GSB to launch digital savings bond with lucky draws of Bt1 million each
Dec 28. 2020
By THE NATION
The Government Savings Bank (GSB) is set to give Thai people a “New Year gift” in the form of a digital savings bond to be sold via the MyMo application from January 11 until March 16, or until the total deposit reaches Bt20 billion, GSB president Withai Ratanakorn said.
“A lucky draw will be held on February 16 and March 16, with 10 random winners chosen at each event who will be given a Bt1 million cash prize each,” he said. “Anyone above the age of 15 can buy the bond at Bt20 per unit. Minimum investment is Bt200 with the maximum capped at Bt10 million per person.”
Withai added that lucky draws for digital bonds will be a separate event from the monthly draw, which is held on the 16th of every month for buyers of GSB bonds. The first prize in this draw is Bt3 million, and also includes prizes for up to five people as well as awards based on account numbers.
All draws will be broadcast live on Facebook @LiveNBT2HD.
“We hope the digital bonds will help promote savings and encourage people to spend money wisely,” he said.
Indorama Ventures listed in sustainability index for 6th year running
Dec 28. 2020Sasinotai Rochanutama, right, manager of sustainability at Indorama Ventures Plc, receives the award from Pakorn Peetathawatchai, president of the Stock Exchange of Thailand.
By The Nation
Indorama Ventures (IVL), a leading global chemical producer, received a plaque from the Stock Exchange of Thailand (SET) to mark its sixth consecutive year (2015-2020) in the Thailand Sustainability Investment (THSI) 2020 index for the Industrial sector.
IVL was honoured as a listed company with a market capitalisation of more than Bt100 billion for achieving outstanding performance in Environmental, Social and Governance (ESG) practices. The award also reflects transparent disclosure of social and environmental policies and performance to stakeholders so that investors can make decisions based on responsible investment.
IVL is a global business committed to developing technologies and processes that use post-consumer PET and polyester waste materials as feedstock. As the largest producer of 100 per cent recyclable PET in the world, IVL said it intends to ensure all aspects of the circular economy come to fruition, reducing waste in the environment. The company is listed in the Dow Jones Sustainability Index.
The Stock Exchange of Thailand (SET) Index closed at 1,461.95 on Tuesday, up 9.28 points or 0.64 per cent. Total transactions amounted to Bt77.71 billion with an index high of 1,468.60 and a low of 1,440.59.
In the morning session, an analyst at Krungsri Securities expected the day’s index to fluctuate between 1,440 and 1,470 amid year-end mass buy-ups of Super Savings Funds and Retirement Mutual Funds, as well as news that US President Donald Trump had signed a $900-billion stimulus package.
“However, the slowdown of foreign fund flows and uncertainty over the surge in domestic Covid-19 cases will pressure the index,” he said.
The 10 stocks with the highest trade value today were DELTA, GPSC, KEX, EA, IVL, AEONTS, CBG, PTT, KBANK and BANPU.
As of 4.30pm, the price of oil rose by US$0.50 or 1.05 per cent to $48.12 per barrel, while gold rose by $3.10 or 0.16 per cent, to $1,883.50 per ounce.
Other Asian indices were mixed:
Japan’s Nikkei Index closed at 27,568.15, up 714.12 points or 2.66 per cent.
China’s Shang Hai SE Composite Index closed at 3,379.04, down 18.25 points or 0.54 per cent, while the Shenzhen SE Component Index closed at 13,970.21, down 73.89 points or 0.53 per cent.
Hong Kong’s Hang Seng Index closed at 26,568.49, up 253.86 points or 0.96 per cent.
South Korea’s KOSPI Index closed at 2,820.51, up 11.91 points or 0.42 per cent.
Taiwan’s TAIEX Index closed at 14,472.05, down 11.02 points or 0.076 per cent.
Experts have advised investors to avoid the shares of Delta Electronics, as its price was higher than the fundamentals.
On Monday, the price of Delta shares hit a new high of Bt838 per share before closing at Bt560 per share, down Bt124 or 18.13 per cent with total transactions of Bt12.36 billion.
Supachai Wattanavitheskul, an analyst at Yuanta Securities, said Delta’s share price rose sharply because it was listed in the SET50 Index, while it gained positive sentiment from rising electric vehicle (EV) share price and the easing trade war.
“Besides, investors expected Delta’s profit to rise by 100 per cent year on year and rise even more next year,” he said.
He said the price of Delta shares had risen by four times its fair value of Bt197 per share, while the share’s price-to-earnings ratio was over 100 times the company’s next year’s profit forecast of Bt8.2 billion.
“To maintain the rise in share price, Delta’s profit must hit Bt15 billion next year. However, it depends on the growth in EV and Internet of Things businesses whether it can support the company’s growth or not,” he said.
He advised investors to avoid investing in the shares of Delta.
Therdsak Taweeteeratham, executive vice president of research at Asia Plus Securities, said the price of Delta shares rose sharply from investors’ hopes of the company’s growth and the change in technology.
He said it depends on investors’ speculation whether Delta’s share price would rise further or not, as there would be high risks when the share price hits a new high.
“We advise investors who have Delta shares to set up a good profit-taking point, but those who do not have such shares must consider thoroughly before speculating because they would face losses,” he said.
Nuttachart Mekmasin, a research analyst at Trinity Securities, said the price of Delta shares had almost hit its highest point.
The Finance Ministry will revise its economic forecast for this year and next year in January, according to the Fiscal Policy Office on Monday.
Whether that revision is up or down will depend on the impact of the fresh Covid-19 outbreak in Thailand, it added.
However, the office said it believes the impact will be lower than the previous phase of contagion, since all parties are well-prepared to deal with the fallout.
Deputy Prime Minister Supattanapong Punmeechaow last week maintained his forecast of growth above 4 per cent for Thailand’s economy next year, citing the availability of Covid-19 vaccines.
He also maintained his forecast of 6 per cent contraction for the Thai economy this year, in line with the National Economic and Social Development Council’s projection.
There were 144 new Covid-19 infections, including 115 cases of domestic transmission, confirmed over a 24-hour period on Monday, the Centre for Covid-19 Situation Administration (CCSA) said.
The Stock Exchange of Thailand (SET) Index rose by 9.78 points, or 0.67 per cent, to 1,462.45 in the morning session on Tuesday.
An analyst at Krungsri Securities expected the day’s index to fluctuate between 1,440 and 1,470 amid news that US President Donald Trump had signed an economic stimulus package and mass buy-ups of Super Savings Funds and Retirement Mutual Funds at the end of the year.
“However, the slowdown of foreign funds flows and uncertainty over the surge of domestic Covid-19 cases would pressure the index,” he said.
He recommended that investors buy:
▪︎ PTTEP, PTTGC, TOP and IVL, which benefit from rising oil price, and their fourth-quarter performance is expected to improve too.
▪︎ PSL, TTA and RCL, which would benefit from the rise in the Baltic Dry Index.
▪︎ TQM, BLA, STGT, AJ, PTL, SYNEX and COM7, which benefit from the Covid-19 outbreak.
The SET Index closed at 1,452.67 on Monday, down 33.64 points or 2.26 per cent. Total transactions amounted to Bt103.63 billion with an index high of 1,512.99 and a low of 1,452.48.
The price of gold dropped by Bt150 per baht weight in morning trade on Tuesday after rising by Bt150 per baht weight at close on Monday, the Gold Traders Association reported.
As of 9.27am, the buying price of a gold bar was Bt26,650 per baht weight and selling price Bt27,750, while gold ornaments were priced at Bt26,166.16 and Bt27,250, respectively.
At close on Monday, the buying price of a gold bar was Bt26,800 per baht weight and selling price Bt26,900 while gold ornaments were Bt26,317.76 and Bt27,400, respectively.
Spot gold price moved to US$1,878 (Bt56,494) per ounce in the morning, while Comex (Commodity Exchange) gold price to be delivered in February dropped by $2.8 to $1,880.4 per ounce on Monday after the US Dow Jones Index hit a new high, resulting in mass sell-offs of safe-haven assets.
Hong Kong gold price dropped by HK$50 to $17,370 (Bt67,364) per tael, the Chinese Gold and Silver Exchange Society reported.
By Syndication Washington Post, Bloomberg · Vildana Hajric
U.S. equities rallied to records after President Donald Trump backed away from earlier threats and signed a coronavirus aid package.
The S&P 500 Index, Dow Jones industrial average and Nasdaq Composite closed at all-time highs following Trump’s surprise approval of the combined $2.3 trillion covid-19 relief and government funding package. Germany’s DAX Index also rose to a record. Treasuries dipped and the dollar strengthened.
Bitcoin retreated after a rally over the holiday pushed it past $28,000 for the first time.
U.S. investors cheered the U.S. aid package, restoring some of the optimism that drove global stocks to a record this month even as the pandemic escalated. In approving the bill, Trump also demanded a vote in Congress to replace the $600 in direct stimulus payments with $2,000 — a nonbinding request that is unlikely to pass both chambers. Still, Goldman Sachs Group Inc. upgraded its first-quarter U.S. economic growth forecast because of the measure.
“The new law is large enough to make a significant difference for individuals,” Dennis DeBusschere, head of portfolio strategy at Evercore ISI, said in a note to clients. “Ignore the noise about the ‘disappointing’ checks and focus on the setup for a robust economic recovery in 2021, particularly in the services sector.”
Alibaba Group Holding Ltd. tumbled in Hong Kong despite boosting its share buyback program to $10 billion, amid ongoing concern over China’s inquiry into alleged monopolistic practices. Regulators over the weekend ordered affiliate Ant Group Co. to return to its roots as a provider of payments services, a development that threatens to clip its growth.
On the coronavirus front, more restrictions are being imposed to fight the spread of the new, more infectious strain. Indonesia imposed a temporary ban on all foreigners from visiting the country, while Taiwan will increase the quarantine period for flight crews to seven days. Meanwhile, the European Union kicked off a continentwide vaccination campaign less than a week after clearing a shot developed by Pfizer Inc. and BioNTech SE.
Elsewhere, the pound weakened after the U.K. last week clinched a historic Brexit trade deal with the European Union.
These are the main moves in markets:
Stocks
– The S&P 500 Index rose 0.9% as of 4 p.m. EST.
– The Stoxx Europe 600 Index rose 0.7%.
– The MSCI Asia Pacific Index gained 0.1%.
– The MSCI Emerging Market Index slipped 0.2%.
Currencies
– The Bloomberg Dollar Spot Index rose 0.1%.
– The euro rose 0.1% to $1.2208.
– The British pound decreased 0.8% to $1.3449.
– The Japanese yen weakened 0.4% to 103.86 per dollar.
Bonds
– The yield on 10-year Treasuries increased less than one basis point to 0.93%.
– Germany’s 10-year yield declined two basis points to -0.57%.
– Britain’s 10-year yield was unchanged at 0.25%.
Commodities
– West Texas Intermediate crude fell 1.2% to $47.66 a barrel.
The Bank for Agriculture and Agricultural Cooperatives (BAAC) will conduct a new round of evaluation of clients dealing with the impact of the fresh Covid-19 outbreak, said senior executive vice president Kasarb Ngernruang.
Prior to the new outbreak, the bank evaluated 87 per cent of its total 7.5 million customers. It found 23 per cent were able to repay debts as usual, 61 per cent had been unable to make payments for the past 15 months, while debts of the remaining 16 per cent had been written off by the bank.
Kasarb added that the outbreak in Samut Sakhon would only have a small impact on the BAAC since the bank has few customers in the province.
The Office of Small and Medium Enterprise Promotion (OSMEP) will push for SMEs nationwide to get Bt400 billion of the total Bt1.3 trillion annual state spending on procurement of products and services next year.
The office board approved the target on Monday, said OSMEP director-general Veerapong Malai.
The state agency will also urge at least 100,000 SMEs to register with the Comptroller General’s Department, up from its current of around 1,000.
Revenue of SMEs currently accounts for 35 per cent of GDP – close to the pre-pandemic level.
Sasinotai Rochanutama, right, manager of sustainability at Indorama Ventures Plc, receives the award from Pakorn Peetathawatchai, president of the Stock Exchange of Thailand.
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