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SET rises over 1,500 points, but tight valuation, mass share sell-offs before long holiday cast shadow (nationthailand.com)

SET rises over 1,500 points, but tight valuation, mass share sell-offs before long holiday cast shadow

EconDec 09. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 22.72 points, or 1.54 per cent, to 1,501.64 in the morning session on Wednesday.

An analyst at Krungsri Securities expected the day’s index to rise to between 1,490 and 1,500 points from foreign fund inflows in response to positive news of a Covid-19 vaccine, adding that this positive sentiment is also benefiting large-cap stocks.

“However, we still advise investors to undertake short-term speculation as the SET would come under pressure from its tight valuation and mass sell-offs of shares to reduce risks during the upcoming long holiday,” he said.

He recommended investors buy:

> Laggard shares in the SET50 Index, such as EGCO, TCAP, DTAC, KTB, TMB, SCB, BCP and TOP.

> MINT, CENTEL and AOT that benefit from positive news of a Covid-19 vaccine.

The SET Index closed at 1,478.92 on Tuesday, up 29.09 points, or 2.01 per cent. Total transactions amounted to Bt123.46 billion, with an index high of 1,484.73 points and a low of 1,442.65.

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Thai gold price flat amid US Treasury bond yield decline, hopes of stimulus package (nationthailand.com)

Thai gold price flat amid US Treasury bond yield decline, hopes of stimulus package

EconDec 09. 2020

By The Nation

The price of gold was unchanged in morning trade on Wednesday after surging by Bt300 per baht weight at close on Tuesday, the Gold Traders Association reported.

As of 9.24am, the buying price of a gold bar was Bt26,450 per baht weight and selling price Bt26,550 while gold ornaments cost Bt25,969.08 and Bt27,050, respectively.

The Comex (Commodity Exchange) gold price to be delivered in February next year rose by US$8.90, or 0.48 per cent, closing at $1,874.9 (Bt56,270) per ounce on Tuesday, the highest since November 17.

The gold price gained positive sentiment from hopes of a US Covid-19 relief package and a decline in the US Treasury bond yield.

An analyst at YLG Bullion International advised investors to undertake short-term speculation as mass buy-ups of the precious metal hadn’t increased by much.

“We advise investors to buy gold when the price rises over the line between $1,846 and $1,850 per ounce and take profits if the price cannot rise over the line between $1,878 and $1,887,” he said.

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Baht unchanged amid stock market rise (nationthailand.com)

Baht unchanged amid stock market rise

EconDec 09. 2020

By The Nation

The baht opened at 30.04 to the US dollar on Wednesday, unchanged from the previous day’s close.

The Thai currency is likely to move between 29.95 and 30.15, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

On Tuesday night, the S&P 500 Index rose by 0.3 per cent amid progress in US financial policy, while the Stoxx 600 Index increased by 0.2 per cent as the ZEW Investor Sentiment Index in December hit 55 points, higher than the market expectation of 46 points.

However, the financial market didn’t open in a risk state as the US ten-year Treasury bond yield was unchanged at 0.91 per cent, while the dollar recovered slightly after positive news of a US economic stimulus package, Jitipol said

Meanwhile, the baht strengthened to near the strongest point of the year – at 30 to the dollar – due to mass sell-offs of the currency by exporters, while some foreign investors have gradually sold bonds to purchase Thai shares for the remainder of the year as they expect the economy to recover, he said.

“We still believe the baht will weaken once the stock market faces a correction,” Jitipol added.

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Stocks climb to record amid stimulus discussions (nationthailand.com)

Stocks climb to record amid stimulus discussions

EconDec 09. 2020

By Syndication Washington Post, Bloomberg · Rita Nazareth, Claire Ballentine

Stocks rose to a record as stimulus talks tempered concern about tougher restrictions amid a surge in coronavirus cases.

The S&P 500 closed at an all-time high after Senate Majority Leader Mitch McConnell, R-Ky., suggested setting aside some issues that have been roadblocks to a relief package — a strategic retreat aimed at striking a deal. The Nasdaq 100 advanced for a 10th straight day, the longest rally in about a year. Pfizer Inc. jumped as U.S. regulators gave early indications they may grant emergency-use authorization to its vaccine. Tesla Inc. erased losses that were driven by plans to raise as much as $5 billion.

Time is running ever shorter on getting fresh stimulus, with lawmakers approaching the year-end break just as U.S. coronavirus infections surpass 15 million. Democrats have opposed McConnell’s insistence on giving employers a shield from lawsuits, while he has been among Republicans blasting Democratic demands for assistance to state and local authorities as a bailout. Both issues have curtailed prospects of an agreement.

“After months of inaction by leaders in Washington, the market is likely to respond well to any movement towards additional fiscal support,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors. “However, motion is not the same as action. If these discussions do not lead to results, we could see the market give up some of its recent gains.”

A key sentiment indicator for U.S. stocks has reached its most bullish level in two decades. The weekly Cboe ratio of volume traded in puts versus calls fell to the lowest since July 2000 last week. This implies extreme positioning to the upside, as investors look beyond short-term uncertainty toward a continuing global recovery in 2021.

Elsewhere, the pound pared declines after the U.K. dropped controversial parts of an internal bill that would have given it the power to unilaterally override the Brexit divorce treaty. Prime Minister Boris Johnson will hold crisis talks with European Commission President Ursula von der Leyen Wednesday evening as the two sides try to salvage a trade deal by the end of the year.

These are some of the main moves in markets:

Stocks

– The S&P 500 increased 0.3% as of 4 p.m. EST.

– The Stoxx Europe 600 Index climbed 0.2%.

– The MSCI Asia Pacific Index fell 0.1%.

Currencies

– The Bloomberg Dollar Spot Index was little changed.

– The euro was little changed at $1.2106.

– The British pound dipped 0.1% to $1.3366.

– The Japanese yen weakened 0.1% to 104.17 per dollar.

Bonds

– The yield on 10-year Treasuries fell one basis point to 0.91%.

– Germany’s 10-year yield decreased three basis points to -0.61%.

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

Commodities

– West Texas Intermediate crude fell 0.3% to $45.61 a barrel.

– Gold strengthened 0.5% to $1,872.30 an ounce.

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Progress on EV public transport blueprint (nationthailand.com)

Progress on EV public transport blueprint

EconDec 09. 2020Transport Minister Saksayam Chidchob 

By The Nation

The Transport Ministry has reportedly asked the Office of Transport and Public Policy and Planning to study the plan to promote electric vehicles in public transport.

The plan will pilot the use of electric public buses in six provinces – Bangkok, Chiang Mai, Nakhon Ratchasima, Ayutthaya, Chonburi and Phuket.

Transport Minister Saksayam Chidchob said he had received the EV subcommittee’s findings from its study of Thailand’s transition from fuel-based vehicles to EVs.

He added that it is expected to take 15 years to fully achieve the transition.

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Gulf’s Sarath richest Thai stockholder for second year in a row (nationthailand.com)

Gulf’s Sarath richest Thai stockholder for second year in a row

EconDec 09. 2020Sarath Ratanavadi, CEO of Gulf Energy Development Plc 

By The Nation

Sarath Ratanavadi, CEO of Gulf Energy Development Plc, is the wealthiest Thai stockholder for the second consecutive year with Bt115.29 billion, according to rankings compiled by Money & Banking magazine and Chulalongkorn University’s Faculty of Commerce and Accountancy.

The rankings list major shareholders at close of trade on September 30 this year, after the SET fell to 1,237.04 from 1,637.22 last year.

The fall wiped Bt140.796 billion off the value of major investors’ stockholdings.

The worth of Sarat’s Gulf shares fell Bt5.67 billion from last year. Sarat is the company’s largest shareholder with 35.44 per cent.

Gulf shares were worth Bt160 last year when he topped the wealth list for the first time, up 109.84 per cent from the initial public offering price of Bt45 in 2018. They had fallen to Bt30.5 in September this year after the Thai economy and listed companies were hit by the Covid-19 fallout.

The second richest investor this year is Prasert Prasattong-Osoth, founder of Bangkok Airways and Bangkok Dusit Medical Services, with a total shareholding of over Bt50.079 billion – down by Bt16.031 billion from last year.

The third richest is Niti Osathanugrah with Bt48.181 billion, down Bt431.68 million. Niti is heir to the Osotspa beverage empire. His investment portfolio this year covers 12 companies.

The fourth richest is Vonnarat Tangkaravakoon, director of TOA Paints (Thailand), who moved up from sixth place last year. His overall stake in Stark Corporation and TOA Paints was worth Bt41.213 billion, up Bt157.85 million.

ThaiBev tycoon Charoen Sirivadhanabhakdi was fifth with total holdings of Bt38.178 billion, richer by Bt27.848 billion following his listing of Asset World Corp on the SET last October.

Moving up one place to sixth and seventh were Daonapa Petampai and Chuchat Petaumpai, respectively, who own shares in Muangthai Capital Plc.

Daonapa’s holdings were worth Bt35.460 billion, down Bt5.580 billion, while those of Chuchat were Bt35.277 billion, down by Bt5.563 billion.

Somphote Ahunai, CEO of Energy Absolute, slid to eighth place from fifth last year with Bt34.412 billion, down Bt7.671 billion.

Khunying Wanna Sirivadhanabhakdi, wife of Charoen, is ranked ninth with holdings of Bt28.728 billion, Bt18.398 billion richer than last year.

Harald Link, chairman of B Grimm Power Plc, is 10th in this year’s rankings with shares worth Bt26.798 billion, down Bt632.63 million.

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‘Let’s Go Halves’ co-payment scheme extended until Mar 31 (nationthailand.com)

‘Let’s Go Halves’ co-payment scheme extended until Mar 31

EconDec 08. 2020

By The Nation

The Cabinet approved the second phase of the Khon La Khrueng (Let’s Go Halves) subsidised shopping scheme on Tuesday.

The co-payment stimulus scheme will be expanded to cover 15 million Thais from the original 10 million.

Until March 31, the government will pay 50 per cent of a participant’s bill for food, drink and general goods up to Bt150 per day. The cap on the total subsidy per person over the whole period has been raised from Bt,3000 to Bt3,500.

Original participants will not have to reregister.

Registration for new participants will open at 6am on December 16 at 6am.

The total budget for both phases of the scheme is Bt22.5 billion, aiming to generate spending of Bt45 billion.

Each phase is designed to increase GDP by 0.32 per cent by injecting up to Bt105 billion into the economy.

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SET up 2% as foreign funds pile into Thailand (nationthailand.com)

SET up 2% as foreign funds pile into Thailand

EconDec 08. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,478.92 on Tuesday, up 29.09 points or 2.01 per cent. Total transactions amounted to Bt123.46 billion with an index high of 1,484.73 and a low of 1,442.65.

In the morning session, an analyst at Krungsri Securities expected the day’s index to fluctuate between 1,440 and 1,460 points, buoyed by foreign fund inflows in response to positive news of a Covid-19 vaccine.

“However, we advise investors to speculate for short-term profits, as the falling oil price and tight valuation will pressure the index,” he said.

Also significant for the SET would be today’s Cabinet approval for the second phase of the “Khon La Khrueng” (Let’s Go Halves) scheme and the Bt3.4-billion extension of the MRT Pink Line, he added.

The 10 stocks with the highest trade value today were KBANK, PTT, SAK, DELTA, SCB, AOT, ADVANC, PTTGC, PTTEP and KCE.

As of 4.30pm, the price of oil rose by US$0.11 or 0.24 per cent to $45.87 per barrel, while gold rose by $1.70 or 0.09 per cent, to $1,867.70 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 26,467.08, down 80.36 points or 0.30 per cent.

China’s Shang Hai SE Composite Index closed at 3,410.18, down 6.43 points or 0.19 per cent., while Shenzhen SE Component Index closed at 13,973.89, up 0.41 points or 0.0029 per cent.

Hong Kong’s Hang Seng Index closed at 26,304.56, down 202.29 points or 0.76 per cent.

South Korea’s KOSPI Index closed at 2,700.93, down 44.51 points or 1.62 per cent.

Taiwan’s TAIEX Index closed at 14,360.40, up 103.80 points or 0.73 per cent.

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Covid-19 vaccine expected to push exports up by 3-5% next year (nationthailand.com)

Covid-19 vaccine expected to push exports up by 3-5% next year

EconDec 08. 2020

By The Nation

The Thai National Shippers’ Council expects growth of 3 to 5 per cent in the export sector next year, the council’s chairperson Ghanyapad Tantipipatpong said.

The biggest contributor is expected to be the Regional Comprehensive Economic Partnership (RCEP) pact, which was signed in November.

RCEP marks Asean’s biggest free-trade pact to date, covering market of 2.2 billion people with a combined size of US$26.2 trillion or 30 per cent of global GDP.

The other factors are global progress in the development of the Covid-19 vaccine, which will benefit trade and tourism, especially the export of medical equipment and food from Thailand.

The council said it also expects exports this year to contract only 7 per cent from the previous forecast of 10 per cent, provided the monthly export in the last two months of the year reaches $19.3 billion.

Thai export fell 6.71 per cent in October to $19.38 billion, while imports contracted 14.32 per cent to $17.33 billion.

Exports in the first 10 months of 2020 dropped 7.26 per cent to $192.37 billion. The export of farm and industrial farm products dipped 8.8 per cent, while that of industrial goods fell 4.7 per cent.