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Gold price drops in opening trade

EconFeb 04. 2021

By The Nation

The price of gold dropped by Bt150 per baht weight in morning trade on Thursday, the Gold Traders Association reported.

As of 9.26am, the buying price of a gold bar was Bt25,900 per baht weight and selling price Bt26,000, while gold ornaments cost Bt25,438.48 and Bt26,500, respectively.

At close on Wednesday, the buying price of a gold bar was Bt26,050 per baht weight and selling price Bt26,150, while gold ornaments cost Bt25,574.92 and Bt26,650, respectively.

The spot gold price moved to US$1,826 (Bt54,810) per ounce in the morning, while the Comex (Commodity Exchange) gold price rose by $1.70 to $1,835.10 per ounce on Wednesday, thanks to mass buy-ups of the precious metal after its price dropped sharply yesterday.

The Hong Kong gold price fell by HK$30 to $16,940 (Bt65,598) per tael, the Chinese Gold and Silver Exchange Society reported.

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Thai investor confidence rises for second month in a row

EconFeb 04. 2021

By The Nation

Thailand’s Investor Confidence Index was up 1.5 per cent in January for its second successive monthly rise, the Federation of Thai Capital Market Organisations (Fetco) reported on Wednesday.

The index rose to 132.55, buoyed by an influx of foreign funds, the rollout of Covid-19 vaccines and the performance of companies listed in the Stock Exchange of Thailand (SET), Fetco chairman Paiboon Nalinthrangkurn said.

Meanwhile, downside factors causing uncertainty among investors were the fresh Covid-19 outbreak, worries over the euro zone’s economy, and Thailand’s economic recession.

He added that investors were drawn to shares in the energy, petrochemical and commercial sectors. They showed little interest in tourism and steel shares, as well as property funds and real estate investment trusts.

Paiboon forecast the Thai stock market would hit 1,600 points this year from the influx of foreign funds spurred by Thailand’s second-half economic recovery, SET-listed companies’ rising profits and the Covid-19 vaccination rollout.

Meanwhile Myanmar’s coup would have only a limited impact on the Thai stock market as Thailand’s revenue from retail business with Myanmar was low, he added.

“However, we would like to warn investors to use discretion before purchasing high-speculation stocks such as GameStop in the US market, because their price may drop sharply when the speculation is over,” he said.

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Thai stock market down 0.3% as investors eye foreign fund outflows

EconFeb 03. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,481.75 on Wednesday, down 4.50 points or 0.30 per cent. Total transactions amounted to Bt79.48 billion with an index high of 1,500.17 and a low of 1,481.69

In the morning session, Krungsri Securities expected the day’s index to rise to between 1,495 and 1,500 points on hopes of US stimulus rollout together with a decline in US Covid-19 cases.

He said the index gained positive sentiment from the rising oil price after the Opec+ bloc decided to maintain oil production at current levels.

“However, investors should beware of volatility due to the outflow of foreign funds and the index’s resistance level of 1,500 points,” he said.

The 10 stocks with the highest trade value today were KBANK, PTT, SCB, BBL, SCC, ADVANC, MINT, PTTEP, CBG and CPALL.

As of 4.30pm, the price of oil rose by US$0.15 or 0.27 per cent to $54.91 per barrel, while gold rose by $3.00 or 0.16 per cent to $1,836.40 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 28,646.50, up 284.33 points or 1.00 per cent.

China’s Shang Hai SE Composite Index closed at 3,517.31, down 16.38 points or 0.46 per cent, while the Shenzhen SE Component Index closed at 15,233.15, down 102.51 points or 0.67 per cent.

Hong Kong’s Hang Seng Index closed at 29,307.46, up 58.76 points or 0.20 per cent.

South Korea’s KOSPI closed at 3,129.68, up 32.87 points or 1.06 per cent.

Taiwan’s TAIEX closed at 15,771.32, up 11.27 points or 0.072 per cent.

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BOT keeps interest rate at 0.5% amid weak economic recovery

EconFeb 03. 2021

By The Nation

The Bank of Thailand (BOT) kept its benchmark interest rate unchanged on Wednesday.

The unanimous vote to maintain the policy rate at 0.5 per cent was exercised to support a fragile economic recovery. The BOT policy committee assessed that the new outbreak of Covid-19 would take a short-term toll on the Thai economy.

However, exports and stimulus from government measures were expected to improve, said Titanun Mallikamas, secretary of the Monetary Policy Committee (MPC) after Wednesday’s meeting.

The MPC calculated the economic impact of the fresh outbreak was not as severe as the first wave, thanks to less stringent disease-control measures.

Meanwhile the economy had responded quickly to government stimulus measures while recovery of exports had gathered pace. As a result, the Thai economy had expanded – though slightly less than previously estimated.

In the short term, economic recovery will depend on the effectiveness of control measures for the new virus wave. The next phase of recovery would depend on the return of foreign tourists and the effectiveness of Covid-19 vaccination programmes.

The labour market would also be affected by the new outbreak, resulting in a short-term rise in unemployment and virtual unemployment.

The committee said it would use additional monetary tools to support economic recovery if appropriate, while monitoring both the sufficiency of government measures and various risk factors – especially the pandemic situation both here and abroad.

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Bangkokians expected to spend less this year during Chinese New Year

EconFeb 03. 2021

By The Nation

Covid-19 is a major factor that is pressuring Chinese New Year spending in Bangkok, leading to an expected 10.4 per cent decline in spending this year, Kasikorn Research Centre said.

Chinese-Thai Bangkok residents have reduced their spending on all activities, especially tourism, making merit and giving cash gifts, the research centre said.

Money spent in Bangkok during the Chinese New Year festival this year should total approximately Bt11.7 billion – a 10.4 per cent decrease compared to the previous year, the centre said.

Of the total, Bt5.6 billion is expected to be spent on offerings (a 5.1 per cent decrease), Bt2.9 billion on tourism/merit making/dining out (a drop of 20.8 per cent) and Bt3.2 billion on cash gifts (a decrease of 8.1 per cent).

The effects of Covid-19 have forced Bangkokians to go in for ready-made offerings via online channels or call-to-order stores for deliveries – more than in previous years.

The survey found that 43 per cent of Bangkok’s residents were interested in purchasing pre-made offerings, up by 22 per cent compared to the previous year. Most said online platforms responded to the immediate needs of especially the new generation.

The survey also found that most people in Bangkok are still not interested in buying offerings via online or call channels. More than 84 per cent are concerned about the quality of the offerings, especially meat and fruit, followed by 75 per cent who feel prices were higher when compared to purchases at shops, while more than 60 per cent think the variety of offerings are limited on online channels.

Therefore, the centre said, entrepreneurs need to respond to consumer behaviour, along with ensuring quality and value for money compared to products at physical stores.

The centre concluded that Bangkok’s Chinese New Year celebration this year will “not be as busy as it should”. Purchasing power has not yet recovered from last year as consumers have been hit by a new wave of Covid-19.

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SET Index up, expected to rise further

EconFeb 03. 2021

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 9.49 points, or 0.64 per cent, to 1,495.74 in the morning session on Wednesday.

The SET Index is expected to rise to between 1,495 and 1,500 points on hopes that US economic relief measures will be rolled out, together with the decline in US Covid-19 cases, said a Krungsri Securities analyst.

He said the index gained positive sentiment from the rising oil price after the Opec+ bloc decided to maintain its oil production agreement.

“However, investors should beware of volatility due to the outflow of foreign funds and the index’s resistance level of 1,500 points,” he said.

He recommended investors buy:

▪︎ PTTGC, TOP, IVL, EPG, VNT, CBG, Rojna, TVO, STGT, CPF, RCL, PSL, SYNEX, Com7, XO, Wice, JMT, JMART, Singer, MTC, Sawad and KCE, whose fourth-quarter turnover is expected to improve.

▪︎ Advanc, INTUCH, AP, Siri and WHAUP, which pay high dividends.

The SET Index closed at 1,486.25 on Tuesday, up 8.20 points, or 0.55 per cent. Total transactions amounted to Bt77.03 billion, with an index high of 1,496.46 points and a low of 1,480.50.