The baht opened at 33.67 to the US dollar on Wednesday, strengthening from Tuesday’s closing rate of 33.71.
The Thai currency is likely to move between 33.60 and 33.80 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht is likely to fluctuate but it will not weaken much because the Monetary Policy Committee and foreign investors have speculated that the Covid-19 situation will not be much worse.
Foreign investors have not sold a large number of short term bonds because they expected the baht will not weaken much.
On Wednesday, the Monetary Policy Committee will release a statement about economic recovery and a new economic outlook which might slow down the baht weakening if the committee has a positive view of the economic recovery.
Poon said that the baht will reach the key resistance level at 33.80 to the dollar if it weakens. However, the baht should strengthen in the short term according to the technical sign.
He thought that the baht will not weaken much if foreign investors does not sell a large number of Thai assets.
Meanwhile, the support level of baht would be from 33.40 to 33.50 to the dollar.
Poon said that investors will monitor the result of the Monetary Policy Committee’s meeting on Wednesday. The committee might keep the policy interest rate at 0.50 per cent if the committee has a positive view of the economic recovery.
Krungsri Securities forecast the Stock Exchange of Thailand (SET) Index on Wednesday (December 22) would fluctuate between 1,615-1,630 points despite the Cabinets move to launch measures to stimulate the economy at the end of this year.
It predicted that Thailand’s suspension of Test & Go scheme in response to the outbreak of Omicron Covid-19 variant in Europe and US, plus foreign investors’ port adjustment before Christmas and New Year holidays, would pressure the index.
It also recommended buying of the following companies’ shares as an investment strategy: ▪︎ HMPRO, GLOBAL, DOHOME, CPN, CRC, SYNEX, COM7, SPVI and CPW, which benefit from the government’s economic stimulus measures. ▪︎ RCL, LEO, III, WICE, SONIC and JWD, which benefit from rising freight rate. ▪︎ EA, GPSC, AMATA, WHA, AH and SAT, which benefit from the government’s support on electric vehicles.
Stocks extended gains as investor appetite for risk assets improved. Treasurys fell.
Energy shares led gains in the S&P 500. Micron Technology Inc., the largest U.S. maker of memory chips, jumped on an upbeat forecast, while Nike Inc. rallied as revenue in North America increased, offsetting a drop in China. Pfizer Inc. and Merck & Co. traded off session lows as Bloomberg News reported the U.S. Food and Drug Administration was set to authorize their pills to treat coronavirus as soon as this week.
Novavax’s top executive said the company expects to have data on its Covid-19 vaccine’s efficacy against the omicron variant within days. U.K. Prime Minister Boris Johnson noted he doesn’t plan to impose new restrictions on activities before Christmas. South Africa, where the omicron variant was first identified, saw daily infections slump to the lowest in two weeks.
“The omicron’s potential damage to economic activity will be reasonably short and shallow,” said Art Hogan, chief market strategist at National Securities. “With household and corporate balance-sheets in good shape and sentiment still strong, we think it’s reasonable to expect that the economy will manage to navigate the rough waters.”
Earlier Tuesday, Credit Suisse Group’s global investment committee slashed its stocks allocation to neutral from overweight, citing increasing risks from the omicron variant.
Stocks:
– The S&P 500 rose 1.2% as of 12:21 p.m. New York time.
– The Nasdaq 100 rose 1.2%.
– The Dow Jones Industrial Average rose 1.4%.
– The MSCI World index rose 1.3%.
Currencies:
– The Bloomberg Dollar Spot Index was little changed.
– The euro was little changed at $1.1270.
– The British pound rose 0.3% to $1.3250.
– The Japanese yen fell 0.5% to 114.17 per dollar.
Bonds:
– The yield on 10-year Treasuries advanced six basis points to 1.48%.
– Germany’s 10-year yield advanced six basis points to -0.31%.
– Britain’s 10-year yield advanced 10 basis points to 0.87%.
Commodities:
– West Texas Intermediate crude rose 3.6% to $71.08 a barrel.
The Stock Exchange of Thailand (SET) Index closed at 1,622.25 on Tuesday, up 6.45 points or 0.40 per cent. Transactions totalled 69.24 billion baht with an index high of 1,628.84 and a low of 1,618.57.
The index rebounded after dropping almost 2 per cent so far.
The 10 stocks with the highest trade value today were BRI, GPSC, EA, KBANK, SCB, RCL, ADVANC, CPALL, AOT and COM7.
Other Asian indices were on the rise:
Japan’s Nikkei Index closed at 28,517.59, up 579.78 points or 2.08 per cent.
China’s Shanghai SE Composite closed at 3,625.12, up 31.52 points or 0.88 per cent, while the Shenzhen SE Component closed at 14,688.98, up 119.80 points or 0.82 per cent.
Hong Kong’s Hang Seng Index closed at 22,971.33, up 226.47 points or 1.00 per cent.
South Korea’s KOSPI Index closed at 2,975.03, up 12.03 points or 0.41 per cent.
Taiwan’s TAIEX Index closed at 17,789.27, up 120.16 points or 0.68 per cent.
The Federation of Thai Industries (FTI) reported that as of the end of November, Thailand had exported 857,887 cars, up 28.55 per cent year on year and exceeding its year’s estimated target of 850,000 cars.
“In November alone we exported 98,829 cars, increasing 32.6 per cent year on year,” Surapong Paisitpattanapong, vice president and spokesman of the automobile chapter of the FTI, said on Tuesday.
“FTI estimates total revenue from automotive export [cars, motorcycles and parts] can reach 1 trillion baht in 2021.”
FTI also reported that domestic automakers have produced 1,531,337 cars in the first 11 months of 2021, increasing 19.26 per cent compared to last year’s total production. November alone saw the output of 165,353 cars, which is the highest throughout the year. Of the 1.5 million cars produced, over 57 per cent have been earmarked for export.
“We expect local production to drop in December due to several public holidays, but the total production in 2021 will still exceed the target of 1.6 million cars,” he said.
Surapong also said that domestic sales of cars in November surged to 75,241 units, the highest in eight months thanks to government economic stimulus measures improving consumers’ confidence.
“Furthermore, with many countries unlocking their markets, more farmers and resellers have been buying vehicles to transport their produce,” he added.
FTI also said that in the first 11 months of 2021, Thailand has manufactured 2,092,051 motorcycles, up 15.01 per cent year on year. The production of motorcycles in November alone totalled 231,632 units, up by 8.23 per cent year on year.
The baht opened at 33.61 to the US dollar on Tuesday,weakening from Monday’s closing rate of 33.59.
The Thai currency is likely to move between 33.50 and 33.75 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht might weaken due to the worry from the Omicron variant of Covid-19 in the country. Investors should speculate the investment from foreign investors as they were previously invested in Thai stocks.
However, foreign investment could change the direction in the short term especially in the short term bonds.
Poon said that the baht might reach the key resistance level at 33.80 to the dollar if it continues to weaken. It could test the key resistance level at 34 to the dollar if it weakens past the previous level.
Poon said that the baht should strengthen in the short term according to the technical sign. He thought that the baht will not weaken much if foreign investors does not sell a large number of Thai assets.
The price of gold in Thailand on Tuesday morning was unchanged from Monday’s close.
A9.25am report from the Gold Traders Association showed the buying price of gold bar at THB28,500 per baht weight and selling price at THB28,600, while the buying and selling price of gold ornaments is THB27,985.36 and THB29,100, respectively.
The spot gold price on Tuesday morning was hovering around US$1,790 (THB60,292) per ounce after Comex gold at close on Monday dropped by $10.3 to $1,794.6 per ounce due to pressure from concerns after the US Federal Reserve signaled to raise interest rates three times next year, including the fact that investors have slowed down trading before the Christmas holidays.
The CPF Rak Ni-Ves, Pasak Watershed, Khao Phraya Doen Thong Project, a reforestation project of Charoen Pokphand Foods Public Company Limited.
The CPF Rak Ni-Ves, Pasak Watershed, Khao Phraya Doen Thong Project, a reforestation project of Charoen Pokphand Foods Public Company Limited, received a letter of recognition from Low Emission Support Scheme : LESS, initiated by the Greenhouse Gas Management Organization (Public Organization) as the project can remove greenhouse gas (GHG) of 18,807.300 tons of carbon dioxide equivalent.
This is the first year that the CPF Rak Ni-Ves, Pasak Watershed, Khao Phraya Doen Thong Project has participated in TGO’s assessment. Currently, 1,500 rai of natural reproduction promotion zone has been certified. The other areas will participate in LESS in the next phase.
TGO also certified 57 farms and factories of CP Foods for their efforts in promoting tree planting at workplace, storing 3,448.445 tons of carbon dioxide equivalent.
Wuthichai Sithipreedanant, Senior Vice President for Corporate Social Responsibility and Sustainable Development at CP Foods said that the company supports its operations across the country to reduce greenhouse gas emissions in an effort to mitigate the impacts of climate change. As a result, CP Foods has been participated in the TGO’s greenhouse gas reduction activities since 2015. This year, the TGO has certified 57 of CP Foods businesses that have assessed the amount of greenhouse gas reductions and storage from various activities.
“Our 1,720 rai green areas have a total greenhouse gas storage capacity of 3,448.445 tons of carbon dioxide equivalent,” he said.
The project is a collaboration between CP Foods, Government and the communities surrounding the Phraya Doen Thong Mountain to conserve and restore the forest as well as reforesting in the Phraya Doen Thong Mountain area, Phatthana Nikhom Sub-district, Phatthana Nikhom District, Lopburi Province. From 2016 to the present, CPF has been conducting activities to create engagement with employees, business partners, communities and stakeholders in order to restore the forest, promote biodiversity and building food security for the locals.
“CP Foods announces its CPF 2030 Sustainability in Action, focusing on reducing greenhouse gas emissions throughout the production process and increase over 20,000 rai of green space to support the Charoen Pokphand Group’s goal of planting 20 million trees, becoming a net zero carbon emissions organization by 2030, and supporting the United Nations Sustainable Development Goals (SDGs). Mr Wuttichai said.
In the last 7 years (2015-2021), Amount of carbon dioxide removed by CPF’s green area in our operation that have been certified LESS in forestry and agriculture scheme by TGO is 75,038.509 tons of carbon dioxide equivalent.
Energy Capital Vietnam (ECV), a US-based project holding and development company established in 2015 to serve as a platform for private investment into Vietnam, has announced that B.Grimm Power of Thailand and Siemens Energy have joined its consortium to develop an LNG-to-power project in Mui Ke Ga (MKG), Binh Thuan Province in Southern Vietnam.
Energy Capital Vietnam (ECV), a US-based project holding and development company established in 2015 to serve as a platform for private investment into Vietnam, has announced that B.Grimm Power of Thailand and Siemens Energy have joined its consortium to develop an LNG-to-power project in Mui Ke Ga (MKG), Binh Thuan Province in Southern Vietnam.
B.Grimm Power and ECV have signed a Joint Development Agreement (JDA), and B.Grimm Power intends to invest approximately $200 million in equity at financial close of the project. B.Grimm Power’s more than 20 years presence in Vietnam and expertise in operating gas fired power plants with a total capacity of more than 2’000 MW will ensure a smooth project implementation as well as reliable and efficient electricity production.
Siemens Energy and ECV have signed a Memorandum of Understanding (MOU), as Siemens Energy will deliver advanced technology equipment into the project to reduce the global carbon footprint by bringing cleaner burning gas to a still coal-dominated region. Further, Siemens Energy is evaluating to participate with construction equity to the project, which has an estimated total project cost of $1.75 billion.
“The world faces a major challenge to guarantee a sustainable energy supply that meets the enormous and ever increasing demand for energy to support economic development,” said Rich Reisig, Senior Vice President, Project Development and Investment at Siemens Energy. “At the same time, the increasing pace of climate change is pushing us to meet these needs more sustainably with the clear goal of achieving carbon neutrality. If gas helps us build a bridge by reducing CO2 emissions by a good two-thirds compared to coal, while guaranteeing security of supply, then we should use the bridge. Siemens Energy is proud to join ECV’s MKG project, as it is one of the most advanced and sophisticated LNG-to-power projects in Vietnam.”
“B.Grimm Power is excited to work with ECV, Siemens Energy and Maius to deliver the MKG LNG project on time and we welcome the timely issuance of Power Development Plan VIII,” said Dr. Harald Link, Chairman and President of B.Grimm Power. “We find great confidence in the innovative risk mitigation approach applied to the project as a cornerstone for the Vietnamese energy transition. As internationally recognized, LNG is a cleaner, cost-effective fuel alternative to coal. MKG LNG can help the energy transition in Vietnam in accordance with commitments made under the Paris Accords and at COP26.”
David Lewis, ECV Chairman and CEO, said the addition of B.Grimm and Siemens Energy as partners speaks to the strength of the MKG project in Vietnam.
“Partnering with B.Grimm and Siemens Energy bolsters ECV’s first-class LNG-to-power project that will provide critical energy security to Vietnam,” Lewis said. “Beyond world-class engineering competence and efficiency, B.Grimm and Siemens Energy take a comprehensive approach to the development by leveraging global relationships and experience to deliver turnkey solutions. Vietnam represents an untapped market for LNG as the country shifts away from coal and hydro for baseload supply while experiencing annual growth in electricity consumption nearing 10 percent. ECV saw this coming and has been on the ground since 2015 preparing for this energy transition opportunity.”
“Vietnam represents an untapped market for LNG as the country shifts away from coal and hydro for baseload supply while experiencing annual growth in electricity consumption nearing 10 percent. ECV saw this coming and has been on the ground since 2015 preparing for this energy transition opportunity.”
Vietnam is finalizing its Power Development Plan VIII (PDP8), which is expected to include ECV’s LNG-to-power project in Mui Ke Ga (MKG) near key manufacturing centers outside of Ho Chi Minh City. ECV signed an MOU with the People’s Committee of Binh Thuan Province in 2019 to develop a fully private, multi-phase LNG-to-power complex and received in-principle approval from the Prime Minister in 2020.
The MKG project will produce up to 3,600 MW of power using 3 MPTA of LNG. The project will utilize a Floating Storage and Regasification Unit (FSRU) to provide the most economical solution for importing LNG and will connect via subsea pipeline to an onshore power complex. The first phase of this project is slated to go into operation in 2025.
“To be part of the clean energy transition and to bring together strategic partners to support the ambitious growth of cleaner energy production in Vietnam, with a fully privately funded project in Vietnam is something we feel strongly about” said Stefan M. Rohmer, Maius GmbH CEO. “We are proud to contribute innovative sourcing solutions from international capital.”
Maius GmbH, a Swiss structuring and project finance advisor, advises ECV on the structuring of its debt and equity, strategic partnerships, and risk mitigation of the project. The solution uniquely integrates insurers, industrial partners and financiers, reducing and sharing the risk, thereby securing a significant reduction in project risk and finance cost.
Siam Sindhorn Co., Ltd. has successfully earned green building certification – LEED (Leadership in Energy and Environmental Design) of U.S. Green Building Council (USGBC) to all properties in Sindhorn Village Project
Siam Sindhorn, Bangkok – Siam Sindhorn Co., Ltd. has successfully earned green building certification – LEED (Leadership in Energy and Environmental Design) of U.S. Green Building Council (USGBC) to all properties in Sindhorn Village Project which consist of * Sindhorn Residence * Sindhorn Tonson * Sindhorn Lumpini * The Residences at Sindhorn Kempinski Hotel Bangkok * Baan Sindhorn * Sindhorn Kempinski Hotel Bangkok * Kimpton Maa-Lai Bangkok Hotel and Sindhorn Midtown Hotel Bangkok. As the project is located on a total area of 42 Rai in the heart of Bangkok, it is also one of the largest Mixed-Use Development in Southeast Asia.
In addition, this is the first and largest project in Thailand whose all its buildings have been certified by LEED because of their environmental friendliness that ranges from design to energy-saving material selection. As a result, occupants can be confident that they will enjoy higher living quality and save considerably more on expenses. An example of the innovations incorporated into these buildings is three-layered glass designed to prevent heat, UVs, and external noise, therefore rendering an atmosphere that is both conducive to healthy living and more energy efficient. The design utilizes open space and allows natural lights from outside to replace the internal energy consumption and offers scenic possibilities, for the residents to enjoy external view. Every unit has also been tested for its indoor air quality (IAQ) to limit PM10, Formaldehyde, TVOCs, and Carbon Monoxide to the levels that meet the standards. In addition, the required amount of fresh air intake has been calculated to comply with ASHRAE 62.1 so that every room is filled with clean and safe air essential for healthy living. Simply put, the project is undoubtedly one of Thailand’s pioneers in green and energy-efficient buildings.
Another direct benefit of LEED buildings, apart from lower operating costs such as a 10% saving on energy use and a 20% decrease in water consumption, is a 30-40% reduction in CO2 emissions due to green zones that account for more than 53% of the total area, material selection, and improved energy efficiency. These are the qualities that will not only add value to the area but also make the payback period of LEED buildings shorter than that of conventional ones.
Mr. Pramote Techasupatkul, Executive Director of Siam Sindhorn Co., Ltd. said “As an organization whose goal is to develop eco-friendly properties and to promote sustainability and users’ quality of life, we strive to push forward to develop Sindhorn Village, which includes Residential Building, Hotel and Commercial Building for rent, into full-scale Green Buildings. Today, we have achieved our goal to develop Sindhorn Village to become the first largest group of hotel and residential project in Thailand and the largest one in Southeast Asia to be awarded a certification.
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