The Stock Exchange of Thailand (SET) Index rose by 9.08 points, or 0.58 per cent, to 1,583.94 in the morning session on Monday.
A Krungsri Securities analyst expected the day’s index to rise to between 1,580 and 1,585 in response to the rise in the US consumer confidence index and oil price before falling.
He said the index would gain positive sentiment from mass buy-ups of shares as window dressing before the end of the first quarter this year.
“However, the index would be under pressure due to rising US bond yield and volatility in funds flow,” he said.
He recommended that investors buy:
▪︎ AOT, MINT, CENTEL, AAV, BA, CPN, CRC and MAJOR, which benefit from positive news of the Covid-19 vaccine in Thailand.
▪︎ HANA, KCE, TU and CPF, which benefit from the weakening baht.
▪︎ CBG, ICHI, SAPPE, RBF, DOD, IP, TACC, GUNKUL and KISS, which benefit from positive news on hemp production and its general use.
▪︎ PTG, EA, GPSC and BBP, which benefit from news that Thailand will stop sales of conventional motor vehicles by 2035 and go in solely for electric vehicles.
The SET Index closed at 1,574.86 on Friday, up 3.82 points or 0.24 per cent. Total transactions amounted to Bt74 billion with an index high of 1,580.74 and a low of 1,566.89.
The price of gold was unchanged from Saturday’s close in morning trade on Monday, the Gold Traders Association reported.
As of 9.29am, the buying price of a gold bar was Bt25,450 per baht weight and selling price Bt25,550, while gold ornaments were priced at Bt24,998.84 and Bt26,050, respectively. The price had risen by Bt150 per baht weight last week.
Spot gold price dropped slightly to US$1,732 (Bt54,049) per ounce after rising by $7.2 to $1,732.3 on Friday, due to mass buy-ups of safe-haven assets amid uncertainty over the economic impact after European countries imposed lockdown measures to contain the spread of Covid-19.
Hong Kong gold price rose by HK$10 to $16,040 (Bt64,407) per tael, the Chinese Gold and Silver Exchange Society reported.
UNDP and Japan partner to aid vulnerable groups hit hard by Covid-19 in Thailand
Mar 26. 2021
By THE NATION
The UN Development Program (UNDP) with support from the government of Japan has offered grants to vulnerable groups suffering from socio-economic impacts as a result of the Covid-19 pandemic in Thailand.
The outbreak of the pandemic has caused significant disruption to the Thai economy, resulting in one of the most severe economic downturns ever faced in the history of the country. Although stimulus packages have been put in place by the Thai government to restructure the economy, the crisis has widespread repercussions on individuals.
The Covid-19 Social and Economic Response and Recovery project was developed in alignment with the World Health Organization’s “Covid-19 Strategic Preparedness and Response Plan”, the United Nations Partnership Framework (2017-21) and the UNDP Country Programme for Thailand (2017-21).
Following a national call for grant submissions and a competitive process, a selection committee consisting of representatives from the Ministry of Social Development and Human Security, the Office of the National Economic and Social Development Council, Chiang Mai University, Prince of Songkla University and UN Women, awarded 24 non-governmental organisations and civic society organisations across Thailand. The grants amount to US$1 million and are funded by the Japanese government.
Fumihiko Goto, Counsellor and Deputy Permanent Representative to ESCAP, Embassy of Japan in Bangkok.
“To fight against Covid-19, Thailand and Japan are facing the same challenges in securing vaccines for our citizens, balancing between containing the pandemic and promoting economic recovery,” said Fumihiko Goto, counsellor and deputy permanent representative to ESCAP, Embassy of Japan in Bangkok. “Despite the common challenges we are facing, I am pleased and proud that we could start a new page of cooperation with our local partners in Thailand with help from our longstanding partner, the United Nations Development Program in Thailand.”
The 24 selected projects receive US$10,000 to $50,000 each and will need to be implemented between January to June 2021. Grant activities will target approximately 16,000 direct and 100,000 indirect beneficiaries across the country, will promote gender-sensitive economic empowerment interventions, improve access to basic services, ensure food security targeting the most vulnerable groups, including youth, people with disability, ethnic minorities, the LGBTI community, victims of gender-based violence, including low-income groups.
Renaud Meyer, Resident Representative of UNDP in Thailand delivered remarks at the launch event.
“Thanks to the generous contribution of Japan, the UNDP is able to further strengthen our contribution to Thailand’s response to the pandemic. These grants are empowering Thai civil society to provide assistance to vulnerable communities impacted by Covid-19 and address some of the acute socio-economic impacts of the pandemic. We are grateful to our government partners and other members of the selection committee for their collaboration at effectively ensuring no one is left behind in the country’s recovery,” said Renaud Meyer, resident representative of UNDP in Thailand.
Under this grant programme, activities implemented to support Thailand’s Covid-19 recovery include an employment programme through digital skills training for people with disability, community-led social protection services for sex workers, innovative sustainable highland agriculture system practices for stateless people, and career counselling for young social entrepreneurs.
Grants issued under this project will reach up to 100,000 vulnerable individuals to mitigate the pandemic’s socio-economic impact in different geographical areas throughout Thailand, contributing to the achievement of the United Nations’ 2030 Sustainable Development Agenda, UNDP said.
The Stock Exchange of Thailand (SET) Index closed at 1,574.86 on Friday, up 3.82 points or 0.24 per cent. Total transactions amounted to Bt74 billion with an index high of 1,580.74 and a low of 1,566.89.
In the morning session, Krungsri Securities expected the day’s index to fluctuate between 1,560 and 1,580 despite positive sentiment from US figures showing jobless claims had fallen to their lowest level during the Covid-19 pandemic.
Krungsri Securities said the falling oil price amid uncertainty over a new wave of Covid-19 in Europe and India, plus volatility in fund flows, would pressure the index.
The 10 stocks with the highest trade value today were ACE, OR, BANPU, AOT, HANA, STA, KTC, DELTA, ADVANC and TRUE.
Other Asian indices were on the rise:
Japan’s Nikkei Index closed at 29,176.70, up 446.82 points or 1.56 per cent.
China’s Shang Hai SE Composite Index closed at 3,418.33, up 54.74 points or 1.63 per cent, while Shenzhen SE Component Index closed at 13,769.68, up 348.52 points or 2.60 per cent.
Hong Kong’s Hang Seng Index closed at 28,336.43, up 436.82 points or 1.57 per cent.
South Korea’s KOSPI closed at 3,041.01, up 32.68 points or 1.09 per cent.
Taiwan’s TAIEX Index closed at 16,305.88, up 245.74 points or 1.53 per cent.
The Thai stock market has the highest fundraising value among Asean countries in the first quarter of this year, the Stock Exchange of Thailand (SET) said on Friday.
Dr Soraphol Tulayasathien, SET senior executive vice president and head of corporate strategy division, said Thailand’s fundraising as of February this year was Bt46.1 billion (US$1.48 billion), followed by Indonesia Bt5.96 billion ($192 million) and Malaysia Bt497 million ($16 million).
In the first quarter of this year, five companies launched initial public offerings (IPOs) with market capitalisation of Bt217.41 billion at IPO price.
Of those companies, PTT Oil and Retail Business (OR) and Rojukiss International (KISS) were listed on the SET, while Jakpaisan Estate (JAK), TQR and President Automobile Industries (PACO) were listed in the Market for Alternative Investment.
Manpong Senanarong, SET senior executive vice president and head of issuer and listing division, said up to 30 companies, property funds, real estate investment trusts and infrastructure funds are expected to be listed in the Thai stock market this year.
“Of these, 10 companies are ready to raise funds in the stock market, while eight companies are filing their documents with the Securities and Exchange Commission [SEC],” Manpong said.
Manpong expected Thai stock market capitalisation this year to be similar to the previous year of Bt555 billion.
Kongkiat Opaswongkarn, Asia Plus Group Holdings chief executive officer, said four companies with the securities company’s support — Asset Wise (ASW), Mena Transport (MENA), NSL Foods (NSL) and Proen Corp (PROEN) — had received approval from the SEC to launch their IPOs.
“Three of these companies are expected to launch their IPOs in the first half of this year, and one company in the second half,” Kongkiat said.
The Stock Exchange of Thailand (SET) Index rose by 3.13 points, or 0.20 per cent, to 1,574.17 in the morning session on Friday.
A Krungsri Securities analyst expected the index to fluctuate between 1,560 and 1,580 despite positive sentiment that US jobless claims had fallen to the lowest level during the Covid-19 pandemic.
He said the falling oil price amid uncertainty over the new Covid-19 wave in Europe and India, plus volatility in funds flows would pressure the index.
He recommended that investors buy:
▪︎ EA and GPSC, which will benefit from news that Thailand will stop sales of fossil fuel vehicles by 2035 and go solely for electric vehicles.
▪︎ HANA, KCE, TU and CPF, which benefit from the weakening baht.
▪︎ ICHI, SAPPE, RBF, DOD, IP, TACC, GUNKUL, KISS, ZIGA and PTG, which benefit from positive news on hemp production and its general use.
▪︎ ADVANC, INTUCH and DTAC, which pay high dividends.
The SET Index closed at 1,571.04 on Thursday, up 0.21 points or 0.01 per cent. Total transactions amounted to Bt93 billion with an index high of 1,580.17 and a low of 1,571.04.
The price of gold was unchanged in morning trade on Friday from Thursday’s close, the Gold Traders Association reported.
As of 9.32am, the buying price of a gold bar was Bt25,450 per baht weight and selling price Bt25,550, while gold ornaments were priced at Bt24,998.84 and Bt26,050, respectively. The price had risen by Bt50 per baht weight compared to opening trade on Thursday.
Spot gold price rose to US$1,727 (Bt53,821) per ounce after falling by $8.1 to $1,725.1 on Thursday due to the strengthening dollar and mass sell-offs of safe-haven assets in response to strong US labour statistics.
Hong Kong gold price dropped by HK$30 to $16,020 (Bt64,267) per tael, the Chinese Gold and Silver Exchange Society reported.
By Syndication Washington Post, Bloomberg · Claire Ballentine
U.S. equities gained as investors weighed the outlook for vaccinations, economic growth and inflation. Oil tumbled after a rally spurred by the blockage of the Suez Canal.
Banks and transportation companies led gains on the S&P 500 Index, and Boeing Co.’s plan to resume delivery of its 787 Dreamliners this week lifted the plane maker. An index of small-cap shares gained more than 1% as President Joe Biden announced a new goal of administering 200 million coronavirus vaccine doses in his first 100 days in office. Nike Inc. fell on concern it risked a boycott in China.
U.S. 10-year yields held steady after an auction of seven-year notes. Poor demand at last month’s sale helped trigger a global sell-off in government debt and interest-rate sensitive stocks.
U.S. equities are churning just below record highs as investors assess the latest progress and setbacks in the fight against covid-19 amid concerns that a surge in economic growth could fuel inflation. Data Thursday showed a bigger-than-forecast drop in weekly jobless claims.
“The markets are stuck in a lull where they are still taking some direction from the move in interest rates,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors. “At this point we’re trying to get some more news globally that will be the next catalyst.”
In Europe, stocks edged lower, with concern over lockdown extensions and vaccine hiccups keeping cyclical shares on the back foot. The Polish zloty slumped to its weakest level since 2009 on growing concern that a worsening pandemic will delay this year’s economic recovery and put a strain on the budget.
West Texas Intermediate crude fell below $60 a barrel, after adding almost 6% Wednesday. Tugs and diggers are trying to dislodge the ship stuck for a third day in the Suez Canal, a critical waterway for trade.
Elsewhere, Bitcoin fell as much as 6.7%, reaching the lowest intraday price since March 15.
These are some of the main moves in financial markets:
Stocks
The S&P 500 Index rose 0.5% as of 4 p.m. EDT.
The Stoxx Europe 600 Index fell 0.1%.
The MSCI Asia Pacific Index fell 0.1%.
The MSCI Emerging Market Index declined 0.8%.
Currencies
The Bloomberg Dollar Spot Index rose 0.1%.
The euro slipped 0.3% to $1.1774.
The British pound gained 0.4% to $1.374.
The Japanese yen weakened 0.4% to 109.12 per dollar.
Bonds
The yield on 10-year Treasurys rose one basis point to 1.62%.
Germany’s 10-year yield fell three basis points to -0.39%.
Britain’s 10-year yield sank three basis points to 0.73%.
Commodities
West Texas Intermediate crude fell 4.5% to $58.44 a barrel.
Thais can go without cash for up to 8 days as digital payment usage rises: Visa
Mar 25. 2021Suripong Tantiyanon – Visa Thailand
By THE NATION
More than four in five Thais (82 per cent) have tried going cashless, on average succeeding at living for more than a week (8 days) without using cash, the Visa Consumer Payment Attitudes study showed on Wednesday.
The pandemic has also prompted non-users to choose contactless payments over cash, with these payments being most used among first-timers at 26 per cent, followed by contactless cards (23 per cent) and QR code (21 per cent).
“Over recent years there has been a steady increase in people using digital payments, and the events of the past year have only accelerated the progress,” Visa Thailand country manager Suripong Tantiyanon said.
“This is evident throughout the world and here in Thailand. We believe these consumer preferences are not temporary and are here to stay.”
According to the study, the top three benefits of a cashless society are it helps in restricting the spread of infection (61 per cent), it means no more queues at banks (60 per cent) and it enables people to track financial records easily (59 per cent).
When it comes to awareness, Thai consumers are most familiar with QR code payments (94 per cent), followed by mobile contactless payments (92 per cent) and contactless cards (89 per cent). In terms of usage, mobile contactless payment is the most used among all types of contactless payments at 45 per cent, followed by QR code (42 per cent) and contactless card (41 per cent).
Thais believe the pandemic has accelerated the time it will take for the country to become a cashless society with payment innovation playing an increasingly important role in people’s daily lives.
In the current circumstances, they believe a cashless society could be a possibility by 2026, whereas before the pandemic respondents thought this wouldn’t be possible until 2030, the study showed.
“This year will be a year of recovery despite the persistence of uncertainty. It is essential for businesses to ensure they are prepared to meet changing consumer demands as they become more familiar with alternative payment methods,” Suripong added.
By Syndication Washington Post, Bloomberg · Katrina Nicholas
Having stunned the market with its audacious bet on Bitcoin earlier this year, Tesla Inc. will now start accepting the world’s largest electronic currency as payment for its electric cars.
Chief Executive Officer Elon Musk on Wednesday tweeted that “you can now buy a Tesla with Bitcoin” and that paying by Bitcoin will also be available to customers outside the U.S. later this year. He added that Tesla will only use internal and open-source software and that any Bitcoin paid to the company will be retained as Bitcoin and not converted to a fiat currency.
California-based Tesla disclosed its $1.5 billion investment in Bitcoin in February and signaled its intent to begin accepting the cryptocurrency as a form of payment at the time, sending prices to a record. The world’s leading EV maker made the Bitcoin bet after updating its investment policy in January to allow it to buy digital assets.
Tesla’s embrace of the cryptocurrency fuels a debate over whether longer-term investors such as corporate treasurers, family offices and insurers will seek exposure to the digital token. While prominent Wall Street figures have come out in support of Bitcoin, there are big challenges for any companies following suit by adding virtual coins to balance sheets.
“Tesla and other companies are showing that crypto is here to stay, and its mainstream adoption is only going to increase,” said Simon Peters, analyst at investment platform eToro.
In addition to lending increased legitimacy to electronic currencies, Musk’s embrace of Bitcoin fits his maverick image. The billionaire has often tweeted about cryptocurrency-related topics and recently called Bitcoin “a good thing” in an interview. Dogecoin, the once tongue-in-cheek digital currency, also soared to records in February after Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons tweeted about it.
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