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https://www.nationthailand.com/business/40007514

The Stock Exchange of Thailand (SET) Index closed at 1,640.97 on Thursday, down 2.67 points or 0.16 per cent. Transactions totalled 84.95 billion baht with an index high of 1,648.62 and a low of 1,637.42.

The index dropped after rising slightly by 0.62 per cent on Tuesday.

In the morning session, Krungsri Securities expected the day’s index would rise to the resistance line between 1,650 and 1,660 points on the government plan to reopen the country.

According to the government’s plan, fully vaccinated travellers from low-risk countries will be allowed to enter the country without mandatory quarantine from November 1 this year.

It added that the index also gained positive sentiment from the rising oil price of over US$80 per barrel.

“However, the index would be under pressure due to rising US September Consumer Price Index (CPI) and the US Federal Reserve signalling it would taper its quantitative easing programme this year,” Krungsri Securities said.

Related news:

• SET expected to rise on country reopening, rising oil price
• Baht strengthens after investors buy stocks, gold price rise
• Gold price surges amid the US high inflation numbers

The 10 stocks with the highest trade value today were AOT, U, TRUE, KBANK, CPALL, IRPC, PTT, BANPU, CPN and PTTEP.

Other Asian indices were up except Indexes in China:

Japan’s Nikkei Index closed at 28,550.93, up 410.65 points or 1.46 per cent.
China’s Shanghai SE Composite closed at 3,558.28, down 3.48 points or 0.10 per cent, while the Shenzhen SE Component closed at 14,341.38, down 11.70 points or 0.08 per cent.
Hong Kong’s Hang Seng Index closed at 25,020.34, up 57.75 points or 0.23 per cent.
South Korea’s KOSPI Index closed at 2,988.64, up 44.23 points or 1.50 per cent.
Taiwan’s TAIEX Index closed at 16,387.28, up 39.29 points or 0.24 per cent.

Published : October 14, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007510

The Revenue Department has collected THB1.87 trillion in taxes for fiscal year 2021 (ending September 2021), missing the target by approximately THB215 billion.

“The Finance Ministry had earlier this year set a collection target of THB2.085 trillion for the department,” said Ekniti Nitithanprapas, director-general of the Revenue Department. “However, this number was later adjusted down to THB1.75 trillion when factoring in the impact of Covid-19 that has escalated in Thailand since April.”

Ekniti said the department had been focusing on collecting taxes from businesses that were yet to be affected by the outbreak, such as hospitals and medical supplies.

“Furthermore, we have been using data analytics technology to tax those who were previously not included in the taxation system, which has helped revenue to surpass the adjusted target by about THB120 billion,” he added.

Meanwhile, the Excise Department has reported revenue collection of THB540 billion in fiscal year 2021, lower than the expected THB630 billion.

The department still could not achieve the Finance Ministry’s adjusted target due to the worsening Covid-19 situation, which has been lowered to THB550 billion.

Department director-general Lavaron Sangsnit said the government’s lockdown orders to prevent Covid-19 from spreading further have significantly reduced fuel consumption in the transport sector and therefore affected the collection of oil fuel tax, which is the department’s major source of revenue.

Customs Department director-general Patchara Anuntasilpa meanwhile said his department had collected THB102 billion in tariffs for fiscal year 2021, slightly lower than the original target of THB104 billion but higher than the adjusted target of THB100 billion.

“As for the next fiscal year, the department has been given the same target of THB100 billion, which we are confident we can achieve as the unlocking of economic activities in many parts of the country will lead to increased imports of capital goods,” Patchara said.

“Furthermore, Thailand is likely to import more agricultural products from neighbouring countries to supplement domestic supplies that have been affected by the flood situation,” he added.

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Published : October 14, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007496

The baht opened at 33.17 to the US dollar on Thursday, strengthening from the previous closing rate of 33.45.

The Thai currency is likely to move between 33.10 and 33.30 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht might strengthen as foreign investors are buying Thai stocks because they expected the economy to recover after the country opening next month. 

Meanwhile, investors sold gold after the price increased caused the baht to strengthen in the short term.

Poon said that the baht might strengthen and the support level would be 33 to the US dollar. The baht will not strengthen much soon as the Covid-19 situation is still worrying and the basic factor was not fully recovered.

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Published : October 14, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007495

The price of gold rose sharply by THB250 in morning trade on Thursday, reported the Gold Trader Association.

Areport at 9.28am said the buying price of a gold bar was THB28,050 per baht weight and selling price THB28,150, while the buying and selling price of gold ornaments is THB27,545.72 and THB28,650, respectively.

At close on Wednesday, the buying price of a gold bar was THB27,800 per baht weight and selling price THB27,900, while gold ornaments were THB27,303.16 and THB28,400, respectively. 

The spot gold price on Thursday morning hovered around US$1,789 (THB59,376) per ounce after Comex gold at close on Wednesday surged by $35.4 to $1,794.7 per ounce due to support in buying gold as a safe-haven asset after the US released the inflation numbers which were higher than expected, and in addition, the gold market also gained positive factors driven by the depreciation of the US dollar and the lower US bond yields.

Related news:

• SET expected to rise on country reopening, rising oil price
• Chamber of Commerce suggests increasing vaccination rate before reopening the country
• Bitcoin ETF approval may actually disappoint the bulls

Published : October 14, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007492

Krungsri Securities expected the Stock Exchange of Thailand (SET) Index on Thursday would rise to the resistance line between 1,650 and 1,660 points on the government plan to reopen the country.

According to the government’s plan, ully vaccinated travellers from low-risk countries will be allowed to enter the country without mandatory quarantine from November 1 this year.

It added that the index also gained positive sentiment from the rising oil price of over US$80 per barrel.

“However, the index would be under pressure due to rising US September Consumer Price Index (CPI) and the US Federal Reserve signalling it would taper its quantitative easing programme this year,” Krungsri Securities said.

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

▪︎ AOT, AAV, BA, MINT, KBANK, SCB, CPN, CRC, HMPRO, CPALL, AMATA, WHA, MAJOR, BTS and BEM, which benefit from the country reopening.

▪︎ PTT, PTTEP, TOP, PTTGC, SPRC and BCP, which benefit from rising oil price and gross refining margin.

Related stories:

• Baht strengthens after investors buy stocks, gold price rise
• Gold price surges amid the US high inflation numbers
• Markets wrap: Megacap tech rallies as 10-year bond yield drops

The SET Index rose by 3.40 points or 0.21 per cent to 1,647.04 on Thursday morning, witnessing a high of 1,648.62 and a low of 1,643.74 in opening trade.

Published : October 14, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007491

The Thai Chamber of Commerce (TCC) has urged the government to increase vaccination rate against Covid-19 especially in second and third jabs before the planned reopening on November 1 using the help of private sector.

Prime Minister Gen Prayut Chan-o-cha announced on Monday that the country will be reopening next month, whereas tourists from initial 10 low-risk countries will be allowed to travel to Thailand without having to quarantine provided they are fully jabbed and test negative. The list will be expanded to cover more countries in the first week of December and then again in January 2022.

“Private entrepreneurs who have been serving as vaccination units outside the hospitals are ready to support the campaign to provide 2nd and 3rd jabs to as many people as possible,” said TCC chairman Sanan Angubolkul on Wednesday. “Furthermore, the government must push out Covid-free setting measures to help strengthen the confidence of foreign visitors in Thailand’s safety, such as providing free ATK testing periodically to detect new cluster cases before they escalate.”

TCC also proposed that the government uses the Digital Health Pass approach to increase the capacity in which we can welcome foreign visitors while creating positive travel experience. “More visitors mean faster economic recovery not only in the tourism industry, but in other related sectors as well,” he said. “To achieve this, Thailand needs systematic and effective disease control measures to make sure that new wave of infections will not happen.”

Sanan estimated that after the reopening, Thailand will be welcoming additional 100,000 foreign visitors per month, which will help contribute to the expansion of gross domestic product (GDP) in 2021, but will still be in the range of previously estimated 0-1 per cent.
 

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Published : October 14, 2021

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007480

“Participants noted that if a decision to begin tapering purchases occurred at the next meeting, the process of tapering could commence with the monthly purchase calendars beginning in either mid-November or mid-December,” the Fed said in its minutes.

U.S. Federal Reserve officials broadly agreed last month the central bank could start tapering asset purchases in mid-November or mid-December, according to the minutes of the Fed’s recent policy meeting released Wednesday.

“Participants noted that if a decision to begin tapering purchases occurred at the next meeting, the process of tapering could commence with the monthly purchase calendars beginning in either mid-November or mid-December,” the Fed said in the minutes of its Sept. 21-22 meeting.

“Participants generally assessed that, provided that the economic recovery remained broadly on track, a gradual tapering process that concluded around the middle of next year would likely be appropriate,” the minutes said.

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The Fed has pledged to continue its asset purchase program at least at the current pace of 120 billion U.S. dollars per month until “substantial further progress” has been made on employment and inflation. The central bank will hold its next policy meeting on Nov. 2-3.

Under plans discussed last month, the Fed would taper its 80 billion dollars in monthly U.S. Treasury purchases by 10 billion dollars a month, and it would reduce its 40 billion dollars in mortgage-backed securities purchases by 5 billion dollars a month, according to the minutes.

“Participants generally commented that the illustrative path provided a straightforward and appropriate template that policymakers might follow, and a couple of participants observed that giving advance notice to the general public of a plan along these lines may reduce the risk of an adverse market reaction to a moderation in asset purchases,” the minutes said.

Published : October 14, 2021

By : Xinhua

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40007478

The long-awaited greenlight from U.S. regulators for a Bitcoin exchange-traded fund might turn into a sell-the-news event.

Building speculation that the Securities and Exchange Commission could approve a futures-backed product as soon as this week has been touted as a catalyst for bitcoin’s torrent resurgence, with a deadline for a decision fast approaching. Crypto promoters such as Anthony Pompliano of Morgan Creek Digital Assets have seized upon the idea, tweeting that things could “get insane.”

Other industry veterans aren’t so sure. Given the ease of access to cryptocurrency markets relative to previous years, it’s unclear that a bitcoin ETF launch would spark a flood of demand, according to Juthica Chou, head of over-the-counter trading at Kraken Digital Asset Exchange. Individuals can already buy and sell digital assets on crypto exchanges worldwide and through more retail-oriented platforms such as PayPal and Square. Meanwhile, institutional investors have been able to gain crypto exposure through vehicles such as the Grayscale Bitcoin Trust — though plagued by persistent discounts — for years.

“Onboarding for individual investors, for retail, for institutions is already a lot better and safer and more approachable than let’s say crypto was back in 2017,” Chou said on Bloomberg’s “QuickTake Stock” streaming program. “An ETF will definitely be a positive, it’ll expand the breadth of the participants that can start buying Bitcoin and taking part in the ecosystem but it won’t be as impactful as it would have been years ago because we’re already seeing the institutional demand.”

Nevertheless, the optimism helped the world’s largest cryptocurrency soar to almost $58,000 this week for the first time since May. Bitcoin has surged by over 80% since breaking below $30,000 in late July.

The speed of the rebound could be setting bulls up for disappointment, with Bitcoin briefly entering overbought territory on its 14-day relative strength index. Not to mention, the past few months are checkered with pop-and-fizzle happenings, from Coinbase Global Inc.’s direct listing in April to El Salvador’s rollout of Bitcoin as legal tender in September.

For Stephane Ouellette, chief executive officer of the crypto-focused platform FRNT Financial Inc., ETF approval would undoubtedly be good news but would be far from a “gamechanger” at this point.

“Ultimately, I’m not sure this incrementally adds much access for investors who are struggling to access the space,” Ouellette said. “That said, were an ETF to be approved every US-based trading platform would conceivably offer access to Bitcoin exposure where only some do now.”

It’s been a long road to ETF advocates, with Cameron and Tyler Winklevoss, the twins best known for their part in the history of Facebook Inc., filing the first application for a Bitcoin ETF in 2013. In August, SEC Chair Gary Gensler signaled that policy makers may be more open to an ETF if it were based around futures rather than the cryptocurrency itself, setting the stage for a likely decision based on a deadline for approval or rejection of current futures-based ETF applications.

Even if approved, a futures-backed fund could limit the positive impact, according to Bloomberg Intelligence’s Eric Balchunas. Futures-linked ETFs are “not ideal” given that the ETF has to roll forward the futures contracts, which eats into performance, he said.

“Investors generally don’t like derivatives, and a lot of advisors don’t like derivatives,” Balchunas said on Bloomberg’s “QuickTake Stock” program. “A physically backed ETF would be a major catalyst. I see this as a very minor catalyst.”

Published : October 14, 2021

By : Bloomberg