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https://www.nationthailand.com/business/40002681

Semi-lockdown in 6 provinces to cost at least THB40 billion: Kasikorn

The month-long partial lockdown in six provinces will cost Thailand at least 40 billion baht, according to analysis by Kasikorn Research Centre (KResearch).

From Monday, construction sites were shut and restaurant dining banned in Covid-19 dark-red zone provinces of Bangkok, Nakhon Pathom, Nonthaburi, Pathum Thani, Samut Prakan and Samut Sakhon.

KResearch estimates the 30-day measure will wipe 0.25 per cent off Thailand’s gross domestic product (GDP).

The government has allocated a relief budget of 8.5 billion baht to help businesses and workers affected by the restrictions.

However, KResearch said the partial lockdown would have a spillover effect on other groups in the business and supply chains. Also, construction firms may face legal problems related to contract deadlines, with penalties for delayed work potentially adding to their cost burden.

The research house said the situation ahead is still full of uncertainties. The effects would be limited if the restrictions are lifted after one month, but if daily infections do not decrease, the damage would increase and affect a wider range of people, it added.

Published : June 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40002677

SET down as Thailand logs record Covid fatalities

The Stock Exchange of Thailand (SET) Index closed at 1,587.79 on Wednesday, down 3.64 points or 0.23 per cent. Transactions totalled THB83.59 billion with an index high of 1,600.57 and a low of 1,584.47.

In the morning session, Krungsri Securities expected Wednesday’s index to rise to 1,600 points on strong US consumer confidence and house price indices.

It said the index also gained positive sentiment from speculation on shares to be listed on the SET50 and SET100 indices on Wednesday.

“However, the index would be under pressure due to volatile foreign fund inflows and higher Covid-19 cases in Thailand,” Krungsri Securities said. Thailand logged a record tally of 53 deaths and 4,786 new cases on Wednesday.

The 10 stocks with the highest trade value today were KCE, SCGP, HANA, RCL, KBANK, PTT, AWC, SCC, NEX and EA.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 28,791.53, down 21.08 points or 0.073 per cent.

China’s Shanghai SE Composite Index closed at 3,591.20, up 18.02 points or 0.50 per cent, while the Shenzhen SE Component Index closed at 15,161.70, up 161.90 points or 1.08 per cent.

Hong Kong’s Hang Seng Index closed at 28,827.95, down 166.15 points or 0.57 per cent.

South Korea’s KOSPI closed at 3,296.68, up 10.00 points or 0.30 per cent.

Taiwan’s TAIEX closed at 17,755.46, up 157.27 points or 0.89 per cent.

Published : June 30, 2021

By : The Nation

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Ministry speeds up land-reclamation process for airport rail link

The Transport Ministry said it is accelerating the process of delivering land for the high-speed railway linking Thailand’s three main airports – Don Mueang, Suvarnabhumi and U-Tapao.

The airport rail link is in line with the development of the Eastern Economic Corridor (EEC).

Chayatham Phromsorn, the ministry’s permanent secretary, said the State Railway of Thailand (SRT)’s job of delivering 5,521 rai of land between Suvarnabhumi and U-Tapao airports is more than 88 per cent complete.

He added that he expects all the land required for the project to be reclaimed and delivered by September.

Ministry speeds up land-reclamation process for airport rail link

So far, the following has been completed in the land-reclamation project:

• SRT has completed 634 of its 737 contracts. The completed contracts account for 3.59 billion baht of the total 4.12 billion.

• The process of migrating residents out of the reclaimed land is 100-per-cent complete.

• Public utilities in 257 points have been dismantled, while 396 points are still being worked upon.

Chayatham said the contractor was preparing to kick off construction and the setting up of a management system for the airport rail link.

“We expect the contractor to commence operations by October,” he added.

Separately, Kanit Sangsubhan, secretary-general of the EEC Policy Committee, said the panel will negotiate with the contractor to speed up the Bang Sue-Don Mueang line, so it matches the setting up of the Thailand-China high-speed railway project.

Published : June 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40002626

Baht feels the heat from Covid-19 situation

The baht opened at 32.11 to the US dollar on Wednesday, weakening from Tuesday’s closing rate of 32.02.

The Thai currency is likely to move between 32.05 and 32.20 during the day, Krungthai Bank market strategist Poon Panichpibool said.

The most important factor influencing the direction of the baht is the Covid-19 situation in Thailand and in other countries, Poon pointed out.

He added that the US economy is recovering and market players are tending to hold more dollars, leading to the US currency strengthening.

Poon predicted that importers would buy dollars during this time as the baht weakens.

Published : June 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40002625

Skittish foreign fund inflow, increasing Covid-19 cases set to pressure SET

The Stock Exchange of Thailand (SET) Index rose by 6.92 points or 0.43 per cent to 1,598.35 on Wednesday morning.

Krungsri Securities expects the day’s index to rise to 1,600 points on strong US consumer confidence and house price indices.

It said the index also gained positive sentiment from speculation in shares to be listed on the SET50 and SET100 indices on Wednesday.

“However, the index would be under pressure due to volatile foreign fund inflows and higher Covid-19 cases in Thailand,” Krungsri Securities pointed out.

It recommended investors buy:

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

▪︎ BCH, CHG, BDMS, HMPro, BEM, CKP, CBG, PSL and TTA, whose second-quarter turnover is expected to improve.

▪︎ KCE, IRPC, STA and STGT, which will be listed on the SET50 Index on Wednesday.

▪︎ AAV, Ichi, NRF, PSL, PTL, Singer, STGT, Synex and TKN, which will be listed on the SET100 Index on Wednesday.

The SET Index closed at 1,591.43 on Tuesday, up 12.26 points or 0.78 per cent. Transactions totalled THB79 billion with an index high of 1,596.08 and a low of 1,579.44.

Published : June 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40002623

Gold down in opening trade

The price of gold dropped by THB50 per baht weight in morning trade on Wednesday due to a strengthening dollar and strong US economic data.

AGold Traders Association report at 9.29am showed the buying price of a gold bar at THB26,700 per baht weight and selling price at THB26,800, while gold ornaments cost THB26,226.80 and THB27,300, respectively.

At close on Tuesday, the buying price of a gold bar was THB26,750 per baht weight and selling price THB26,850, while gold ornaments cost THB26,272.28 and THB27,350, respectively.

The spot gold price on Wednesday was US$1,765 (THB56,581) per ounce after Comex gold on Tuesday fell by $17.10 to $1,763.60 per ounce.

The Hong Kong gold price meanwhile dropped by HK$40 to $16,320 (THB67,373) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : June 30, 2021

By : The Nation

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40002609

Stimulus Pandexit is next challenge as recovery quickens

Central banks and governments were quick to buttress the world economy as the Covid-19 pandemic erupted. The bigger challenge will be weaning it off the unprecedented support theyve deployed, according to the Bank for International Settlements.

As economies rebound, officials will need to enact more targeted fiscal measures to preserve policy space, the Basel-based institution said in its annual report released Tuesday, alongside a speech entitled “Central Banks Facing Pandexit Challenges.”

In light of the pick-up in consumer price pressures — which are probably temporary — policy makers will also need to strike a balance between reassuring markets they’re willing to support growth and showing they’re prepared to fight inflation.

“Monetary policy will have to be flexible and prudent,” Agustin Carstens, general manager of the BIS and former governor of the Mexican central bank, said in the speech. “Accommodative policies are still needed, although the recovery could be fast. Careful communication will be at a premium to smooth the ride.”

Central banks around the world are starting to rein in the largess of the past 16 months as the recovery takes hold, albeit unevenly.

The Federal Reserve is gradually approaching the moment when it reduces support, with counterparts in the U.K., Canada, Norway, Sweden, South Korea and New Zealand among those charting a course toward a pullback. Mexico, Hungary and the Czech Republic raised interest rates last week, following hikes in 2021 from Brazil, Turkey and Russia.

“What is key is that central banks have to be very watchful, in particular advanced economy central banks, in looking at the performance of inflation expectations,” Carstens told Bloomberg Television’s Guy Johnson and Alix Steel in an interview.

“They should be very watchful” to ensure such expectations don’t become de-anchored, he said. “So far we haven’t seen that, and that is a good omen.”

With a record of urging policymakers to control ballooning asset prices, the BIS noted that house prices had risen more steeply during the pandemic than fundamentals would suggest, increasing the sector’s vulnerability if borrowing costs rise.

The BIS, a forum for central banks, highlighted other challenges, both short- and longer-term, including the risk of rising corporate insolvencies and the need for regulators to ensure banks keep lending to businesses without taking on too much risk.

Changing demand patterns, as more people choose to work from home permanently, as well as fine-tuning policy guidance so that investors don’t just focus on diary events, will present further challenges, the BIS said.

To prepare for future crises, officials will eventually need to restore their room to maneuver on both fiscal and monetary policy. Rising pressure on central banks to keep interest rates low to help governments manage their strained finances may complicate that task, according to the BIS.

If interest rates return to the levels of the 1990s, debt-service costs could exceed wartime highs, it said.

“Tasks for the longer term center on rebuilding safety margins and the interactions between monetary and fiscal policy,” Carstens said. “It is essential to put public finances on a sustainable path and preserve central bank independence.”

Published : June 30, 2021

By : Syndication Washington Post, Bloomberg · Catherine Bosley

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https://www.nationthailand.com/business/40002608

Stocks defy valuation worries, closing at record

For all the talk about inflated equity prices, a peak in earnings growth and the spread of a highly infectious coronavirus strain, stocks managed to close at another record.

In what some traders called a boring trading session, the S&P 500 eked out a gain of less than 0.1%. The benchmark gauge of American shares also remained on track for its fifth straight monthly advance — the longest run since August. Technology and retail companies rose, while financials underperformed even after some of the largest Wall Street banks boosted payouts to shareholders.

Investors have been weighing possible risks to the rally that drove equities up more than 90% from last year’s lows amid expectations that this quarter will mark the peak of a profit recovery from the depths of the pandemic. BlackRock Investment Institute strategists are dialing down their excitement for U.S. stocks, saying that potentially higher taxes and more regulations could pose “challenges” to the market.

“Investors are probably taking a minute to reassess their near-term outlook,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors. “With momentum fading, stocks likely need a meaningful catalyst from here.”

These are some of the main moves in markets:

Stocks

The S&P 500 was little changed as of 4 p.m. EDT

The Nasdaq 100 rose 0.3%

The Dow Jones industrial average was little changed

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The MSCI World index was little changed

Currencies

The Bloomberg Dollar Spot Index rose 0.2%

The euro fell 0.2% to $1.1900

The British pound fell 0.2% to $1.3850

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The Japanese yen was little changed at 110.55 per dollar

Bonds

The yield on 10-year Treasurys was little changed at 1.47%

Germany’s 10-year yield advanced two basis points to -0.17%

Britain’s 10-year yield advanced two basis points to 0.74%

Commodities

West Texas Intermediate crude rose 0.7% to $73.40 a barrel

Gold futures fell 1.1% to $1,761.40 an ounce

Published : June 30, 2021

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