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U.S. stocks rise; pound gains on Brexit deal

EconDec 25. 2020

By Syndication Washington Post, Bloomberg · Kamaron Leach

U.S. stocks rose for a second day in holiday-shortened trading as investors monitored the latest developments on the Congressional aid package, while the pound strengthened after a post-Brexit trade accord agreement was reached.

Technology and real estate shares led the S&P 500 led higher, with energy the only one of the benchmark index’s 11 sector groups to finish in the red. A scuffle over pandemic relief is set to run up against a federal funding deadline next week as Democrats side with President Donald Trump in his demand for $2,000 payments to most Americans. The dollar weakened and Treasury yields were little changed.

The pound strengthened for a second day and the Stoxx 600 Index edged higher after the U.K. clinched a historic trade deal with the European Union, averting the threat of an acrimonious breakup and laying the foundations for a new relationship with its biggest and nearest commercial partner.

Alibaba Group Holding’s U.S.-listed shares tumbled the most ever in intraday trading on concern over China’s inquiry into alleged monopolistic practices at the e-commerce company. Volumes were subdued in many countries on Thursday. Most financial markets will be closed Friday for Christmas Day.

“The market is in autopilot mode at least until the end of year, which has positive indications for a Santa Claus rally,” said Sam Stovall, Chief Investment Strategy at CFRA Research.

“Right now we have a lot of animal spirits surging into year end,” Michael Purves, founder and CEO at Tallbacken Capital Advisors, said on Bloomberg TV. “As constructive as I am on markets in the broader term, I do expect there will be a hangover of sorts to process this overextension some time later this winter.”

These are the main moves in markets:

Stocks

The S&P 500 Index rose 0.2% to 3,690.01 as of 1:07 p.m. EST, the largest advance in a week.

The Dow Jones industrial average increased 0.2% to 30,129.83.

The Nasdaq Composite Index rose 0.2% to 12,771.11.

The Stoxx Europe 600 Index climbed 0.1% to 395.98, the highest in a week.

Currencies

The Bloomberg Dollar Spot Index dipped 0.1% to 1,126.21.

The euro was little changed at $1.2183.

The British pound rose 0.3% to $1.3538, the strongest in a week.

The Japanese yen depreciated 0.1% to 103.68 per dollar, the weakest in more than a week.

Bonds

The yield on 10-year Treasuries fell two basis points to 0.92%, the largest drop in two weeks.

Germany’s 10-year yield gained five basis points to -0.55%, reaching the highest in more than three weeks on the first advance in a week and the biggest climb in more than six weeks.

Britain’s 10-year yield dipped three basis points to 0.257%.

Commodities

West Texas Intermediate crude climbed 0.2% to $48.22 a barrel.

Gold strengthened 0.4% to $1,879.96 an ounce.

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New company registrations to rise next year: Business Development Dept

EconDec 25. 2020

By The Nation

The Business Development Department expects to see 64,000-66,000 newly registered companies next year, said deputy director-general Sorada Lertarpachit.

The estimate assumes that no significant unforeseen factors will arise.

The rate at which new companies are forming is on the rise as the economy moves into recovery, she confirmed.

However, the department is evaluating the impact of the latest Covid-19 outbreak on the rate of company formation, she added.

The number of new companies this year is expected to be between 63,000 and 64,000, down from 71,485 last year due to the impact of Covid-19.

The first 11 months saw 60,053 new companies registered, down 12 per cent. Their capital was Bt207.688 billion, down 32 per cent. The number of dissolved companies in the same period was 14,907, down 9 per cent, with capital of Bt75.133 billion, down 17 per cent.

A total of 4,479 business operators applied to set up companies in November, down 17 per cent from October, and with total registered capital of Bt15.599 billion. It was usual to see a relatively small number of applications for new businesses at the end of the year, Sorada said.

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Govt to revise immigration, business laws to lure foreign investors

EconDec 25. 2020

By The Nation

The government plans to revise key laws and regulations covering immigration, foreign business and other sectors next year in order to draw more foreign direct investment.

The revisions will also cover foreign workers, excise tax, city planning, biodiversity, the movie and video business, and energy sector including infrastructure and alternative energy.

The government aims to achieve at least 85 per cent of the revisions targeted under its “regulatory guillotine” scheme next year, according to a government source. 

The Public Sector Development Commission has led the mission to make doing business in Thailand much easier than it is today.

Businesses and consumers are currently burdened with high costs from complying with these laws and related regulations, estimated to total Bt142 billion annually.

The Thailand Development Research Institute projects that the revisions of laws and regulations would lower annual costs by 55.2 per cent or Bt133 billion for consumers and 22.4 per cent or Bt9 billion for businesses.

The government is hoping the revisions will help lift Thailand in the World Bank’s “Ease of Doing Business” rankings from its current 21st place into the top 10.

Foreign and local businesses have long complained about cost burdens stemming from complying with Thai bureaucracy, but the government has been slow to deregulate. Foreign investors have pressed for “friendlier” laws on immigration, foreign business and tax.

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AOT will rise back into profit in 2022/2023, say stock gurus

EconDec 25. 2020

By The Nation

Brokerage firms expect Airports of Thailand (AOT) to rise back into profit next year or the year after, despite its move to cut airports’ fixed monthly concession charges to soften the impact of Covid-19.

AOT informed the Stock Exchange of Thailand on Wednesday that it will cut six airports’ fixed monthly concession charges by 15-20 per cent from February 1, 2021 to January 31, 2022.

Suwat Wattanapornprom, an analyst at Asia Plus Securities, said the move would affect AOT’s performance in the short term.

He expects AOT to suffers losses of Bt2.7 billion with revenue of approximately Bt20 billion in fiscal year 2020-2021, before turning a profit of Bt1.7 billion on revenue of approximately Bt45 billion in 2021-2022.

“However, the Covid-19 outbreak is still pressuring AOT. If its share price drops, it would be an opportunity for long-term investment, since the company will benefit from distribution of Covid-19 vaccine in the middle of next year,” he said, adding that Asia Plus Securities had maintained its target price for AOT shares at Bt61.

Kitichan Sirisukarcha, senior vice president for research at CGS CIMB Securities, said AOT’s move and the declining number of domestic flights would have a limited impact on the company’s performance.

“The market has not factored in progress on Covid-19 vaccine, which is expected to be made widely available in the middle of next year. Hence, we expect the number of passengers to increase in the second half of next year,” he said.

“However, we expect AOT to turn from loss to profit in fiscal year 2022-2023, as foreign arrivals are not expected to rebound to pre-crisis levels until 2023.”

He added that CGS CIMB Securities had maintained its target price for AOT shares at Bt60, advising investors to buy when the price drops to Bt54-Bt55.

The 20 per cent concession reduction applies to Suvarnabhumi, Don Mueang, Phuket and Chiang Mai airports. The 15 per cent reduction applies at Hat Yai and Mae Fah Luang-Chiang Rai airports.

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SET gains 2.5% as investors buoyed by Kerry IPO, lockdown news

EconDec 24. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,451.52 on Thursday, up 35.50 points or 2.51 per cent. Total transactions amounted to Bt103.03 billion with an index high of 1,453.87 and a low of 1,409.75.

The index was buoyed by the first day of trading in Kerry Express (KEX) shares, as well as news that health authorities had not imposed a nationwide lockdown in response to the latest virus outbreak. The KEX share price shot up to Bt51.25 on Thursday, 83.04 per cent higher than its initial public offering (IPO) price of Bt28.

The 10 stocks with the highest trade value today were KEX, DELTA, KBANK, AEONTS, PTT, IVL, CPF, AOT, BANPU and CPALL.

As of 4.30pm, the price of oil dropped by US$0.12 or 0.25 per cent to $48 per barrel, while gold rose by $4.90 or 0.26 per cent, to $1,883 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 26,668.35, up 143.56 points or 0.54 per cent.

China’s Shang Hai SE Composite Index closed at 3,363.11, down 19.21 points or 0.57 per cent, while Shenzhen SE Component Index closed at 13,915.57, down 99.45 points or 0.71 per cent.

Hong Kong’s Hang Seng Index closed at 26,386.56, up 43.46 points or 0.16 per cent.

South Korea’s KOSPI Index closed at 2,806.86, up 47.04 points or 1.70 per cent.

Taiwan’s TAIEX Index closed at 14,280.28, up 57.19 points or 0.40 per cent.

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KEX shares rise 132% on very first day of trading

EconDec 24. 2020

By The Nation

Kerry Express (KEX) began its first day of trading on Thursday with shares going at Bt65 apiece, Bt37 or 132 per cent higher compared to its initial public offering (IPO) price of Bt28 per share.

KEX is Thailand’s leading parcel delivery brand which focuses on providing various types of services, such as consumer to consumer (C2C), business-to-consumer (B2C) and business-to-business (B2B). As of September 30, the company delivered over 1.2 million parcels per working day.

KEX has a paid-up capital of Bt870 million with a par value of Bt0.50 per share. The company offered 300 million ordinary shares to the public from December 8 to 18 at the price of Bt28 per share, with the aim of raising Bt8.4 billion.

The company’s market capitalisation at IPO price was Bt48.72 billion, while SCB Securities and Maybank Kim Eng Securities are financial advisers and underwriters.

KEX’s two major shareholders are KLN Logistics with 52.1 per cent and VGI with 19 per cent. The company has the policy of paying dividends of no less than 30 per cent of its net profit after deducting tax and other payments under the law to shareholders.

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Gold price rises

EconDec 24. 2020

By The Nation

The price of gold rose by Bt100 per baht weight in morning trade on Thursday after falling by Bt50 per baht weight at close on Wednesday, the Gold Traders Association reported.

As of 9.30am, the buying price of a gold bar was Bt26,750 per baht weight and selling price Bt26,850, while gold ornaments cost Bt26,272.28 and Bt27,350, respectively.

At close on Wednesday, the buying price of a gold bar was Bt26,650 per baht weight and selling price Bt26,750, while gold ornaments cost Bt26,166.16 and Bt27,250, respectively.

The spot gold price moved to US$1,878 (Bt56,716) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in February next year rose by $7.80 to $1,878.10 per ounce on Wednesday due to a weakening dollar and a decline in US economic data.

The Hong Kong gold price meanwhile rose by HK$40 to $17,310 (Bt67,413) per tael, the Chinese Gold and Silver Exchange Society reported.