#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

SET slides over fears of second wave of Covid-19 infections

Econ

Jun 15. 2020

By The Nation

The Stock Exchange of Thailand (SET) Index dropped 40.57 points or 2.93 per cent to close at 1,341.99 today (June 15). Total transaction volume was Bt83.379 billion with an index high of 1,379.78 and a low of 1,338.25.

During the morning session, a stock analyst at Krungsri Securities said he expected the index to between 1,370 and 1,375 points due to uncertainty following a second wave of Covid-19 infections in China and Japan, where there have been 49 and 47 new cases respectively.

“The number of new Covid-19 cases in some US states such as Arizona, South Carolina and Texas have risen due to the easing of some lockdown measures,” he said.

“The index is also under pressure from the drop in crude oil prices as uncertainty over the second wave of Covid-19 infections will lead to lower demands for oil.”

However, he said, he expects the index to rebound in response to the lifting of curfew and final easing of restrictions.

“Investors also expect SET to announce stocks to be added to the SET50 and SET100 this week,” he added.

The top 10 stocks with the highest trade value today were BAM, KBANK, SUPER, MINT, PTT, INUTCH, ADVANC, BBL, SCB, and AOT.

As of 4.30pm, the price of crude oil dropped by US$0.78 or 2.15 per cent to $35.48 per barrel, while gold dropped by $14.70 or 0.85 per cent, to $1,722.60 per ounce.

The global indices were on the slide:

Japan’s Nikkei Index closed at 21,530.95, down 774.53 points, or 3.47 per cent.

China’s Shanghai SE Composite Index closed at 2,890.03, down 29.71 points, or 1.02 per cent, while Shenzhen SE Component Index closed at 11,192.27, down 59.43 points, or 0.53 per cent.

Hong Kong’s Hang Seng Index closed at 23,776.95, down 524.43 points, or 2.16 per cent.

South Korea’s KOSPI Index closed at 2,030.82, down 101.48 points, or 4.76 per cent.

Taiwan’s TAIEX Index closed at 11,306.26, down 123.68 points, or 1.08 per cent.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Revenue teams up with 160 nations to identify firms that should be taxed under E-Services law

Econ

Jun 15. 2020

By The Nation

The Revenue Department has signed an agreement with 160 countries to close loopholes in the upcoming E-Services tax law.

Director-General Ekniti Nitithanprapas said his department signed a mutual assistance pact on tax administration with 160 countries including Japan, France, Germany and Australia so that the revenue departments of each country can share information of registered companies to assess whether tax has to be collected if these firms provide a platform in Thailand.

“This move will overcome the vulnerability in E-Services tax or value added tax collections from foreign digital platforms that do not have a subsidiary company in Thailand and have service income of Bt1.8 million and above so they pay 7 per cent income tax,” Ekniti said.

The act has been submitted to the House of Representatives for approval.

In addition, the Revenue Department is preparing to issue an announcement on reduction of e-tax withholding rates, from the original 3 per cent to 2 per cent, between October 31 and December 31.

With Commercial banks handling payments, firms or individuals will no longer have to keep withholding certificates in paper form as the bank will send this information directly to the Revenue Department and the information will be recorded electronically. This will speed up the process of calculating taxes and tax returns.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Gold price flat

Econ

Jun 15. 2020

By The Nation

The price of gold remained flat in morning trade today (June 15), the Gold Traders Association reported.

As of 9.24am, the buying price of a gold bar was Bt25,300 per baht weight and selling price Bt25,400, while gold ornaments were priced at Bt24,847.24 and Bt25,900, respectively.

The Gold Spot Index price this morning moved to around US$1,733 (Bt53,636) per ounce after the price dropped by $2.5 to $1,737.3 at close on Friday.

Investors sold safe haven assets after the US Dow Jones Index rose more than 400 points. Meanwhile, gold came under pressure from a strengthening dollar and rising US bond yields.

The Hong Kong gold price dropped by HK$20 to $16,010 (Bt63,948) per tael this morning.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

SET slides on worries over Covid-19 second wave

Econ

Jun 15. 2020

By The Nation

The Stock Exchange of Thailand Index fell by 9.05 points, or 0.65 per cent, to 1,373.51 this morning (June 15).

A stock analyst at Krungsri Securities expected the index to fall between 1,370 and 1,375 points due to uncertainty following a second wave of Covid-19 in China and Japan, with 49 and 47 new cases, respectively.

“Also, the number of new Covid-19 cases in the US has increased in some states after lockdowns were eased, such as Arizona, South Carolina and Texas,” the analyst said.

“In addition, the index will be under pressure from a decline in the crude oil price because of the uncertainty due the second wave of Covid-19 and would expectedly lead to lower oil demand.”

He, however, said the index would rebound in response to the government’s suspension of night curfew and the fourth phase of lockdown easing.

“Investors expect the SET to announce stocks added to the SET50 and SET100 this week,” he added.

He recommended investors buy:

▪ Stocks that would be added to the SET50 and SET100, such as BPP, TTW, Ace, DoHome, RBF, SIRI, SISB, TVO and WHAUP.

▪ Stocks whose second-quarter performance will improve, such as CKP, Tasco, STA and RS.

▪ Mint, Centel, ERW and AOT.

The SET Index on Friday fell by 14 points, or 1.02 per cent, closing at 1,382. Total transactions were worth Bt8.6 billion.

Foreign investors made a net sell of Bt2 billion in stocks and Bt290 million in bonds. There were 3,243 net short TFEX SET50 contracts.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

SRT to seek Cabinet approval for 2nd phase of double track railway in September

Econ

Jun 15. 2020

By THE NATION

The State Railway of Thailand (SRT) is reportedly expected to submit its investment plan for the second phase of double rail-track development for the Cabinet’s consideration in September.

The agency is working on additional details of the project before it’s presented to the National Economic and Social Development Council (NESDC) later this month.

The council had earlier queried the project on several issues, including its commercial viability and how it will benefit SRT, even though the state-agency has insisted the double-track railway will benefit the country’s transport system.

The second phase covers seven routes, namely the 285-kilometre Paknampo-Denchai route, estimated to cost Bt59.3 billion; the 308km Jira-Ubon Ratchathani route costing Bt36 billion; the 167km Khon Kaen-Nong Khai line costing Bt25.8 billion; the 168km Chumphon-Surat Thani line costing Bt23 billion; 321km Surat Thani-Hat Yai-Songkhla line costing Bt56.1 billion; 189km Denchai-Chiang Mai line costing Bt57.9 billion; and the 45km Hat Yai-Padang Besar route costing Bt7.86 billion.

#ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

Household debt could soar beyond 80% of GDP due to Covid-19 crisis: NESDC

Econ

Jun 15. 2020NESDC secretary-general Thosaporn Sirisumphand

By The Nation

The Covid-19 crisis has had a massive impact on household debt and it is expected to rise to more than 80 per cent of GDP, the National Economic and Social Development Council (NESDC), a state think-tank, has warned.

Thai household debt stood at 79.8 per cent of gross domestic product (GDP) in the first quarter of this year.

The pandemic resulted in businesses shutting down in addition to the drought already having hit households hard, leading to increased borrowing of money as incomes declined, NESDC secretary-general Thosaporn Sirisumphand said.

The economic impact will be severe in the second quarter, he predicted, as many businesses have laid off workers, or cut their employees’ salaries.

“The income shock led to continued expansion of consumers loans, growing 7.1 per cent, while the NESDC had predicted it should be lesser,” he said. Consumer loans expanded 7.5 per cent in the fourth quarter of last year.

While overall GDP value decreased to Bt15 trillion this year from Bt16 trillion last year, combined with the income shock household debt is expected to surpass 80 per cent of GDP this year, he warned.

Consumers also used personal loans for doing businesses, estimated to be 17.9 per cent of total personal loans, which include hire purchase, auto loans and mortgage, he said. Taking this behaviour into account, household debts could be lower, he estimated.

Non-performing loans arising from consumption loans is about 3.23 per cent of total consumption loans, up from 2.9 per cent in the fourth quarter of last year. Bad debts amounted to Bt156 billion, he added.

Thai household debt totalled Bt13.47 trillion in the fourth quarter of last year, up 5 per cent but down from 5.5 per cent in the pervious quarter. The debt-to-GDP ratio was 79.8 per cent, the highest in 14 quarters. It is expected to surpass 80 per cent of GDP this year.