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https://www.nationthailand.com/business/40003544

Thailand’s seven airlines plead for soft loans promised to them last year

The Thai Airlines Association, led by president Puttipong Prasarttong-Osoth and CEOs of all seven airline members, held a virtual press conference after all domestic flights were officially suspended as of Wednesday.

The objective of the conference was to follow up on the soft loans the government had earlier promised to allocate to all seven airlines. The request for the loans had been placed 478 days ago since the beginning of the outbreak in March last year. They also met Prime Minister Prayut Chan-o-cha on August 28, 2020, and again sent a follow-up letter in May this year. Yet there has been no progress.

In desperation, the association also slashed the amount requested from 24 billion baht to 5 billion baht, which will only allow the seven airlines to retain their workforce of about 20,000 people.

With the Covid-19 crisis worsening, the government has imposed travel restrictions, requiring the temporary suspension of all flights entering or exiting the 13 dark-red provinces, including Bangkok.

As a result, more than 170 aircraft have been grounded. However, the airlines must still bear the cost of employment totalling more than 900 million baht per month, not to mention continued operations and maintenance costs.

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The association said that since all seven airlines have been experiencing continuous losses, they cannot bear the cost burden if they don’t receive urgent help and remedies from the government.

Failure to have the needed support will affect future services and employment, with the spectre of significant disruption to restarting the airline industry in the future.

Hence, the association said, it is pleading with the government to urgently provide the requested soft loans to ease the looming damaging impact on eventual economic recovery.

Thailand’s tourism sector relies heavily on the aviation business, which is on the brink of dying if nothing is forthcoming from the government. Continued lack of action will have a major impact on the country’s tourism industry in general, it said.

“More than a year and a half has passed since the spread of Covid-19. All the while, seven airlines have been doing their best to help adjust their operations to simply survive and pull through this difficult situation. We fervently hope the government will now help expedite the approval process for soft loans as soon as possible because otherwise, we will soon be breathing our last breath,” Puttipong said.

Published : July 21, 2021

By : The Nation

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https://www.nationthailand.com/business/40003537

Rising Covid-19 cases expected to thump SET Index

The Stock Exchange of Thailand (SET) Index rose by 4.05 points or 0.26 per cent to 1,542.91 on Wednesday morning.

Krungsri Securities predicted the day’s index would fluctuate between 1,530 and 1,555 points due to concern that outbreaks of the Covid-19 Delta variant in the US and Europe will hit global economic recovery.

The SET Index would come under pressure due to rising domestic Covid-19 cases after daily infections reached a new high on Wednesday at 13,002 and 108 deaths, Krungsri Securities said.

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It recommended investors buy:

▪︎ Hana, KCE, TU, CPF, Asian and EPG, which benefit from a weakening baht.

▪︎ BCH, CHG, BDMS, HMPro, Global, DoHome, BEM, CKP, CBG, OSP, Ichi, GPSC, BEC, Gunkul, JWD, Wice, Sonic and NER, whose second-quarter business turnover is expected to improve.

The SET Index closed at 1,538.86 on Tuesday, down 17.15 points or 1.10 per cent. Transactions totalled THB92.95 billion with an index high of 1,552.38 and a low of 1,530.62.

Published : July 21, 2021

By : The Nation

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https://www.nationthailand.com/business/40003536

Added dollar purchases could affect the baht: bank strategist

The baht opened at 32.81 to the US dollar on Wednesday, weakening from Tuesday’s closing rate of 32.75.

The Thai currency is likely to move between 32.75 and 32.90 on Wednesday and between 32.60 and 33 this week, Krungthai Bank market strategist Poon Panichpibool said.

He explained that the weakening of the baht would spur some investors to purchase more dollars or other foreign currencies and this would affect the baht, causing the currency to move between 32.70 and 32.80 per US dollar. The psychologically resistant level of the baht was 33, he added.

Furthermore, the dollar tended to gain support as a safe haven asset at a time when market players were still concerned about the Covid-19 crisis around the world, Poon noted.

The worse the situation, the more the dollar would strengthen, he concluded.

Published : July 21, 2021

By : The Nation

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https://www.nationthailand.com/business/40003534

Gold price falls amid Covid worries worldwide

The price of gold in Thailand dropped by THB100 per baht weight in morning trade on Wednesday.

AGold Traders Association report at 9.33am showed the buying price of a gold bar at THB28,000 per baht weight and selling price at THB28,100, while gold ornaments cost THB27,500.24 and THB28,600, respectively.

At close on Tuesday, the buying price of a gold bar was THB28,100 per baht weight and selling price THB28,200, while gold ornaments cost THB27,591.20 and THB28,700, respectively.

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The spot gold price on Wednesday was US$1,807 (THB59,373) per ounce after Comex gold on Tuesday dropped by $2.20 to $1,811.40 per ounce due to a rise in the US bond yield.

The price had fallen despite mass buy-ups of safe-haven assets on worries over outbreaks of the Covid-19 Delta variant worldwide.

The Hong Kong gold price meanwhile dropped by HK$40 to $16,760 (THB70,854) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : July 21, 2021

By : The Nation

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https://www.nationthailand.com/business/40003520

Oil edges up alongside broader market gains as variant lingers

Oil edged higher as broader markets rebounded after a virus-fueled selloff on Monday.

Futures in New York rose as much as 1.5% on Tuesday with U.S. equities advancing. Oil declined the most since September on Monday, as countries around the world attempt to curb the spread of the highly transmissible delta variant of Covid-19.

“The Dow is up almost 500 points so it’s going to drag oil higher,” said Jay Hatfield, chief executive officer of Infrastructure Capital Management.

Oil’s upward trajectory has reversed in July as the spreading delta variant threatens the global economic recovery. The U.S. has warned citizens to not travel to the U.K. and Indonesia amid an increase in infections, and Singapore will tighten restrictions on dining-in and social gatherings. Goldman Sachs said the variant may curb global oil demand by 1 million barrels a day for a couple of months, though that’s offset by a slow production ramp-up from OPEC+.

“The market has yet to adjust to the idea that the end of the pandemic might not be a clear binary event and it might not be soon,” said Paul Horsnell, head of commodities research at Standard Chartered, adding that oil may have moved through the biggest period of supply tightness. “We believe we may be moving into a situation where economic decisions and the mobility possibilities open to consumers are still affected by the pandemic and remain so for an extended period.”

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Crude’s plunge Monday also put the global benchmark under technical pressure. Brent fell below its 100-day moving average for the first time since November, and below its 50-day moving average for the first time since May. Such moves can often spark additional selling from trend-following funds.

In the U.S., analysts surveyed by Bloomberg estimate a crude stockpile decline of about 4.2 million barrels last week. The industry-funded American Petroleum Institute will release inventory data Tuesday afternoon, while the U.S. government will release its weekly tally on Wednesday.

Published : July 21, 2021

By : Syndication Washington Post, Bloomberg · Jill R. Shah

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https://www.nationthailand.com/business/40003519

Stock traders buy the dip as cyclicals drive rally

Dip buyers emerged a day after a tumultuous trading session, driving stocks to their biggest rally since March.

The S&P 500 almost erased its Monday’s slide as traders shrugged off concern that the coronavirus resurgence would curtail the economic recovery. Cyclical companies, which got pummeled during the sell-off, were the ones leading gains on Tuesday. A gauge of small caps climbed about 3%. For several investors, the recent rout was just another buying opportunity in an environment of solid corporate earnings, government stimulus and ultra-easy monetary policy.

“Pretty amazing rebound, really,” said JJ Kinahan, chief market strategist at TD Ameritrade. “That buy-the-dip mentality has played well. It’s like a football coach that runs the same play that keeps working. There’s no reason to change that play. It’s certainly working again.”

In fact, it was during Monday’s sell-off that BNY Mellon Wealth Management’s Alicia Levine said she got out her “shopping list.”

Levine said in a Bloomberg TV and Radio interview that she remains “very bullish” on stocks. For Bill Callahan, an investment strategist at Schroders, “equities just make sense right now,” and dip buyers will be rewarded as the market continues to grind higher.

On the economic front, data showed U.S. housing starts increased in June by more than forecast, suggesting residential construction is stabilizing despite lingering supply-chain constraints and labor shortages.

Elsewhere, Bitcoin dropped below $30,000 for the first time in about a month. Some traders view that level as a key support that could open the way to more losses.

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Here are some of the main market moves:

Stocks

– The S&P 500 rose 1.5% as of 4 p.m. EDT

– The Nasdaq 100 rose 1.2%

– The Dow Jones industrial average rose 1.6%

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– The MSCI World index rose 0.9%

– The Russell 2000 Index rose 3%

Currencies

– The Bloomberg Dollar Spot Index was little changed

– The euro fell 0.2% to $1.1781

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– The British pound fell 0.3% to $1.3630

– The Japanese yen fell 0.3% to 109.83 per dollar

Bonds

– The yield on 10-year Treasurys advanced two basis points to 1.21%

– Germany’s 10-year yield declined two basis points to -0.41%

– Britain’s 10-year yield was little changed at 0.56%

Commodities

– West Texas Intermediate crude rose 1.5% to $67.42 a barrel

– Gold futures were little changed

Published : July 21, 2021

By : Syndication Washington Post, Bloomberg · Rita Nazareth, Vildana Hajric

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https://www.nationthailand.com/business/40003516

Bitcoin slides below $30,000 level for the first time in a month

A selloff in Bitcoin accelerated Tuesday, pushing it below $30,000 for the first time in about a month.

The largest digital coin fell 3.6% to $29,667 as of 7 a.m. in New York. Other virtual currencies also retreated, including second-ranked Ether. The Bloomberg Galaxy Crypto Index was down about 4%.

Some traders had viewed $30,000 as a key support that might open the way to more losses if breached. Further big declines from here could rattle the cryptocurrency market and even exacerbate a wider flight from risk assets such as stocks. Global equities are falling due to fears of slowing economic growth and the relentless spread of the delta variant of Covid-19.

“We’re going to need to form another base first before resuming another bull trend,” said Vijay Ayyar, head of Asia Pacific with cryptocurrency exchange Luno in Singapore. “We are going to be ranging between $20,000 and $40,000 for the rest of the year.”

Narratives that had propelled bitcoin to a mid-April record of almost $65,000 are now being questioned. Some had argued the digital asset could act as a hedge against inflation due to its limited supply. But bitcoin’s 2% advance this year lags behind the S&P 500’s 13% advance.

“Investors who are allocating to crypto know that volatility is going to be part of it,” Grayscale Investments CEO Michael Sonnenshein said in an interview on Bloomberg TV.

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Bitcoin has been hit by many setbacks of late, including China’s regulatory crackdown — partly over concerns about high energy consumption — and progress in central bank digital-currency projects that could squeeze private coins.

The creator of meme-token Dogecoin recently lambasted crypto as basically a sham, and the appetite for speculation is generally in retreat.

Officials around the world are also intensifying scrutiny of cryptocurrencies. On Monday, Treasury Secretary Janet Yellen pushed top U.S. financial regulators to accelerate their consideration of new rules to police so-called stablecoins.

Published : July 21, 2021

By : Syndication Washington Post, Bloomberg · Eric Lam

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https://www.nationthailand.com/business/40003509

SET drops more than 1% for second day running

The Stock Exchange of Thailand (SET) Index closed at 1,538.86 on Tuesday, down 17.15 points or 1.10 per cent. Transactions totalled THB92.95 billion with an index high of 1,552.38 and a low of 1,530.62.

The SET was down more than 1 per cent for the second day running, after dropping 1.17 per cent yesterday.

In the morning session, Krungsri Securities predicted the index on Tuesday would fall to between 1,545 and 1,550 points due to concern that the Covid-19 Delta outbreak will hit global economic recovery.

It added that the oil price was also falling sharply and foreign funds were flowing out of the Thai stock market.

“However, mass buy-ups of shares that have gained positive sentiment from expectation of improved second-quarter turnover should help the index to rebound,” Krungsri Securities said.

The 10 stocks with the highest trade value today were PTT, SNNP, KBANK, GUNKUL, AOT, ADVANC, BANPU, IVL, GPSC and PTTGC.

Other Asian indices were down with one exception:

Japan’s Nikkei Index closed at 27,388.16, down 264.58 points or 0.96 per cent.

China’s Shanghai SE Composite Index closed at 3,536.79, down 2.33 points or 0.066 per cent, while the Shenzhen SE Component Index closed at 15,011.35, up 18.45 points or 0.12 per cent.

Hong Kong’s Hang Seng Index closed at 27,259.25, down 230.53 points or 0.84 per cent.

South Korea’s KOSPI closed at 3,232.70, down 11.34 points or 0.35 per cent.

Taiwan’s TAIEX closed at 17,528.74, down 260.51 points or 1.46 per cent.

Published : July 20, 2021

By : The Nation