The price of gold rose by Bt50 per baht weight in morning trade on Tuesday, the Gold Traders Association reported.
As of 9.26am, the buying price of a gold bar was Bt25,300 per baht weight and selling price Bt25,400, while gold ornaments were priced at Bt24,847.24 and Bt25,900, respectively.
At close on Monday, the buying price of a gold bar was Bt25,250 per baht weight and selling price Bt25,350, while gold ornaments were Bt24,801.76 and Bt25,850, respectively.
Spot gold price dropped to US$1,734 (Bt53,689) per ounce after falling by $3.6 to $1,738.1 on Monday due to mass sell-offs of safe-haven assets after the US stock market surged on mass buy-ups of tech shares.
Meanwhile, uncertainty over Turkey’s economic direction also affected the demand for the precious metal.
Hong Kong gold price rose by HK$60 to $16,080 (Bt64,105) per tael, the Chinese Gold and Silver Exchange Society reported.
By Syndication Washington Post, Bloomberg · Claire Ballentine, Vildana Hajric
Tech companies led U.S. equity gains as a dip in Treasury yields provided a tail wind for stocks.
The S&P 500 Index climbed 0.7% and the Nasdaq 100 fared even better as the 10-year U.S. Treasury yield fell from the highest levels in about 14 months. Small-cap shares underperformed. The bond market remains in focus this week amid a slate of auctions and moves by the Federal Reserve to let a key bank capital exemption lapse.
The dollar weakened slightly and oil edged higher after its worst week since October. Turkey’s markets tumbled after the central bank governor was ousted.
Steadier yields provided relief after last week’s Treasury sell-off served as a stark reminder of concern that a stronger economic recovery could fuel inflation, despite reassuring comments from policymakers. At the same time, traders are betting that growth will swell corporate profits as vaccines work to curb the global pandemic.
“The rise in long-term yields has kind of affected every move we’ve seen in equity markets, from the big sell-off in the higher growth stuff to the rotation into the more economically sensitive sectors,” said Ross Mayfield, investment strategy analyst at Baird. “Any time there is some rate stabilization, it’s kind of the spark for tech to capture a little bit of gains.”
There’s no sign yet that faster economic growth will deliver unwanted inflation or a need to adjust monetary policy, Federal Reserve Bank of Richmond President Thomas Barkin said Monday. For unwanted inflation to take hold, expectations for price increases would have to really move and begin to get factored into business decisions and wage bargaining, he added.
In European markets Monday, gains in tech were offset by declines in travel firms on the Stoxx 600 Index. Banks exposed to Turkey fell after President Recep Tayyip Erdogan moved to replace the country’s third central bank chief in less than two years, sparking a decline of 7% in the lira. Asian shares slipped.
These are some of the main moves in financial markets:
Stocks
– The S&P 500 Index increased 0.7% as of 4 p.m. EDT.
– The Stoxx Europe 600 Index rose 0.2%.
– The MSCI Asia Pacific Index fell 0.3%.
– The MSCI Emerging Market Index was little changed.
Currencies
– The Bloomberg Dollar Spot Index slipped 0.1%.
– The euro strengthened 0.3% to $1.1937.
– The British pound fell 0.1% to $1.3863.
– The Japanese yen strengthened 0.1% to 108.79 per dollar.
Bonds
– The yield on 10-year Treasurys fell four basis points to 1.68%.
– Germany’s 10-year yield declined two basis points to -0.31%.
– Britain’s 10-year yield decreased two basis points to 0.81%.
Commodities
– West Texas Intermediate crude rose 0.2% to $61.55 a barrel.
The Stock Exchange of Thailand (SET) Index closed at 1,566.36 on Monday, up 2.40 points or 0.15 per cent. The volume of total transactions was Bt76 billion with an index high of 1,571.74 and a low of 1,555.38.
In the morning session, a Krungsri Securities analyst expected the day’s index to fall to a support line between 1,555 and 1,560 after the US Federal Reserve declined to extend a post-pandemic rule that lowered the amount of capital banks had to hold.
“The index would also be under pressure from rising US bond yield and volatility in fund flows,” said the analyst.
The 10 stocks with the highest trade value today were OR, BANPU, TTA, PRM, CPALL, PTT, AMANAH, CPF, KBANK and AOT.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 29,174.15, down 617.90 points or 2.07 per cent.
China’s Shang Hai SE Composite Index closed at 3,443.44, up 38.78 points or 1.14 per cent, while Shenzhen SE Component Index closed at 13,760.97, up 154.96 points or 1.14 per cent.
Hong Kong’s Hang Seng Index closed at 28,885.34, down 105.60 points or 0.36 per cent.
South Korea’s KOSPI closed at 3,035.46, down 4.07 points or 0.13 per cent.
Taiwan’s TAIEX Index closed at 16,189.22, up 118.98 points or 0.74 per cent.
The Stock Exchange of Thailand (SET) Index dropped by 1.69 points, or 0.11 per cent, to 1,562.27 on Monday morning.
The SET Index is expected to fall to the support line between 1,555 and 1,560 after the US Federal Reserve declined to extend a post-pandemic exemption that lowered bank capital requirements, a Krungsri Securities analyst said.
“Besides, the index would be under pressure due to rising US bond yield and volatility in funds flows,” he said.
He recommended that investors buy:
▪︎ AOT, MINT, CENTEL, AAV, BA, CPN, CRC and MAJOR, which benefit from positive news of Covid-19 vaccine in Thailand.
▪︎ HANA, KCE, TU and CPF, which benefit from the weakening baht.
▪︎ ICHI, SAPPE, RBF, DOD, IP, TACC, GUNKUL, KISS and ZIGA, which benefit from positive news on hemp production and its general use.
The SET Index closed at 1,563.96 on Friday, down 4.86 points or 0.31 per cent. Total transactions amounted to Bt88.71 billion with an index high of 1,566.67 and a low of 1,554.96.
The price of gold was unchanged from Saturday’s close in morning trade on Monday, the Gold Traders Association reported.
As of 9.25am, the buying price of a gold bar was Bt25,300 per baht weight and selling price Bt25,400, while gold ornaments were priced at Bt24,847.24 and Bt25,900, respectively.
Spot gold price dropped to US$1,736 (Bt53,642) per ounce after rising by $9.2 to $1,741.7 on Friday, the highest in three weeks, from uncertainty over inflation and the fall in the US stock market.
Hong Kong gold price dropped by HK$30 to $16,110 (Bt64,097) per tael, the Chinese Gold and Silver Exchange Society reported.
The outcome of the Monetary Policy Committee (MPC) meeting on March 24 could determine the direction of the Stock Exchange of Thailand (SET) and the baht next week, experts at Kasikornbank said on Sunday.
Kasikorn Securities said the SET Index’s support line is between 1,530 and 1,550 points, while its resistance line is between 1,575 and 1,585 points.
The securities company advised investors to follow the MPC meeting, Thailand’s political situation, the US bond yield direction, the Covid-19 situation and US-China relations.
“US economic data that warrants close monitoring include new home sales, durable goods orders, consumer spending and manufacturing and services Purchasing Managers Index [PMI],” Kasikorn Securities said.
“Other important factors that warrant close monitoring include the euro-zone’s manufacturing and services PMI.”
The SET Index closed at 1,563.96 on Friday, down 4.86 points or 0.31 per cent. Total transactions amounted to Bt88.71 billion with an index high of 1,566.67 and a low of 1,554.96.
Meanwhile, Kasikornbank forecast the baht would move between 30.70 and 31.10 to the US dollar next week.
The bank advised investors to follow the MPC meeting outcome, Thai February exports, US Federal Reserve chairman’s statement, US bond yield direction and Covid-19 outbreak.
“US economic data that warrants close monitoring include home sales, durable goods orders, consumer spending, inflation rate based on Core Personal Consumption Expenditure Price Index, Consumer Confidence Index, gross domestic product in the fourth quarter of 2020, weekly jobless claims and PMI,” Kasikornbank said.
“Other important factors that warrant close monitoring include China’s Loan Prime Rate, plus euro-zone and UK PMI.”
The baht closed at 30.83 to the dollar on Friday, weakening from 30.79 on Friday last week.
EEC joins hands with Huawei to prepare Thailand for digital future
Mar 19. 2021
By THE NATION
The Eastern Economic Corridor Office (EECO) and Huawei signed a memorandum of understanding that aims to make Thailand a digital hub of the region besides producing a digital workforce to meet the country’s emerging needs. The digital talent collaboration in conjunction with Huawei Asean Academy (Thailand) EEC branch aims to groom 30,000 digital workers within the next three years.
The MoU signing ceremony was witnessed by Supattanapong Punmeechaow, Deputy Prime Minister for Economy and Minister of Energy, and Yang Xin, chargé d’affaires of the Embassy of China in Thailand, at Siam Kempinski Hotel in Bangkok.
Supattanapong Punmeechaow, DPM and Energy Minister
Kanit Sangsubhan, EECO secretary-general and Abel Deng, CEO of Huawei Technologies (Thailand), signed the MoU.
“I am grateful to the EEC for cooperating with Huawei to contribute significantly to Thailand’s digital economy,” Supattanapong said.
“In addition to the MoU signing, I would also like to congratulate on the opening of the Huawei Asean Academy (Thailand) EEC branch in Chonburi. The four cooperation frameworks comprise: creating a knowledge base, experts and platforms; building an ecosystem that facilitates digital development; organising trainings to improve digital and 5G capacities; building a certification programme to create a standard for the target industries. This will significantly enable Thailand to move forward to Thailand 4.0,” the deputy PM said.
Kanit Sangsubhan, Secretary General of EEC Office
Yang said: “Despite the impact of the Covid-19 pandemic and the global economic downturn, we are very pleased to see that high-tech-led cooperation in digital economy and innovation is increasingly becoming an important new highlight of China-Thailand cooperation. In this process, Huawei has been deeply involved in Thailand for many years. It has made every effort to promote Thailand to become the first country in Southeast Asia to have commercial 5G services. Today, the Huawei Asean Academy (Thailand) EEC branch is officially established. We believe it will help cultivate more talented personnel in communications technology management and professional techniques in Thailand, help Thailand become a data centre in Southeast Asia, and create a new model of China-Thailand digital economy cooperation.”
In collaboration with Huawei, EEC aims to organise digital development courses for students and IT-related workers to train 6,000 people within 2021 and 30,000 in 2024.
“Today marks another key milestone in our efforts,” Kanit said. “The collaboration between EEC and Huawei through the Huawei Asean Academy (Thailand) EEC branch is going to combine forces which I believe would lead to digital transformation in all industries not only in Thailand but also in Asean to another level.”
Abel Deng, Huawei Thailand CEO
Abel Deng, CEO of Huawei Thailand, thanked the EECO, adding, “Huawei believes that the key to drive digital development lies in an upskilled talent foundation. We will proactively enable Thailand to become the Asean digital hub through this MoU and the Huawei Asean Academy (Thailand) EEC branch. Together with the EECO, Burapha University, all our stakeholders and friends in the EEC, we are committed to fulfilling our mission of ‘Grow in Thailand, Contribute to Thailand’ by being a technology-leading and trusted ICT partner, proactive digital transformation enabler, and continuous social value contributor, bringing digital to every person, home and organisation, for a fully connected, intelligent Thailand!”
The MoU is seen as an important milestone for digital talent development in the EEC to support the use of 5G technology.
In 2020, Huawei helped organise digital training for government, enterprises, SMEs and startups for over 16,000 people.
The Stock Exchange of Thailand (SET) Index closed at 1,563.96 on Friday, down 4.86 points or 0.31 per cent. Total transactions amounted to Bt88.71 billion with an index high of 1,566.67 and a low of 1,554.96.
In the morning session, a Krungsri Securities analyst predicted the SET would fall to a support line at 1,555-1,560 points as the US bond yield rose amid uncertainty over inflation, and the oil price fell after lockdowns were reimposed in Europe.
“Also, mass sell-offs of Thai shares after the FTSE re-weighted Thai stocks from 2.3 per cent to 2.25 per cent will pressure the index,” the analyst said.
The 10 stocks with the highest trade value today were OR, PTT, DELTA, PTTEP, CPALL, GUNKUL, BBL, PTTGC, CPF and IVL.
Other Asian indices were on the slide:
Japan’s Nikkei Index closed at 29,792.05, down 424.70 points or 1.41 per cent.
China’s Shang Hai SE Composite Index closed at 3,404.66, down 58.40 points or 1.69 per cent, while Shenzhen SE Component Index closed at 13,606.00, down 357.92 points or 2.56 per cent.
Hong Kong’s Hang Seng Index closed at 28,990.94, down 414.78 points or 1.41 per cent.
South Korea’s KOSPI closed at 3,039.53, down 26.48 points or 0.86 per cent.
Taiwan’s TAIEX Index closed at 16,070.24, down 217.60 points or 1.34 per cent.
The Stock Exchange of Thailand (SET) Index dropped by 4.22 points, or 0.27 per cent, to 1,564.60 in the morning session on Friday.
A Krungsri Securities analyst predicted the SET would fall to the support line between 1,555 and 1,560 points due to rising bond yield amid uncertainty over inflation and falling oil price after many European countries reimposed lockdown measures.
The US bond yield had risen over 1.7 per cent, while oil price had fallen below US$60 per barrel on Thursday.
“Besides, mass sell-offs of Thai shares after the FTSE rebalanced Thai stocks from 2.3 per cent to 2.25 per cent would pressure the index,” an analyst said.
He recommended 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.
The SET Index closed at 1,568.82 on Thursday, up 2.06 points or 0.13 per cent. Total transactions amounted to Bt81 billion with an index high of 1,583.30 and a low of 1,567.67.
The price of gold dropped by Bt50 per baht weight in the morning trade on Friday, the Gold Traders Association reported.
As of 9.33am, the buying price of a gold bar was Bt25,250 per baht weight and selling price Bt25,350 while gold ornaments cost Bt24,801.76 and Bt25,850, respectively.
On Thursday’s close, the buying price of a gold bar was Bt25,300 per baht weight and selling price Bt25,400 while gold ornaments cost Bt24,847.24 and Bt25,900, respectively.
Spot gold price fell to US$1,731 (Bt53,513) per ounce after rising by $5.4 to $1,732.5 on Thursday, due to the US Federal Reserve’s signal that it would maintain interest rate at a low level until 2023. But gold gained some positive sentiment from the fall in the US stock market.
Hong Kong gold dropped by HK$60 to $16,040 (Bt63,846) per tael, the Chinese Gold and Silver Exchange Society reported.
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