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SET slumps over 1% despite good news on Covid-19 vaccine (nationthailand.com)

SET slumps over 1% despite good news on Covid-19 vaccine

EconNov 24. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index closed at 1,401.63 on Tuesday, down 18.80 points or 1.32 per cent. The volume of total transactions was Bt102 billion with an index high of 1,432.56 and a low of 1,401.29.

In the morning session, an analyst at Krungsri Securities said he expected the day’s index to rise to between 1,435 and 1,445. He also believed that more foreign funds would flow into the Thai bourse after US president-elect Joe Biden named former Federal Reserve chairperson Janet Yellen the new secretary of the Treasury, and positive news on the development of a Covid-19 vaccine.

“Investors, however, should beware of mass sell-offs in stocks to reduce risks from the anti-government protest on Wednesday,” he said.

The top 10 stocks with the highest trade value today were PTT, ADVANC, KBANK, PTTEP, STGT, CPF, TASCO, AOT, PTTGC and SCGP.

As of 4.30pm, the price of oil rose by US$0.42 or 0.98 per cent to $43.48 per barrel, while gold dropped by $14.80 or 0.81 per cent, to $1,823 per ounce.

Other Asian indices were mixed:

Japan’s Nikkei Index closed at 26,165.59, up 638.22 points or 2.50 per cent.

China’s Shanghai SE Composite Index closed at 3,402.82, down 11.67 points or 0.34 per cent, while Shenzhen SE Component Index closed at 13,902.54, down 52.75 points or 0.38 per cent.

Hong Kong’s Hang Seng Index closed at 26,588.20, up 102.00 points or 0.39 per cent.

South Korea’s KOSPI Index closed at 2,617.76, up 15.17 points or 0.58 per cent.

Taiwan’s TAIEX Index closed at 13,807.13, down 70.88 points or 0.51 per cent.

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American businesspeople to meet Prayut (nationthailand.com)

American businesspeople to meet Prayut

EconNov 24. 2020Deputy Prime Minister Supattanapong Punmeechaow 

By The Nation

The US-Asean Business Council will lead Thailand-based American businesspersons to a meeting with Prime Minister Prayut Chan-o-cha on Wednesday, said Deputy Prime Minister Supattanapong Punmeechaow.

The deputy PM said he has spoken to some of these businesspeople and has assured them that Thailand has the potential to draw foreign investment. Thai firms also stand ready to partner up with companies from the US.

Supattanapong said Thailand has developed many new industries and adjusted its development strategy, so the country does not depend solely on any one sector.

Government spokesman Anucha Burapachaisri said some 88 American businesspersons are expected to meet the premier, adding that some will meet Prayut in person, while others via video conferencing.

The subjects on the agenda will be investment and international trade. They are also expected to offer ideas on how investing in Thailand can be made easy for foreigners.

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SET extends gains, but worries over pro-democracy protests cast a shadow (nationthailand.com)

SET extends gains, but worries over pro-democracy protests cast a shadow

EconNov 24. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index rose by 9.57 points, or 0.67 per cent, to 1,430.57 in the morning session on Tuesday.

An analyst at Krungsri Securities expected the day’s index to rise to between 1,435 and 1,445. He expected more foreign funds to flow into the Thai bourse after US president-elect Joe Biden picked former Federal Reserve chairwoman Janet Yellen for Treasury Secretary, and positive news in the development of a Covid-19 vaccine.

“However, investors should beware of mass sell-offs in stocks to reduce risks from pro-democracy protesters’ anti-government protest on Wednesday,” he said.

He recommended that investors buy:

▪︎ COM7, SYNEX and SPVI that will benefit from the launch of iPhone 12.

▪︎ PTTEP, PTTGC, TOP, IVL and SPRC that will benefit from the rising oil price.

▪︎ AMATA, WHA, SAT, AH, and RCL that will benefit from the Regional Comprehensive Economic Partnership pact.

The SET Index closed at 1,420.43 on Monday, up 31.09 points, or 2.24 per cent. Total transactions amounted to Bt105 billion with an index high of 1,422.43 and a low of 1,395.58.

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Gold slumps amid hopes of a Covid-19 vaccine (nationthailand.com)

Gold slumps amid hopes of a Covid-19 vaccine

EconNov 24. 2020

By The Nation

The price of gold dropped sharply by Bt500 per baht weight in morning trade on Tuesday after the price was unchanged at close on Monday, the Gold Traders Association reported.

As of 9.28am, the buying price of a gold bar was Bt26,250 per baht weight and selling price Bt26,350, while gold ornaments were priced at Bt25,772 and Bt26,850, respectively.

At close on Monday, the buying price of a gold bar was Bt26,750 per baht weight and selling price Bt26,850, while gold ornaments were Bt26,272.28 and Bt27,350, respectively.

Spot gold price moved to US$1,829 (Bt55,628) per ounce in the morning, while Comex (Commodity Exchange) gold price to be delivered in December dropped sharply by $34.6 to $1,837.8 per ounce on Monday due to mass sell-offs in safe-haven assets in response to positive news of a Covid-19 vaccine.

Hong Kong gold price meanwhile dropped by HK$340 to $16,970 (Bt66,567) per tael, the Chinese Gold and Silver Exchange Society reported.

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U.S. stocks rise on reopening rotation (nationthailand.com)

U.S. stocks rise on reopening rotation

EconNov 24. 2020

By Syndication Washington Post, Bloomberg · Kamaron Leach · BUSINESS

U.S. stocks climbed as investors piled into companies that will benefit most from a return to normal economic activity. Tech shares lagged behind, while gold slumped.

The S&P 500 briefly extended gains on news that Joe Biden will nominate former Federal Reserve Chair Janet Yellen to be Treasury Secretary. She recently said the recovery will be uneven and lackluster if Congress doesn’t spend more to fight unemployment and keep small businesses afloat.

“The market would view Janet Yellen’s appointment as market-friendly. At the very least, she is likely to work well with Chair Powell,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

The Nasdaq 100 was little changed, while the Russell 2000 of smaller companies jumped almost 2%. AstraZeneca Plc became the latest firm to deliver positive vaccine developments, bolstering demand for cruise-line operators and airlines. Small caps are up about 18% in November, on track for the best month ever.

Vaccine successes lately have added to a risk-on mood in markets and investors have snapped up assets that could benefit from the end of lockdowns and travel restrictions even as the virus rages across the nation. Investors have also started to anticipate Congress will again deliver a spending bill to stave off the economic effects of new restrictions aimed at slowing the virus.

“In the short-term, anything is possible and from a humanitarian perspective it is awful that the people who currently need the most help are not getting it,” said Jonathan Boyar, managing director at Boyar Value Group. “But with multiple viable vaccines on the horizon, I think the market will largely look through the horrible headlines. There certainly, however, will be some fits and starts along the way.”

U.S. vaccinations against covid-19 will “hopefully” start in less than three weeks, said Moncef Slaoui, head of the government’s Operation Warp Speed, on CNN’s “State of the Union” on Sunday. An advisory panel of the Food and Drug Administration is meeting on Dec. 10 to discuss emergency use authorizations.

These are the main moves in markets:

Stocks

– The S&P 500 Index advanced 0.6% as of 4 p.m. EST.

– The Stoxx Europe 600 Index fell 0.2%.

– The MSCI Asia Pacific Index climbed 0.3%.

Currencies

– The Bloomberg Dollar Spot Index gained 0.2%.

– The euro declined 0.2% to $1.1839.

– The Japanese yen depreciated 0.6% to 104.50 per dollar.

Bonds

– The yield on 10-year Treasurys climbed three basis points to 0.85%.

– Germany’s 10-year yield advanced less than one basis point to -0.58%.

– Britain’s 10-year yield climbed two basis points to 0.318%.

Commodities

– The Bloomberg Commodity Index was little changed.

– West Texas Intermediate crude climbed 1.2% to $42.94 a barrel.

– Gold depreciated 1.9% to $1,836.26 an ounce.

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Cabinet green lights rail-track development institute (nationthailand.com)

Cabinet green lights rail-track development institute

EconNov 24. 2020

By The Nation

The Cabinet on Monday approved in principle the establishment of an institute for research and development of railway track systems, said government spokesman Anucha Burapachaisri.

The institute will be set up as a public organisation under the Transport Ministry.

It will determine strategy and propose policies for development of rail track systems, and set directions for R&D, human resource development and technology transfer.

The aim was to reduce Thailand’s reliance on foreign technology, said the spokesman.