The Stock Exchange of Thailand (SET) Index rose by 17.93 points, or 1.28 per cent, to 1,419.56 in the morning session on Wednesday.
An analyst at Krungsri Securities expected the day’s index to fluctuate between 1,390 and 1,415 points amid an expected smooth US presidential transition, progress of a Covid-19 vaccine and a rising oil price.
“However, mass sell-offs in stocks to reduce risks from pro-democracy protesters’ anti-government rally on Wednesday would pressure the index,” he said.
He recommended investors buy:
> PTTEP, PTTGC, Top, IVL and SPRC, which benefit from the rising oil price.
> Mint, Centel and AOT, which benefit from progress in the development of a Covid-19 vaccine.
> Amata, WHA, SAT, AH and RCL, which will benefit from the Asia-Pacific Regional Comprehensive Economic Partnership pact.
The 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 points and a low of 1,401.29.
The price of gold slumped by another Bt250 per baht weight in morning trade on Wednesday after falling sharply by Bt550 per baht weight at close on Tuesday, the Gold Traders Association reported.
As of 9.28am, the buying price of a gold bar was Bt25,950 per baht weight and selling price Bt26,050, while gold ornaments cost Bt25,483.96 and Bt26,550, respectively.
At close on Tuesday, the buying price of a gold bar was Bt26,200 per baht weight and selling price Bt26,300, while gold ornaments cost Bt25,726.52 and Bt26,800, respectively.
The spot gold price moved to US$1,810 (Bt54,938) per ounce in the morning, while the Comex (Commodity Exchange) gold price to be delivered in December dropped sharply by $33.20 to $1,804.60 per ounce on Tuesday due to mass sell-offs of the safe-haven asset in response to positive news over a Covid-19 vaccine and a hopefully smooth US presidential transition.
The Hong Kong gold price meanwhile dropped by HK$180 to $16,710 (Bt65,431) per tael, the Chinese Gold and Silver Exchange Society reported.
By Syndication Washington Post, Bloomberg · Kamaron Leach, Vildana Hajric · BUSINESS
The Dow Jones industrial average topped 30,000 for the first time and investors piled into risk assets as a series of market-friendly developments unleashed animal spirits on Wall Street.
The S&P 500 Index hit a record, spurred by the formal start of President-elect Joe Biden’s transition, news that all but removed the threat of a contested transfer of power. Investors also woke up with a clear sense of what Biden’s Treasury Department will have in policy preferences after he nominated Janet Yellen to the post. A third promising vaccine candidate added to the euphoria, boosting bets that the economy can soar next year.
The rotation into risk assets was widespread. Small caps in the Russell 2000 added another 1.9%, pushing its November rally past 20%. Tesla Inc. tacked on another 6.4% and is now worth $500 billion. Carnival Corp. jumped 11%, Planet Fitness Inc. rose 8% and MGM Resorts International added 9%. Four stocks rose for every one that fell in the S&P 500, while only three Dow companies dropped. Bitcoin rose to a three-year high, topping $19,000 as it closed in on a record.
The record runs come in the face of more troubling news on the virus front, with cases rising and more states enacting restrictions ahead of the Thanksgiving holiday. Wednesday will also bring a flood of economic indicators, from jobless claims to readings on consumer confidence and personal income. Trading volumes have been elevated in what is normally a calm week. More than 12 billion shares changed hands yesterday, up 75% from the Monday before last year’s holiday.
“There’s nothing else to buy. People have this excess cash and they’re buying into the market and they’re chasing it,” Gene Goldman, chief investment officer at Cetera Financial Group, said. “People are ignoring the short term and just jumping in and buying. All the short terms news is being ignored for long term optimism.”
Energy companies in the S&P 500 surged 4% on the back of oil’s advance past $45 for the first time since March. The dollar weakened versus major peers and Treasurys slipped. Gold fell toward $1,800 an ounce.
As the S&P 500 pushes its November surge past 11%, a growing chorus is saying the rally can persist. Even after the latest advance, four of the 11 S&P 500 groups remain at least 8% below when the index set a record on Feb. 19. Expectation is mounting that as investors grow confident the vaccine will spark an economic boom, cash will continue flooding into the likes of banks, utilities and energy companies that have underperformed.
“Everybody’s just ecstatic with the vaccine news,” said Jerry Braakman, chief investment officer of First American Trust, in Santa Ana, California, which manages around $2 billion. “We had to slug through the election results, there’s a sense of relief that we didn’t decay into anarchy. That was definitely holding back the economy. We know how well stock markets do with recovery and its vision ahead. That’s normally the best time for markets.”
The rotation has been on display all month. Energy shares have surged almost 40%, while financial firms have rallied about 20%. Treasury yields have advanced and gold has stumbled.
“Even though we’ve seen this pretty sharp rotation into cyclical stocks, we think this could go on for much longer given how unbalanced many investors’ portfolios are when it comes to growth and value,” said Bill Callahan, investment strategist at Schroders. “Prior to the vaccine announcement the market wasn’t sure how long we would be in this state of economic limbo, but with the vaccine announcement it really doesn’t matter if the vaccine is distributed in the second quarter or third quarter next year, there is a light at the end of the tunnel.”
These are the main moves in markets:
Stocks
– The S&P 500 Index rose 1.6% as of 4 p.m. EST.
– The Dow average added 1.5% to 30,045.
– The Stoxx Europe 600 Index rose 0.9%.
– The MSCI Asia Pacific Index rose 0.9%.
– The MSCI Emerging Market Index was little changed.
Currencies
– The Bloomberg Dollar Spot Index fell 0.4%.
– The euro climbed 0.4% to $1.1890.
– The British pound gained 0.3% to $1.3358.
– The Japanese yen was little changed at 104.54 per dollar.
Bonds
– The yield on 10-year Treasurys jumped two basis points to 0.88%.
– The yield on two-year Treasurys increased less than one basis point to 0.16%.
– Germany’s 10-year yield gained three basis points to -0.56%.
– Japan’s 10-year yield climbed one basis point to 0.025%.
Commodities
– West Texas Intermediate crude surged 4.2% to $44.84 a barrel.
Energy Minister Supattanapong Punmeechaow said on Tuesday that the Centre for Economic Situation Administration (CESA) will on December 2 consider the policy on exchanging old vehicles for new ones.
Initially, it was proposed that the new vehicles in the exchange scheme must be electric and locally made in a bid to cut down on pollution and PM2.5 particles.
A government source said the exchange scheme aimed to drive the country’s electric vehicle (EV) industry as well as improve the environment.
The aim is also to turn Thailand into an EV production hub as well as increase the proportion of electric vehicles on Thai roads to 50 per cent by 2030, 85 per cent by 2035 and 100 per cent by 2040.
The scheme comprises seven projects, namely:
• Up to 100,000 cars aged 12 years or more can be exchanged for a discount of up to Bt100,000 per electric vehicle.
• Backing the production of up to 100,000 electric motorcycles per year for use as motorcycle taxis, delivery vehicles and personal vehicles by reducing costs as well as promoting battery rental business and a SWAP charging station. This should make motorcycles 50 per cent cheaper.
• Converting 2,511 Bangkok Mass Transit Authority (BMTA) into electric air-conditioned buses and renting them out on a per-kilometre basis. This project aims to boost domestic production of electric buses by offering tax privileges to manufacturers as well as making the import of EV parts cheaper.
• Supporting the use of electric vehicles by different government agencies.
• Supporting the building of charging stations by improving regulations as well as strengthening the smart grid network plan so a charging station can be set up every 70 kilometres nationwide. This will also include setting the cost of power at a fixed rate of Bt2.64 per unit as well as promoting investment in DC-charging stations in remote areas.
• Enhancing the automotive industry’s transition to the electric era by promoting the use of EV in the country and preparing auto-parts makers’ readiness to shift efficiently.
• Funding the disposal of car wreckage and support for the Automotive and Tyre Testing, Research and Innovation Centre to enhance the capabilities of Thai automakers as well as upgrading the skills of workers.
Bangkok Dusit Medical Services Plc (BDMS) on November 19 decided to dispose all its ordinary shares in Bumrungrad Hospital (BH) worth around Bt18.613 billion.
According to BDMS’s filingwith the Stock Exchange of Thailand, it will sell more than 180.72 million shares at Bt103 apiece, representing 22.71 per cent of Bumrungrad Hospital’s total issued shares.
On Tuesday, the purchaser confirmed the availability of funds for the share purchase and BDMS is expected make the initial sales of 90.5 million shares on Thursday.
The sale of the remaining shares is expected to be completed by December 31.
BDMS has noted, however, that the sale is still uncertain and subject to the availability of the purchaser’s funding.
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.
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.
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.
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.
TrueMoney wallet launches Start Invest app for savers
Nov 23. 2020
By The Nation
TrueMoney, Thailand’s leading e-wallet platform, has partnered with Ascend Wealth to launch “Start Invest”, a service that allows users to open a mutual fund account and start trading.
The move will give more than 15 million users of the TrueMoney Wallet app, most of whom have never invested, opportunities to invest for the first time.
The company expects the move to bring 600,000 new accounts, boosting investments in 2021.
Initially, Start Invest offers more than 600 mutual funds from 10 leading asset management firms in Thailand. More funds will be added in the future.
Deputy Prime Minister Supattanapong Punmeechaow 
