The Stock Exchange of Thailand (SET) Index closed at 1,492.36 on Wednesday, down 14.29 points or 0.95 per cent. Total transactions amounted to Bt142.32 billion with an index high of 1,514.89 and a low of 1,485.79.
In the morning session, an analyst at Krungsri Securities forecast the day’s index to fluctuate between 1,490 and 1,520 as the rising oil price and Thailand’s only-partial lockdown buoyed investment sentiment.
“However, investors should beware of market volatility after the SET imposed cash balance regulations on Delta Electronics shares,” he said.
The 10 stocks with the highest trade value today were EA, KCE, IRPC, GPSC, IVL, KBANK, PTTEP, PTT, BANPU and HANA.
As of 4.30pm, the price of oil dropped by US$0.03 or 0.06 per cent to $49.90 per barrel, while gold rose by $3.30 or 0.17 per cent, to $1,957.70 per ounce.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 27,055.94, down 102.69 points or 0.38 per cent.
China’s Shang Hai SE Composite Index closed at 3,550.88, up 22.20 points or 0.63 per cent, while Shenzhen SE Component Index closed at 15,187.61, up 40.04 points or 0.26 per cent.
Hong Kong’s Hang Seng Index closed at 27,692.30, up 42.44 points or 0.15 per cent.
South Korea’s KOSPI Index closed at 2,968.21, down 22.36 points or 0.75 per cent.
Taiwan’s TAIEX Index closed at 14,983.13, down 16.90 points or 0.11 per cent.
The share price of Delta Electronics (Delta) slumped by Bt86, or 13.10 per cent, to Bt570 per share in the morning session on Wednesday after the Stock Exchange of Thailand (SET) imposed cash balance regulations on the company’s shares until January 26 this year.
The SET’s cash balance regulations force investors to buy shares with cash balance account only.
However, Anusorn Muttaraid, director of Delta, denied the SET’s suggestions the company’s moves had impacted its share price, such as raising capital, joint venture or trading assets.
The price of gold rose by Bt50 per baht weight in morning trade on Wednesday, the Gold Traders Association reported.
As of 9.24am, the buying price of a gold bar was Bt27,500 per baht weight and selling price Bt27,600, while gold ornaments were priced at Bt26,999.96 and Bt28,100, respectively.
At close on Tuesday, the buying price of a gold bar was Bt27,450 per baht weight and selling price Bt27,550, while gold ornaments were Bt26,954.48 and Bt28,050, respectively.
Spot gold price moved to US$1,948 (Bt58,339) per ounce in the morning, while Comex (Commodity Exchange) gold price to be delivered in February rose by $7.8 to $1,954.4 per ounce on Tuesday, riding on mass buy-ups of safe-haven assets amid key elections in the US state of Georgia that will decide which party controls the US Senate for the next two years.
Hong Kong gold price rose by HK$80 to $18,030 (Bt69,645) per tael, the Chinese Gold and Silver Exchange Society reported.
The Stock Exchange of Thailand (SET) Index rose by 2.92 points, or 0.19 per cent, to 1,509.57 in the morning session on Wednesday.
An analyst at Krungsri Securities forecast the day’s index to fluctuate between 1,490 and 1,520 amid rising oil price and Thailand’s partial lockdown, resulting in positive sentiment for investment.
“However, investors should beware of market volatility after the SET imposed cash balance regulations on Delta Electronics shares,” he said.
He recommended that investors buy:
▪︎ PTTEP, PTTGC, TOP and IVL, which benefit from rising oil price and improved fourth-quarter performance.
▪︎ PSL, TTA and RCL which would benefit from the rise in freight rate.
▪︎ TQM, STGT, AJ, PTL, SYNEX and COM7, which benefit from the Covid-19 outbreak.
The SET Index closed at 1,506.65 on Tuesday, up 38.41 points or 2.62 per cent, while total transactions stood at Bt115.29 billion with an index high of 1,506.66 and a low of 1,466.05.
Motorbike financing firm Summit Capital gets new boss
Jan 06. 2021Koji Shiga
By The Nation
Summit Capital Leasing, a leading motorcycle hire-purchase firms in Thailand, has announced the appointment of Koji Shiga as its new chairman and chief executive officer as of January 4.
Shiga will be replacing Hidetomo Fujiwara, who is returning to Japan to work at Sumitomo Corporation.
Over the years, Fujiwara has used his work experience with Sumitomo Corporation in many countries to direct Summit Capital towards a sustainable path, with a vision and commitment to improve operations and push for growth in many areas such as the number of hire-purchase contracts, market penetration, expansion nationwide and the development of various information technology systems. It is expected that the new CEO will continue with Fujiwara’s legacy.
“Despite the change in management, the direction and management approach will continue in order to create a path for business growth in terms of branch expansion, new sales channels and digital transformation under good corporate governance standards and our company’s core values ‘I TRUST’, which stands for integrity, transparency, responsibility, unity, service excellence, and technology, for the benefit of customers, business partners, dealers, shareholders, the company itself and society,” Shiga said.
CP Foods helps fill bellies in Samut Sakhon’s migrant community
Jan 05. 2021
By The Nation
Charoen Pokphand Foods (CP Foods) has earmarked 200,000 masks and 85,000 packs of food to distribute nationwide to help boost people’s morale amid the new wave of Covid-19 infections.
Of this, CP Foods has distributed 30,000 face masks among migrant workers in Samut Sakhon and Rayong provinces.
It has also provided 30,800 ready-to-eat meals and 10,000 fresh eggs to Labour Protection Network to distribute among migrant workers who have lost their income after the closure of seafood markets and lockdown measures in Samut Sakhon.
Sompong Srakaew, director and founder of LPN, said there are some 4,000 migrants, mostly from Myanmar, living and working at the shrimp market, which became a hotspot of infections mid-December.
“Migrant workers in Samut Sakhon are suffering and need support either from the government or private sector. Food supplies from CP proves that Thai people will not leave them behind. This is a huge boost for the morale of migrant workers, who are the backbone of Samut Sakhon’s economy,” Sompong said.
Prasit Boondoungprasert, CP Foods chief executive officer, said the company and its retail arm, CP Freshmart, have also delivered 55,000 ready-to-eat meals to medical staff on the frontline in Samut Sakhon.
“CP Group has been continuously delivering food supplies to doctors, nurses and Covid-19 patients as well as the migrant community to ensure food security during this crisis,” he said.
Qualcomm’s New Snapdragon 888 Promises to Accelerate Wi-Fi 6 160 MHz and Real 1G
Jan 05. 2021
By THE NATION
Qualcomm officially released the Snapdragon 888 at its Snapdragon Tech Summit on the evening of December 1, 2020, offering a glimpse into the future of Android phones.
Unlike previous chips with the “8X5” naming sequence, this chip was renamed “Snapdragon 888”, representing the integration of Qualcomm’s existing cutting-edge technologies that upgrades the mobile terminal industry and promotes Wi-Fi 6 and real 1G.
Mobile Revolution
Snapdragon 888 is Qualcomm’s first 5-nm chip, and now a major competitor to Apple’s A14 and Huawei Kirin 9000. Following its launch, major global smartphone makers including Xiaomi, OPPO, LG and vivo announced that they will launch smartphones with this chip as early as December 28, 2020.
According to Counterpoint, a third-party market research firm, Qualcomm chips power 39% of 5G handsets sold worldwide. This suggests that the release of Snapdragon 888 will drive a new round of mobile terminal upgrade.
Disruptive Wi-Fi 6 160 MHz
Snapdragon 888 comes with Wi-Fi 6 and enhanced frequency bandwidth from 80 MHz to 160 MHz. Theoretically, air interface rate can peak at 3.6 Gbit/s, thanks to the low latency and strong anti-interference of Wi-Fi 6. On a Snapdragon 888-empowered smartphone that is connected to a 160 MHz Wi-Fi 6 gateway, it takes just 16 seconds to download a 2 GB game update package.
Currently, only Huawei P40 and Mate 40 series, as well as laptops with 10th-generation Core, support Wi-Fi 6 160 MHz. This technology will only become more popular as Snapdragon 888 enters the market.
Wi-Fi 6 160 MHz Will Carry Demanding Services
Wi-Fi 6 is a WLAN milestone. It focuses on higher spectral efficiency, larger bandwidth, and lower latency. Wi-Fi 6 160 MHz is the fastest wireless transmission available, which is double the rate of conventional Wi-Fi 6 80 MHz. This has the potential to deliver higher than 1 Gbit/s rates per user.
VR/AR, cloud gaming, telecommuting, and online education are developing rapidly, and likewise they require higher rates and lower latency to deliver the best experience possible. Wi-Fi 6 160 MHz is simply built to carry such services.
Poor Wi-Fi Coverage Hinders Home Networks
There is nothing more annoying than experiencing slow network speeds while taking an online class, seeing patchy signals during a video call, or fighting heavy lag while gaming online. But don’t worry, these problems will be a thing of the past thanks to Wi-Fi 6 160 MHz. Only 160 MHz Wi-Fi 6 gateways can offer satisfactory rates to bring optimal user experiences.
In fact, TRUE, 3BB, and AIS in Thailand have already rolled out 1 Gbit/s home packages for customers. So what are you waiting for? Get a 160 MHz Wi-Fi 6 gateway right now.
Food delivery orders from customers in Covid-19 red-coded provinces saw a three-time increase during the New Year festival compared to the same period last year, an executive at an online platform said.
Yod Chinsupakkul, chief executive officer of Lineman Wongnai, an online food delivery platform, said that “The new wave of Covid-19 outbreak and restricted opening hours of restaurants compelled people to order food online, especially in controlled provinces.”
The Centre for Covid-19 Situation Administration (CCSA) has classified controlled provinces as ‘red’ in its colour code, as they have high danger of becoming a Covid-19 hotspot. The red-coded provinces are: Tak, Nonthaburi, Pathum Thani, Ayutthaya, Saraburi, Lopburi, Singburi, Ang Thong, Nakhon Nayok, Kanchanaburi, Nakhon Pathom, Ratchaburi, Suphanburi, Prachuap Khiri Khan, Phetchaburi, Samut Songkhram, Samut Sakhon, Chachoengsao, Prachinburi, Sa Kaew, Samut Prakarn, Chanthaburi, Chonburi, Trat, Rayong, Chumphon, Rayong and Bangkok.
“Lineman Wongnai is planning to expand its fleet with new delivery persons and drivers, as we estimate the food delivery market will continue to expand throughout 2021,” added Yod. “However, due to the high volume of orders during meal times, it is highly recommended to place your order before 11am or between 2-4pm to avoid delivery delays, he suggested.
Restaurants are also recommended to open before 10am so that they can serve customers who wish to order before lunch.”
“The company has enforced strict preventive measures to ensure the safety of customers and delivery staff from Covid-19. We also urge users to tap our digital payment channels to reduce the risk of germs spreading from touching cash,” added Yod.
By Syndication Washington Post, Bloomberg · Javier Blas, Salma El Wardany, Grant Smith
Saudi Arabia surprised the oil market with a large reduction in its output in February and March, carrying a greater burden of OPEC+ cuts while others hold steady or make small increases.
The kingdom will make an extra cut of 1 million barrels a day, Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday. That more than offsets the combined 75,000 barrel-a-day increase Russia and Kazakhstan will be allowed to make in each of those months. The rest of the group will hold output steady.
The Saudi pledge makes for a tighter market than traders had been anticipating and sent crude surging to a 10-month high in New York. It shows how worried the kingdom is about the impact of Europe’s resurgent coronavirus pandemic on oil demand, but also its determination to avoid a new price war with Russia.
Both countries get at least part of what they wanted — the additional price support desired by Riyadh and the production boost Moscow had been pushing. Still, the contortions that were necessary to secure a consensus after two days of OPEC+ talks show the fragility of the alliance.
The de facto leaders of OPEC+ have different priorities, with Russia wanting to boost production before U.S. shale drillers fill the gap, while Saudi Arabia prefers to sacrifice volume in exchange for higher prices.
The agreement means the global market will get far less supply than traders had been expecting before this week. The OPEC+ meeting opened on Monday with a proposal from Russia for a 500,000 barrel a day output hike next month, which was opposed by most other members. The alliance had been scheduled to discuss similar-sized increases in March and April, but that plan has been superseded by the latest accord.
By Syndication Washington Post, Bloomberg · Rita Nazareth, Vildana Hajric
Stocks rose and bonds dropped amid key elections in Georgia that will decide which party controls the U.S. Senate for the next two years, setting the scope of President-elect Joe Biden’s agenda.
In a session marked by thin trading volume, the S&P 500 rebounded after suffering its worst start to a year since 2016. Energy shares surged as oil traded near $50 a barrel, while the Russell 2000 Index of smaller companies jumped 1.7%. With markets factoring in a greater chance of a Democratic sweep in Congress, some analysts see the potential for increased volatility. In anticipation to the outcome of the vote, which will likely be known on Wednesday, Treasury yields climbed — with a key curve measure reaching its steepest level in four years. The dollar slid to the lowest since February 2018.
Whether or not Wall Street is getting more comfortable with the idea of Democrats taking control of both chambers of Congress, the scenario implies the possibility of a more generous stimulus package. That could also potentially lead to upward pressure on inflation and interest rates as well as higher taxes to pay for fiscal aid. Conversely, should either Republican incumbent win reelection, the party would have enough votes to block any Biden initiative.
“We don’t view a Democrat Senate as a bearish game changer in the short term because there would still be a lot of positives in this market,” Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, wrote in a note to clients. “We’d look to buy on any material dip, but we should brace for more volatility going forward if that’s the outcome from today’s election.”
Meanwhile, President Donald Trump failed again to invalidate his election loss in Georgia and allow the state’s Republican-led legislature to declare him the winner — his latest courtroom defeat in a quixotic effort to remain in office despite losing the Nov. 3 vote.
Another news development that caught investors attention on Tuesday was the New York Stock Exchange’s surprise move to spare three major Chinese telecommunications companies from being delisted. Treasury Secretary Steven Mnuchin called NYSE Group Inc. President Stacey Cunningham to express his disapproval with the decision, according to two people familiar with the matter. Several U.S. officials said the move marks a temporary reprieve, not a sign that tensions between Washington and Beijing are easing.
Elsewhere, Saudi Arabia surprised the oil market with a large reduction in its output for February and March, carrying a greater burden of OPEC+ cuts while other producers hold steady or make small increases.
These are some of the main moves in markets:
Stocks
– The S&P 500 rose 0.7% as of 4 p.m. EST.
– The Stoxx Europe 600 Index declined 0.2%.
– The MSCI Asia Pacific Index climbed 1.1%.
Currencies
– The Bloomberg Dollar Spot Index sank 0.5%.
– The euro increased 0.4% to $1.2297.
– The Japanese yen appreciated 0.5% to 102.66 per dollar.
Bonds
– The yield on 10-year Treasuries rose three basis points to 0.94%.
– Germany’s 10-year yield gained three basis points to -0.58%.
– Britain’s 10-year yield gained four basis points to 0.209%.
Commodities
– West Texas Intermediate crude surged 4.9% to $49.93 a barrel.
Koji Shiga
SootinClaimon.Com 