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https://www.nationthailand.com/business/30402971

SET rebounds past 1,500 after four days of losses

EconFeb 23. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,500.61 on Tuesday, up 22.47 points or 1.52 per cent. Total transactions amounted to Bt86.12 billion with an index high of 1,506.94 and a low of 1,486.18.

In the morning session, a Krungsri Securities analyst expected the day’s index to fluctuate between 1,470 and 1,490 after a rise in US Treasury bond yield caused uncertainty over whether central banks would maintain stimulus measures.

“However, the rising oil price and mass buy-ups of [Thai] shares will help boost the SET,” he said.

The 10 stocks with the highest trade value today were OR, STA, PTT, AOT, MINT, CPALL, KBANK, PTTEP, ADVANC and CPF.

As of 4.30pm, the price of oil rose by US$0.62 or 1 per cent to $62.32 per barrel, while gold dropped by $0.90 or 0.05 per cent to $1,807.50 per ounce.

Other Asian indices were mixed:

China’s Shang Hai SE Composite Index closed at 3,636.36, down 6.09 points or 0.17 per cent, while the Shenzhen SE Component Index closed at 15,243.25, down 93.70 points or 0.61 per cent.

Hong Kong’s Hang Seng Index closed at 30,632.64, up 312.81 points or 1.03 per cent.

South Korea’s KOSPI closed at 3,070.09, down 9.66 points or 0.31 per cent.

Taiwan’s TAIEX Index closed at 16,443.40, up 33.24 points or 0.20 per cent.

Japan’s Nikkei Index was closed for the emperor’s birthday.

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https://www.nationthailand.com/business/30402951

Rising oil price, fresh demand for shares boost SET

EconFeb 23. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 13.62 points, or 0.92 per cent, to 1,491.76 in the morning session on Tuesday.

A Krungsri Securities analyst expected the day’s index to fluctuate between 1,470 and 1,490 due to rising US Treasury yield which caused uncertainty over several central banks’ move to stop implementing measures to stimulate the economy.

“However, rising oil price and mass buy-ups of shares would help boost the SET,” he said.

He recommended buying:

▪︎ IVL, SPRC, ESSO, ROJNA, TVO, HTC, CPF, RCL, COM7, WICE, JMT, JMART, SAWAD, AH, and CHG, whose fourth-quarter performance in 2020 was expected to improve.

▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.

The SET Index closed at 1,478.14 on Monday, down 22.37 points or 1.49 per cent. The volume of total transactions was Bt89.8 billion with an index high of 1,505.47 and a low of 1,476.50.

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https://www.nationthailand.com/business/30402948

Gold jumps on demand to cope with inflation

EconFeb 23. 2021

By The Nation

The price of gold rose by Bt200 per baht weight in morning trade on Tuesday, the Gold Traders Association reported.

As of 9.38am, the buying price of a gold bar was Bt25,650 per baht weight and selling price Bt25,750, while gold ornaments cost Bt25,180.76 and Bt26,250, respectively.

At close on Monday, the buying price of a gold bar was Bt25,450 per baht weight and selling price Bt25,550, while gold ornaments were Bt24,998.84 and Bt26,050, respectively.

Spot gold price moved to US$1,812 (Bt54,379) per ounce after rising by $31 to $1,808.4 on Monday, thanks to mass buy-ups of the precious metal to prevent risks from inflation.

Meanwhile, the gold market is keeping an eye on US Federal Reserve chairman Jerome Powell’s view on the US economy, inflation and interest rate this week.

Hong Kong gold price rose by HK$160 to $16,730 (Bt64,756) per tael, the Chinese Gold and Silver Exchange Society reported.

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https://www.nationthailand.com/business/30402937

Tech drags Nasdaq 100 to 3-week low

EconFeb 23. 2021

By Syndication Washington Post, Bloomberg · Claire Ballentine

Tech stocks pulled back on valuation concerns while commodities rallied and bond yields rose with investors pricing in stronger growth and faster inflation as the global economy recovers.

The Nasdaq 100 slid almost 2% toward a three-week low as investors questioned the appeal of expensive, growth-focused stocks. The S&P 500 Index fell for a fifth day, its longest losing streak in a year. Gains for energy shares and financial companies limited losses on the Dow Jones industrial average. European and Asian markets were broadly negative.

Commodities were almost uniformly green. Brent oil climbed above $65 a barrel as Goldman Sachs Group Inc. predicted prices could advance into the $70s in coming months. Copper briefly rose above $9,000 a metric ton for the first time in nine years, taking another step closer to an all-time high set in 2011 as investors bet that supply tightness will increase as the world recovers from the pandemic.

After a tremendous run from the depths of the pandemic sell-off 11 months ago, stocks are under scrutiny as an increase an interest rates bolsters the appeal of fixed-income investments.

“Long-duration assets are the ones that are most vulnerable in a rising interest rate environment,” said Scott Knapp, chief market strategist of CUNA Mutual Group. “The exact same stocks that led the market higher when interest rates were plummeting are the ones most vulnerable when interest rates rise.”

Treasury yields climbed and a key part of the curve — the gap between 5- and 30-year yields — touched the highest level in more than five years. Yields rose in Asia, while European government yields reversed an advance and edged lower.

Elsewhere, Brazilian markets tumbled following President Jair Bolsonaro’s decision to replace the head of Petroleo Brasileiro SA, the state-controlled oil company. The real fell 1% and the Ibovespa stock gauge dropped more than 4%.

Bitcoin slumped more than 10% at one point as prices pulled back from an all-time high.

These are some of the main moves in markets:

Stocks

The S&P 500 Index declined 0.8% as of 4 p.m. EST.

The Stoxx Europe 600 Index fell 0.4%.

The MSCI Asia Pacific Index dipped 0.8%.

The MSCI Emerging Market Index declined 2.2%.

Currencies

The Bloomberg Dollar Spot Index fell 0.1%.

The euro climbed 0.3% to $1.2156.

The British pound increased 0.3% to $1.4062.

The Japanese yen gained 0.4% to 105.07 per dollar.

Bonds

The yield on 10-year Treasurys rose three basis points to 1.36%.

Germany’s 10-year yield fell three basis points to -0.34%.

Britain’s 10-year yield fell two basis points to 0.68%.

Commodities

West Texas Intermediate crude gained 3.8% to $61.49 a barrel.

Gold strengthened 1.4% to $1,809.63 an ounce.

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https://www.nationthailand.com/business/30402925

SET sinks below 1,500 points after fourth day of losses

EconFeb 22. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,478.14 on Monday, down 22.37 points or 1.49 per cent. The volume of total transactions was Bt89.8 billion with an index high of 1,505.47 and a low of 1,476.50.

The SET fell for the fourth day in a row, after dropping 0.70 per cent on Friday, 0.26 per cent on Thursday and 0.50 per cent on Wednesday last week.

In the morning session, a Krungsri Securities analyst expected the day’s index to fluctuate between 1,490 and 1,510 due to lack of positive sentiment, the low oil price and outflow of foreign funds.

“However, the index will rebound from mass buy-ups of shares of companies whose fourth-quarter performance is expected to improve,” he forecast.

The 10 stocks with the highest trade value today were STA, OR, STGT, KBANK, CBG, PTT, CPF, PTG, GPSC and BBL.

As of 4.30pm, the price of oil rose by US$0.41 or 0.69 per cent to $59.65 per barrel, while gold rose by $18.40 or 1.04 per cent to $1,795.80 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 30,156.03, up 138.11 points or 0.46 per cent.

China’s Shang Hai SE Composite Index closed at 3,642.44, down 53.72 points or 1.45 per cent, while the Shenzhen SE Component Index closed at 15,336.95, down 486.15 points or 3.07 per cent.

Hong Kong’s Hang Seng Index closed at 30,319.83, down 324.90 points or 1.06 per cent.

South Korea’s KOSPI closed at 3,079.75, down 27.87 points or 0.90 per cent.

Taiwan’s TAIEX Index closed at 16,410.16, up 68.78 points or 0.42 per cent.

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https://www.nationthailand.com/business/30402907

Baht unchanged as currency market awaits Fed chief’s meeting with US Congress

EconFeb 22. 2021

By The Nation

The baht opened at 29.98 to the US dollar on Monday, unchanged from Friday’s close.

The Thai currency is likely to move between 29.90 and 30.10 on Monday and between 29.85 and 30.15 this week, said Jitipol Puksamatanan, the head of “Easy Invest” team at SCB Securities.

He advised investors to follow Thailand’s trade balance, the rise in US Treasury yield and the People’s Bank of China declaration on one-year loan prime rate as the baht in the short term would move in line with the dollar.

“The currency market would keep an eye on Federal Reserve chairman Jerome Powell’s view on the US$1.9-trillion economic stimulus package, inflation, and quantitative easing during the meeting with the US Congress on Tuesday,” he said.

He expected the dollar to weaken if the global economy recovers and the Fed decides to maintain its monetary policy.

“However, the dollar would not weaken much because it gained positive sentiment from rising US Treasury yield,” he added.

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https://www.nationthailand.com/business/30402905

SET reined in by lack of positive sentiment

EconFeb 22. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 3.64 points, or 0.24 per cent, to 1,504.15 in the morning session on Monday.

A Krungsri Securities analyst expected the SET to fluctuate between 1,490 and 1,510 due to lack of positive sentiment, falling oil price and outflow of foreign funds.

“However, the index would rebound from mass buy-ups of shares of companies whose fourth-quarter performance is expected to improve,” he said.

His recommendation for investment:

▪︎ IVL, SPRC, ESSO, VNT, CBG, ROJNA, TVO, HTC, CPF, RCL, COM7, XO, WICE, JMT, JMART, SINGER, SAWAD, AH and CHG, whose fourth-quarter results are expected to improve.

▪︎ CBG, ICHI, SAPPE, RBF, DOD and PTG, which benefit from positive news on hemp production and its general use.

The SET Index closed at 1,500.51 on Friday, down 10.52 points or 0.70 per cent. The volume of total transactions was Bt90.5 billion with an index high of 1,507.63 and a low of 1,493.52.

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https://www.nationthailand.com/business/30402903

Gold moves up on strong US economic data, weakening dollar

EconFeb 22. 2021

By The Nation

The price of gold rose by Bt50 per baht weight 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.

At close on Saturday, 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.

Spot gold price moved to US$1,786 (Bt53,592) per ounce after rising by $2.4 to $1,777.4 on Friday, thanks to the weakening dollar, strong US economic data and hopes of rollout of a US economic stimulus package.

Hong Kong gold price rose by HK$130 to $16,510 (Bt63,898) per tael, the Chinese Gold and Silver Exchange Society reported.