SET gains, but worries over Covid-19, foreign fund flows cast shadow
The Stock Exchange of Thailand (SET) Index rose by 4.05 points or 0.26 per cent to 1,563.28 in the morning session on Wednesday. The volume of transactions was THB5.84 billion, with an index high of 1,567 and a low of 1,563.14.
AKrungsri Securities analyst forecast that the SET index would fluctuate between 1,550 and 1,570 points as investors awaited the outcome of an important US Federal Reserve meeting.
The Fed is expected to maintain the interest rate at 0.25 per cent and continue its quantitative easing policy.
“Meanwhile, uncertainty over higher Covid-19 cases in Thailand and volatility in foreign fund flows would pressure the index,” the analyst predicted.
He recommended investors buy:
▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.
▪︎ PTTEP, PTTGC and IVL, which benefit from the rising oil price.
▪︎ PTTGC, IVL, EPG, SCGP, SCC, CPF, BCH, CHG, STGT, Global, DoHome, CoM7, Synex, Stark and TWPC, whose first-quarter turnover is expected to improve.
The SET Index closed at 1,559.23 on Tuesday, down 0.30 points or 0.02 per cent. The volume of total transactions was THB97.52 billion, with an index high of 1,570.58 and a low of 1,553.03.
The baht opened at 31.36 to the US dollar on Wednesday, strengthening from its close of 31.43 on Tuesday.
The Thai currency is likely to move between 31.30 and 31.45 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He predicted that the baht would fluctuate on Wednesday over concern of the Covid-19 situation in Thailand.
However, the baht would weaken slightly as exporters aim to sell the currency when it goes to 31.45-31.50 per US dollar.
Poon warned that foreign investors could sell their Thailand assets in case the virus situation worsened. In this situation, the baht would be weaker, despite a stable dollar, he added.
Gold price falls by THB100 ahead of US Fed meeting
The price of gold in Thailand dropped by THB100 per baht weight in morning trade on Wednesday as investors delayed trading to follow the outcome of a key Federal Reserve meeting and the US first-quarter gross domestic product.
AGold Traders Association report at 9.22am showed the buying price of a gold bar was THB26,250 per baht weight and selling price THB26,350, while gold ornaments were priced at THB25,772 and THB26,850, respectively.
At close on Tuesday, the buying price of a gold bar was THB26,350 per baht weight and selling price THB26,450, while gold ornaments cost THB25,878.12 and THB26,950, respectively.
The spot gold price on Wednesday touched US$1,772 (THB55,656) per ounce compared to Tuesday, when it dropped by $1.30 to $1,778.80 per ounce.
The Hong Kong gold price on Wednesday dropped by HK$60 to $16,410 (THB66,398) per tael, the Chinese Gold and Silver Exchange Society reported.
Tech stocks retreat with megacap earnings in focus
U.S. technology stocks fell as investors turned their attention to a batch of earnings from industry heavyweights that have helped drive the market to all-time highs.
The Nasdaq 100 dropped for the first time in three sessions, weighed down by declines in tech heavyweights including Tesla Inc. and Alphabet Inc. The S&P 500 closed little changed after swinging between gains and losses throughout the day. United Parcel Service Inc. soared to a record after beating Wall Street’s profit estimates.
Tesla ended a two-day streak of gains after its results failed to impress investors. 3M Co. was the biggest drag on the Dow Jones industrial average after it warned that higher costs for raw materials and transportation is a worsening threat. Google parent Alphabet climbed more than 4% postmarket, erasing its cash-session decline after profit and revenue exceeded analysts’ estimates. Microsoft Corp. reversed a gain and dropped 3.5% as investors parsed its results.
Apple Inc. and Amazon.com Inc. are set to release results later this week.
While the earnings season has been generally strong so far, investors may be waiting for more robust beats to fan the next move higher. Four out of five S&P 500 companies that have released results have either met or beaten expectations. On average, shares have gained less than 0.1% after the reports, according to data compiled by Bloomberg.
“Earnings optimism already was largely embedded into expectations moving into the current earnings period, so investors are looking for substantially outsized positive results, without which stock price advances will be muted and, like today, could take a hit,” said Greg Bassuk, chief executive officer at AXS Investments.
Meanwhile, U.S. data this week are expected to show growth accelerated to an annualized 6.8% in the first quarter. A Conference Board measure Tuesday showed consumer confidence reached the highest since February 2020 as Americans grew more upbeat about the economy and job market.
Such reports aren’t shifting the Federal Reserve’s highly accommodative stance, with the central bank expected to keep policy unchanged at this week’s meeting.
“Since the last Fed meeting, strong economic expectations have started to make their way into the data,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “We’re seeing that reflected not only on the economic side but also in pretty impressive earnings reports on the whole.”
The Stoxx Europe 600 Index slid as investors weighed the scope for further gains. HSBC Holdings Plc rose after saying quarterly earnings more than doubled and returning to profit in Europe and the U.S.
The Bloomberg Commodity Index climbed for a seventh day as copper extended a rally on the Biden administration’s plans for a large infrastructure package. Oil climbed after OPEC+ projected a strong recovery beyond near-term demand destruction from India’s covid-19 surge.
These are some of the main moves in markets:
Stocks
– The S&P 500 was little changed as of 4:01 p.m. EDT
– The Nasdaq 100 fell 0.4%
– The Dow Jones industrial average was little changed
– The MSCI Emerging Markets Index was little changed
Currencies
– The Bloomberg Dollar Spot Index rose 0.2%
– The euro was little changed at $1.2089
– The British pound was little changed at $1.3906
– The Japanese yen fell 0.6% to 108.74 per dollar
Bonds
– The yield on 10-year Treasurys advanced six basis points to 1.62%
– Germany’s 10-year yield was little changed at -0.25%
– Britain’s 10-year yield advanced two basis points to 0.77%
Commodities
– West Texas Intermediate crude rose 2.1% to $63 a barrel
– Gold futures fell 0.3% to $1,776 an ounce
Published : April 28, 2021
By : Syndication Washington Post, Bloomberg · Vildana Hajric, Kamaron Leach
Cabinet okays proposal to cut export tariff on Thai rice
The Cabinet agreed on Tuesday to reduce export tariff for rice heading to Europe and the United Kingdom in a bid to boost the competitiveness of Thai rice in the world market.
Deputy government spokesperson Ratchada Thanadirek said the Commerce Ministry had proposed the reduction on tariff based on agreements between Thailand and the European Union as well as UK.
Thai rice has recently been losing out in the global market to newly developed strains of rice offered by other countries, but reduced export tariff will make it more competitive.
Under the new regulations, the export price of white fragrant rice and 100-per-cent parboiled rice will come down to THB1,500 per tonne from THB2,500, while for the UK, it will go down to THB1,200 per tonne.
EXIM Thailand launches relief schemes for Thai CLMV businesses
The Export-Import Bank of Thailand has thrown a credit lifeline to small Thai businesses in CLMV countries that have been hit by the pandemic as well as the crisis in Myanmar.
EXIM Thailand is offering the SMEs a 3-year credit facility of up to THB20 million at 3.99 per cent interest per annum. Meanwhile, its clients in the Myanmar market can get principal debt suspension of up to 12 months for long-term loans.
Thai exports to CLMV (Cambodia, Laos, Myanmar and Vietnam) fell more than 11 per cent in 2020 and continue to suffer this year amid resurgent Covid-19 and tensions in Myanmar, said EXIM Thailand president Rak Vorrakitpokatorn.
As a result, Thai SMEs trading in the CLMV need swift liquidity injections to overcome the short-term challenges they face.
The bank said it currently has over 200 clients in Myanmar with total credit of around THB5.3 billion.
Businesses can apply for the EXIM CLMV Comfort Credit Scheme until November 30 via the bank’s website: www.exim.go.th.
Businesses engaged with Myanmar can apply for principal suspension for up to 12 months for long-term loans, or roll-over of promissory notes for up to 180 days, via bank staff until September 30.
EXIM Thailand also offers advice to Thai exporters and investors in Myanmar via its hotline at (02) 271 3700 ext 3009.
SET levels out as investors wait on US Fed meeting
The Stock Exchange of Thailand (SET) Index closed at 1,559.23 on Tuesday, down 0.30 points or 0.02 per cent. The volume of total transactions was THB97.52 billion with an index high of 1,570.58 and a low of 1,553.03.
In the morning session, Krungsri Securities forecast Tuesday’s SET Index would fluctuate between 1,550 and 1,570 points as investors delayed purchases to await the outcome of the US Federal Reserve meeting on Wednesday.
The Fed is expected to maintain the interest rate at 0.25 per cent and continue its quantitative easing policy.
Krungsri Securities said uncertainty over the increasing number of Covid-19 cases in Thailand and volatility in foreign fund flows would pressure the index.
“However, the index would rebound as investors speculate on stocks that gain positive sentiment and companies whose first-quarter performance is likely to improve.”
The 10 stocks with the highest trade value today were AOT, BFIT, SCGP, KBANK, TSTH, NER, SCC, GJS, INOX and ROJNA.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 28,991.89, down 134.34 points or 0.46 per cent.
China’s Shang Hai SE Composite Index closed at 3,442.61, up 1.45 points or 0.042 per cent, while the Shenzhen SE Component Index closed at 14,264.08, up 39.64 points or 0.28 per cent.
Hong Kong’s Hang Seng Index closed at 28,941.54, down 11.29 points or 0.039 per cent.
South Korea’s KOSPI closed at 3,215.42, down 2.11 points or 0.066 per cent.
Taiwan’s TAIEX Index closed at 17,595.90, up 23.61 points or 0.13 per cent.
CP Group named one of world’s most ethical firms by Ethisphere institute
The Charoen Pokphand (CP) Group, led by Suphachai Chearavanont, won the “World’s Most Ethical Companies 2021” award from Ethisphere Insitute, a global institution for evaluating ethical business standards.
Ethisphere handed out the awards virtually at the Virtual WME Honoree Gala 2021, which was attended by top executives from 22 countries such as Kellogg, LinkedIn, Sony, L’OREAL, Microsoft, PepsiCo, and Prudential.
Suphachai Chearavanont, CP Group’s chief executive officer, was among six other CEOs who received awards on behalf of their companies. The other five were Dell Technologies’ Michael Dell, Jo Ann Jenkins CEO of AARP, Halsey Cook Jr, CEO of Milliken, Julie Sweet CEO of Accenture and Pakit Iamopas, CEO of DTGO Corporation.
In a speech on the virtual stage, Suphachai said CP Group has grown to a 400,000-employee strong organization thanks to its strong ethical values.
He said of the six cultural values CP Group follows, two are directly related to ethics. The first is the so-called “3 Benefits Principle”, in which the company ensures it is the country and its people benefit before the company does.
He also said that CP Group values honesty and integrity, which is the cornerstone of business and has helped it gain trust and creditability. He said the group will continue operating with social responsibility to create sustainable business growth.
“With this recognition from Ethisphere Institution, we are deeply motivated to do more. Being an ethical company doesn’t mean that you cannot make mistakes, we may make mistakes, but we learn from our mistakes, not to make them again.
“CP Group will continue to thrive to become a better company and we will never stop our efforts in making this company sustainable through ethical principles.
“Lastly, I would like to say thank you to Ethisphere Institution, for giving us this recognition. It really means a lot, not only to myself as a CEO of the company but also to all of our 400,000 employees who have been a major part in driving this throughout the company”, Supachai said.
CP Group named one of world’s most ethical firms by Ethisphere institute
Timothy Erblich, CEO of the Ethisphere Institute, said the business sector is a vital force in helping to provide solutions for various social and environmental problems through business processes.
CP Group named one of world’s most ethical firms by Ethisphere institute
Conducting business sustainably with the environment, society and good governance in mind has the power to help propel the world better, he added.
CP Group named one of world’s most ethical firms by Ethisphere institute
Bitcoin Cash (BCH) brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash”. Merchants and users are empowered with low fees and reliable transactions.
Since digital payments and cryptocurrencies have taken over the investment market. Bitcoin Cash is gaining popularity in Thailand, as people are looking forward to reaping good opportunities and benefits.
Bitcoin and Bitcoin Cash: What Is the Difference?
Bitcoin and Bitcoin Cash are both holders of value, while Bitcoin has been the holder of the most value up until now, Bitcoin Cash is gaining users and value fast.
Bitcoin Cash was started by bitcoin miners and developers equally concerned with the future of the cryptocurrency and its ability to scale effectively. BCH has its own blockchain and specifications, including one very important distinction from Bitcoin which is thus able to process transactions more quickly than the Bitcoin network, meaning that wait times are shorter and transaction processing fees tend to be lower.
To conclude: BCH was designed as an enhanced Bitcoin version with high scalability, reduced cost, and faster transaction speed. Bitcoin Cash thus supported cryptocurrency as a means of payment rather than just a mere store value with low fees and reliable transactions.
How to buy Bitcoin Cash?
Before purchasing Bitcoin Cash, you’ll need a Bitcoin Cash wallet to store it in, the Bitcoin.com Wallet allows you to safely store and spend your Bitcoin and Bitcoin Cash, along with other crypto assets.
From the Bitcoin.com Wallet
Open the Bitcoin.com wallet app on your device (Available via App Store and Google Play)
Tap the green “Buy” button to buy Bitcoin Cash (BCH)
Follow on-screen instructions to deposit coins to your preferred wallet
You will be prompted to verify your identity
Once complete, your purchase will proceed
After your first purchase which includes identification verification, future purchases are even faster!
How to cash out BCH?
Way to convert Bitcoin Cash to Cash in Thailand is by using Bitkub, a licensed cryptocurrency exchange in Thailand that offers services to individuals who intend to buy and sell cryptocurrencies.
Lists of merchants accepting Bitcoin Cash in Thailand
Food and beverage
Blue Boar (Sukhumvit)
Fatty’s Bar and Dinner (Rama9)
The Missing Burro (Thonglhor)
The New Yorker Cafe (Sukhumvit)
Others
Hollywood Waxing and Massage (Sukhumvit)
Kosy Massage and Cut (Sukhumvit)
Kreatah DJ Skool (Thonglhor)
Check out more merchants here (Bangkok Bitcoin Cash)
Bitcoin Cash Meetups
If you are interested in bringing more economic freedom to the world, in new technologies or just curious about Bitcoin, you are most welcome to the Thailand Bitcoin Cash Meetups which will be held in Bangkok, Phuket, Chiangmai and Phangan Island.
In Bangkok will be held on every Thursday, weekly meetups at different venues where they accept BCH as payments. On the last Thursday of each month, there will be a technical meetup called Developer’s Night/Project Night, connecting with enthusiasts, programmers and professionals.
**Due to the current situation regarding COVID-19, the events might be postponed. Please check here for news regarding a date and time for the upcoming meetups.
Over 80% Thai businesses struggling due to pandemic: PwC report
More than 80 per cent of Thai organisations surveyed by PwC recently said they were hit adversely by the Covid-19 pandemic, while the report indicated that successful crisis recovery hinges on improving resiliency.
The Thailand part of PwC’s “Global Crisis Survey 2021” – a global survey of 2,814 business leaders in 73 countries – explores how the 52 Thai respondents faced the pandemic, what they learned and how they’re preparing for the future.
Phansak Sethsathira, a risk consulting partner for PwC Thailand, said 84 per cent of Thai respondents said their businesses had suffered badly. Some reported that the operation and supply chain was the most affected area of their business as transport restrictions had brought imports to a halt and disrupted production. The next most affected areas were workforce and financial liquidity.
Like their global counterparts, the Thai respondents adjusted their work processes and operations in response to the pandemic. This has included implementing new technologies, deferring investment to manage liquidity, improving remote working capabilities and changing the way they communicate with key stakeholders.
These changes have created new challenges for Thai business leaders.
“Insufficient monitoring of new or updated remote-working systems widens the opportunities for malicious actors to take advantage of system weaknesses,” warned Phansak.
“These actors can pose as a trusted colleague or organisation and trick victims into transferring sensitive data. With remote-working policies likely to be in place for some time, the risk of data breaches and stolen information has never been higher. If they can steal the right information, the actors can commit fraud, damage information systems, hurt reputations and other malicious – and costly – acts,” he said.
A crisis-response team is key
Survey results show that most Thai respondents had a business continuity plan (BCP) in place before Covid-19. However, only 31 per cent had a designated crisis-response team.
Phansak said the effectiveness of a BCP is at risk without a crisis-response team overseeing the overall execution.
“Having a well-designated crisis-response team is key to mobilising things quickly and recovering sooner. In times of crisis, one single crisis response weakness or mistake can cause wider consumer and stakeholder distrust,” Phansak said.
Another focus of the survey was to learn whether companies are determining long-term threats and Covid-19’s impact on corporate strategy. Most Thai respondents reported that they haven’t assessed this, nor have they conducted an “after action” or lessons learned review.
“A post-crisis review allows you to improve your response plan and manage the next crisis better,” Phansak said.
Organisations concerned about future crises should ask what is needed to better prepare for the next disruption. Phansak highlighted the need for a crisis management strategy for organisational resilience – the ability to adapt and develop the processes needed to effectively respond to a crisis and emerge stronger.
CP Group named one of world’s most ethical firms by Ethisphere institute
CP Group named one of world’s most ethical firms by Ethisphere institute
CP Group named one of world’s most ethical firms by Ethisphere institute
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