published : January 11, 2022

By : THE NATION

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https://www.nationthailand.com/business/40010936

Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Tuesday (January 11) would fluctuate between 1,650-1,670 points due to lack of positive sentiment.

It said the index is currently under pressure due to uncertainty over the US Federal Reserve (Fed) signalling it would raise the interest rate to tackle inflation sooner than expected.

FedWatch Tool predicted that there is 90 per cent possibility that Fed will raise the interest rate by 0.25 per cent in March, it explained.

“However, the index would rise from the decline in Thailand Covid-19 infections, so we advise investors to focus on selective buying of shares,” Krungsri Securities said.

It also recommended buying of the following companies’ shares as an investment strategy:

• BBL, TTB, KBANK and BLA, which benefit from news of interest rate hike.
• RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate.
• HMPRO, CPN, CRC, SYNEX, COM7 and KTC, which benefit from the government’s Shop Dee Mee Kuen” (Shop and Payback) scheme.

The SET Index closed at 1,657.06 on Monday, down 0.03 per cent, with transactions totalled 79.54 billion baht.

Published : January 11, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010932

Commerce Minister Jurin Laksanawisit said on Monday that he will hold talks with Beijing to allow Thailand to export fruit to China via the China-Laos high-speed railway.

Jurin, who is also deputy prime minister, spoke to reporters while leading a delegation of senior ministry officials to the customs checkpoint at the Thai-Laos Friendship Bridge in Nong Khai on Monday afternoon.

Accompanying Jurin were Commerce permanent secretary Boonyarit Kalayanamitr, deputy permanent secretary Poonpong Naiyanaphakorn, director-general of the Foreign Trade Department Phithak Udomwichaiwat and director-general of the Trade Negotiations Department Oramon Supthaweetham.
Jurin said the delegation had spoken to the private sector about how the high-speed railway can be used to boost Thai exports to Laos and China.
He said Beijing has given Thailand the right to use the railway to transport minerals, rubber and tapioca to China, so far, and the Commerce Ministry will seek permission to also add fruit to the list. However, he did not indicate the timeframe for such talks.
Jurin went on to say that the high-speed railway currently goes as far as the south of Vientiane and will be extended another 3 kilometres along the banks of the Mekong River on the Laos side.

Once this is done, he said, a dry port will be built in Laos to handle logistics, warehousing and customs clearance. The port is expected to be ready in February.
Thai exporters can use the port to send goods to China via the high-speed train and if negotiations are successful, then the port can also be used to ship fruit.
As for bilateral trade with Laos, Jurin said cross-border trade was valued at almost 200 billion baht over the past year, with Thai exports accounting for about 112 billion baht.

Published : January 10, 2022

By : THE NATION

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https://www.nationthailand.com/blogs/business/40010931

Growth in exports to South Korea is forecast to accelerate again this year making it one of Thailand’s top trading partners, the Department of International Trade Negotiations said on Monday. From January to November 2021, Thai exports to South Korea rose 39 per cent to US$5.373 billion year on year.

The biggest growth came in agricultural and processed agricultural exports, up 21 per cent to US$987 million, led by rubber (+62%), canned and processed seafood (+37%), sugar (+27%), cassava (+25%), and squid (+11%).

Meanwhile, industrial exports rose 37 per cent to $4.012 billion led by wood and wood products (+69%), computers, equipment and components (+60%), chemicals (+43%), circuit boards (+42%), and rubber products (+37%).

And with increased demand expected from its manufacturing sector this year, Thai businesses have an opportunity to expand exports to South Korea, said the department.

Thai exporters already benefit from zero tariffs on 90.6 per cent of goods shipped to South Korea under the Asean-South Korea free trade agreement (AKFTA), including automobiles, equipment and parts, electrical appliances, plastic products, rubber, frozen fish and shrimp meat and raw sugar.

And when the Regional Comprehensive Economic Partnership (RCEP) comes into force on February 1, Seoul will lift import tax on 90.7 per cent of listed products.

Also, South Korea is opening its market to Thai durian, mangosteen, guava, papaya and dates (current tariff 24-36%) and rubberwood (5%), cutting tariffs to zero by 2031.

Also gradually cut to zero by 2036 will be duties on canned sardines, processed tuna and processed seafood (now 20%), pet food (40.4%), dextrin and modified starch (100.6-192.8%) and tapioca starch (5%).

Thai tapioca exports will see their 20 per cent tariff and 40 per cent off-quota tax gradually reduced to zero by 2041.

Published : January 10, 2022

By : THE NATION

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https://www.nationthailand.com/blogs/business/40010928

The Revenue Department expects to issue tax rules for Thailand’s growing cryptocurrency trade by the end of this month, director-general Ekniti Nitithanprapas said on Monday.

His statement came after Prime Minister General Prayut Chan-o-cha urged the department to clarify rules for calculating tax on profits from the sale or investment of digital assets or cryptocurrencies.

Ekniti said his agency is now discussing cryptocurrency tax guidelines with the Bank of Thailand, Securities and Exchange Commission and other bodies.

Noting that cryptocurrency investment and exchange had grown by leaps and bounds over the past year in Thailand, he said this was a new issue for both taxpayers and the Revenue Department.

Published : January 10, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010893

The baht opened at 33.63 to the US dollar on Monday, strengthening from the previous closing of 33.65.

The Thai currency is likely to move between 33.55 and 33.75 during the day and between 33.30 and 33.90 during the week, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht is likely to fluctuate due to the Omicron situation in the country. He said that investors should speculate investments from foreign investors.

However, Poon said that foreign investors will not sell a large number of Thai assets because they are not worried about the Omicron situation too much.

Poon said that the baht will not weaken past 34 to the dollar. if the spreading is not at the crisis.

The baht’s key support level would be from 33.30 to 33.40, the level some importers are waiting for so they can buy dollars, he added.

Related News

Stronger dollar, Omicron worries weaken baht

Baht weakens as market awaits US economic data, Fed statement

Baht continues to advance

The key resistance level for the baht would be from 33.75 to 34.00 to the dollar, which is the level at which exporters might sell the US currency. 

Poon said that the dollar is likely to strengthen if the US Federal Reserve’s sent a signal to increase the policy interest rate faster than expected. The dollar might go down slightly if the demand for safe-haven assets decreases.

Published : January 10, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010892

Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Monday (January 10) would fluctuate between 1,650-1,670 points due to lack of positive sentiment.

It predicted that uncertainty over the US Federal Reserve signalling it would raise interest rate sooner than expected and rising domestic Covid-19 infections would pressure the index.

“Hence, we advise investors to buy stocks which gained specific positive sentiment,” Krungsri Securities said.

It also recommended buying of the following companies’ shares as an investment strategy:

• BCH, CHG, IMH, SMD and TM, which benefit from rising Covid-19 cases.
• RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate.
• BBL, TTB, KBANK and BLA, which benefit from news of interest rate hike.

The SET Index closed at 1,657.62 on Friday, up 0.28 per cent, with transactions totalled 89.09 billion baht.

Published : January 10, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40010887

The Thai Digital Asset Association said on Sunday that it will write to the Revenue Department on Monday to seek clarification on collecting withholding tax on profits made from cryptocurrency.

The association’s president, Suppakrit Boonsat, said the Revenue Department is still looking into the taxes it should apply and the association is seeking to discuss the issue with the department.

“Most cryptocurrency investors are ready to pay tax but are concerned whether their move will violate the Revenue Code, which says the statute of limitations for the incorrect filing of tax is five years,” he said.

Suppakirt added that the association will launch public hearings on this issue as well.

“I suggest people wait for the Revenue Department to make a final decision and for results of the public hearing,” he added.

Related stories:

• It’s open house for investors flush with cryptocurrency especially in Phuket, Pattaya, Hua Hin
• Bitcoin slides below $50,000, continuing a choppy, down December
• Folk band Siang Isan goes crypto

Published : January 09, 2022

By : THE NATION