Fed policy and Evergrande debt weigh on sentiment

Recap: European and emerging markets were mixed on Friday as global investors and traders weighed the prospect of reduced US Federal Reserve stimulus and risks from a likely default by the debt-ridden Chinese property developer Evergrande.

The SET index moved in a narrow range between 1,617.31 and 1,642.63 points this week before closing yesterday at 1,625.65, down 0.59% from the previous week, in daily turnover averaging 85.76 billion baht.

Institutional investors were net buyers of 2.95 billion baht, foreign investors bought 682.19 million and brokers purchased 545.27 million baht worth of shares. Retail investors were net sellers of 4.18 billion baht in shares.

Newsmakers: The world’s thirst for oil will exceed pre-pandemic levels next year, with improving vaccination rates and increasing public confidence in governments’ management of Covid-19 are spurring a recovery in travel, the Organization of the Petroleum Exporting Countries said Monday.

Apple CEO Tim Cook strode through a slickly produced video on Tuesday to launch new iPhones and other products, with few hints of the troubles facing the company including policy reversals, a spyware attack and legal fights.

A US judge stopped short of labelling Apple an “illegal monopolist” but legal experts say the ruling in the dispute with the maker of the popular Fortnite game could pave the way for more challenges to the iPhone maker’s restrictive App Store terms and high commissions.

Chinese regulators have ordered sweeping changes to the country’s biggest payment app Alipay, as the ruling Communist Party attempts to rein in the “unruly growth” of the tech giants.

Casino stocks in Hong Kong lost a record US$14 billion in combined market value after officials in Macau said they would tighten restrictions on operators, including appointing government representatives to “supervise” companies in the world’s biggest gaming hub.

Foreign investors are closely watching the debt-crippled Chinese real estate giant Evergrande, but markets do not seem to fear a major contagion, at least so far. With a debt load of $300 billion and cash in short supply, Evergrande may not be able to make an $80-million coupon payment due next week.

More than 60 cryptocurrency exchanges in South Korea could be shuttered by Sept 24 deadline if they cannot comply with new rules that include registering with the Financial Intelligence Unit, providing a security certificate from the internet security agency and ensuring real-name accounts.

Malaysia will consider raising the statutory debt ceiling to 65% of GDP, as part of measures to deal with the economic fallout from the pandemic, the finance minister said on Tuesday. The current 60% ceiling was raised from 55% last year.

Visitors flocked to the Malaysian island of Langkawi on Thursday as it became the country’s first holiday hotspot to reopen after a coronavirus lockdown that has hammered the vital tourism industry.

Thailand’s financial system is stable and there are no big issues for the baht, the Bank of Thailand (BoT) said on Monday, adding that one “pain point” was limited access to credit for some businesses from financial institutions.

Finance Minister Arkhom Termpittayapaisith has instructed the Fiscal Policy Office and the Bank of Thailand to jointly seek ways to relax some of the criteria for state banks to lend to domestic airlines to improve their liquidity.

A Government Housing Bank (GHB) project offering mortgage loans for low-income earners has received an overwhelming response, with applications worth 42 billion baht double the amount earmarked for the scheme, just three days after registration opened.

Bangkok’s residential market will improve next year as supply and demand will be more balanced, while foreign buyers, particularly Chinese, are still interested in Thai property, according to industry executives.

Thailand’s national trade strategy for 2022 to 2027 should focus on upgrading existing export products and services in alignment with modern technology, says a study conducted by Thammasat University for the Commerce Ministry.

Thailand, the world’s third-biggest rice exporter, is expected to meet its target of 6 million tonnes this year as supply-boosting rains and a weaker baht make prices more competitive abroad. But shipments from top-ranked India could reach 22 million tonnes, or 45% of the global total, thanks to expanded port capacity.

The SET expects to launch LiVE Exchange, a fundraising platform for SME and startups, by the end of this year or early next year to give them greater access to the capital market.

The government on Tuesday approved measures to attract “high potential” foreigners, including longer-term visas and tax benefits, to boost the flagging economy. A spokesman said the scheme could inject as much as 1 trillion baht into the economy over five years.

Public Health Minister Anutin Charnvirakul has responded to concerns that the proposed reopening of more tourist destinations to vaccinated foreigners on Oct 1 could be premature, saying the opinions of health experts must be taken into serious consideration.

Bangkok’s reopening for inoculated tourists will be delayed by two weeks, until Oct 15, as most of the city’s residents are still waiting for their second jabs. The Tourism and Sports Ministry is still counting on the capital to welcome at least 1 million international tourists by year-end.

Hoteliers hope the reopening of Bangkok in October and domestic travel stimulus campaigns will boost the occupancy rate from single digits to 15-20% in the upcoming high season.

Phuket hotels have benefitted from more than 524,200 paid room nights since the island reopened to foreign tourists on July 1, with the largest group of arrivals coming from the United States.

Thailand faces roadblocks in attracting travellers from the Middle East because of the complicated certificate of entry application process and costly Covid-19 tests. RT-PCR tests cost 200-300 each in Dubai compared with 8,000 baht charged to visitors for three tests in Thailand, says the Dubai office of the TAT.

PTT Oil and Retail Business Plc (OR), the country’s largest oil trader by volume, plans to establish more business ties with retailers looking for new sales channels at PTT petrol stations following mall closures during the recent lockdown.

PTT and the Taiwan-based multinational electronics manufacturer Hon Hai Precision Industry Co, also known as Foxconn, are pressing ahead with a new joint-venture electric vehicle (EV) production facility worth $1-2 billion in the Eastern Economic Corridor.

The market-leading mall developer Central Pattana Plc (CPN) plans to launch a 1.85-billion-baht mixed-use housing project this month targeting younger buyers.

TQM Corp, the only SET-listed insurance broker, is preparing to enter the personal loan business in the fourth quarter with a new subsidiary aiming to lend 300 million baht this year.

Coming up: New Zealand will release third-quarter consumer sentiment on Monday and Germany will release August producer prices. The US will release August building permits and second-quarter current account data, and Canada will release August new housing prices.

The Federal Open Market Committee will hold a briefing after its highly anticipated policy meeting on Wednesday (early Thursday morning Thailand time). The US will release August existing home sales on Wednesday and Thailand will release August trade figures.

New Zealand will release August trade data on Friday and Japan will release August core consumer prices.

Stocks to watch: Capital Nomura Securities (CNS) recommends stocks of companies that will benefit from the weaker baht, including TU, CPF, NER, XO and APURE. The brokerage recommends SAPPE for beverage stocks, ASIAN for pet food, and SVI, HANA and KCE in the electronics sector. Other stock picks are EPG and BANPU. The government’s proposal to increase the public debt ceiling could benefit construction stocks such as STEC, CK, ITD and PYLON if more public infrastructure spending takes place.

SCB Securities recommends selective buying of healthcare stocks including BDMS, BCH, CHG and RJH. For tourism stocks it suggests ERW. Stocks that will benefit from the launch of the iPhone 13 are COM7 and CPW.

Technical view: Maybank Kim Eng Securities sees support at 1,600 points and resistance at 1,655. DBS Vickers Securities sees support at 1,600 and resistance at 1,650.

Internet Explorer Channel Network
News Related


UOB, Fave team up to offer largest rewards programme in Singapore

SINGAPORE – UOB Bank is partnering smart payment fintech platform Fave to launch a new rewards programme, the bank’s first initiative under its new unified digital platform, UOB TMRW. The ... Read more »

Elon Musk attacks Biden's unrealized gains tax — as his wealth soars

Elon Musk, whose wealth is almost entirely based on his ownership of stock in his companies, would be particularly vulnerable to the tax plan. Win McNamee/Getty Images Tesla CEO Elon ... Read more »

Parent company DAF makes thousands less trucks due to chip shortage

Photo: ANP Truck manufacturer Paccar, the parent company of DAF, is feeling the worldwide chip shortages. As a result, the company delivered about 7,000 fewer trucks in the quarter than ... Read more »

Peloton or the gym? More people are choosing both. What that means for the fitness industry

Megan Thompson works out on her exercise bike at home in New York City.Michael Loccisano | Getty Images Julia Yuryev still hasn't caved and purchased a Peloton Bike, but the ... Read more »

NAM and is close to legal battle over account ‘Groningen'

The conflict between the Nederlandse Aardolie Maatschappij (NAM) and the government over the payment of the reinforcement operation in Groningen is increasing. The NAM does not want to pay more ... Read more »

Indian Hotels hopes to wipe out Rs 3,571 crore debt in 18 months

The Indian Hotels Company Ltd., the country’s second-largest hotel chain that’s promoted by the Tata Group, hopes to pay off all its debt by April 2023 as it emerges from ... Read more »

NTSB head criticizes Tesla's self-driving features, calls them 'misleading'

The head of the U.S. National Transportation Safety Board on Tuesday doubled down on criticisms of Tesla's driver-assist systems following several fatal crashes in recent years, calling the company's use ... Read more »

RBI imposes monetary penalty on two cooperative banks

The Reserve Bank of India on Friday kept key policy rates unchanged and also retained its accommodative stance. This means that existing and new borrowers will continue to enjoy benign ... Read more »

Simply Save | Opted for the new tax regime? Know the nitty-gritties of filing tax returns this year

The return-filing season is in full swing, with the extended due date – December 31 – just two months away. This year, the most important change in the income tax ... Read more »

Central Bank of India Q2 net profit jumps 55% to Rs 250 crore

Public sector Central Bank of India on Tuesday reported an over 55 percent jump in net profit at Rs 250 crore for the quarter ended September. The lender had posted ... Read more »

Bajaj Finance Q2 results | Profit jumps 53.5% to Rs 1,481 crore, assets under management grow 22%

Leading non-banking finance company Bajaj Finance has clocked a 53.5 percent year-on-year growth in consolidated profit at Rs 1,481 crore in September 2021 quarter following lower provisions and improvement in ... Read more »

Poultry farmers told to keep chickens indoors because of bird flu outbreak

All poultry farmers in the Netherlands have been ordered to keep their birds inside, following an outbreak of the highly contagious bird flu strain at an organic poultry farm in ... Read more »

Russia to introduce zero import duties on cocoa products on constant basis

A respective instruction was made by Russian PM Mikhail Mishustin Read more »

Dave Chappelle's documentary being pulled by distributors amid controversy

Comedian Dave Chappelle has been slammed for declaring in his special that “gender is a fact” and identified himself as a “TERF,” or “trans-exclusionary radical feminist.” ALEX EDELMAN/AFP via Getty ... Read more »

Top five Indian IT firms added 1.7 lakh employees between January and September 2021

Most of the IT firms have revised their fresher hiring targets for the year given the sustained demand. (Representative image) Top five IT services companies – TCS, Infosys, HCL Tech, ... Read more »

Renewed bid for central DNA database

Central Institute of Forensic Science (CIFS) director Songsak Raksaksakul (Photo taken from @CentralInstituteofForensicScience Facebook page) The Central Institute of Forensic Science (CIFS) is maintaining its push for a law that ... Read more »

Saudi Aramco: More investment needed in oil production

Photo: ANP The CEO of the Saudi state oil group Saudi Aramco believes that more should be invested in oil production because the production capacity in the world is declining. ... Read more »

No agreement between EU energy ministers on new measures

Photo: ANP EU countries remain divided on how to tackle the energy crisis. The energy ministers failed to agree on new measures in the short term during a scheduled meeting ... Read more »

AI Code of Ethics will help eliminate risks linked with use of AI — Infowatch

The Code establishes general ethical principles and standards of conduct to guide those involved in activities using artificial intelligence Read more »

GE lifts 2021 earnings forecast, flags 'challenging operating environment'

The General Electric Co. logo is seen on the company's corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019Alwyn Scott | Reuters General Electric announced an upward revision to ... Read more »

Independent content creators ‘underpaid', ‘overworked' and close to burnout: Report

Independent content creators–those who have tens of thousands of subscribers on online channels–are stressed and under-compensated, going by the largest survey of creators ever done. This when social-media platforms seem ... Read more »

Why U.S. gasoline prices vary so much from state to state

As gas prices climb to seven-year highs in America, drivers in some states are hit much harder than those in others. The average gas price in the U.S. was $3.378 ... Read more »

Verizon partners with Amazon to use Project Kuiper satellite internet for rural broadband

INDIA – 2019/08/30: In this photo illustration a popular wireless communication application Verizon logo seen displayed on a smartphone. (Photo Illustration byAvishek Das | SOPA Images | LightRocket | Getty ... Read more »

Digitization continues, but SMEs lag behind

The digitization of companies in the Netherlands has accelerated since the corona crisis. According to figures from Statistics Netherlands, in 2019 we were already the fourth ‘most advanced digital economy’ ... Read more »

Promoter IDFC writes to IDFC First Bank on unlocking value for shareholders

IDFC Financial Holding Company, a subsidiary of IDFC Ltd, has triggered a conversation with IDFC First Bank on its eventual exit from the promoter position after the expiry of the ... Read more »

IRB Infra to raise Rs 5,347 crore from GIC & Spain's Cintra; deleveraging & growth capital deal drivers

Representative Image (Source: ShutterStock) IRB Infrastructure Developers Limited has struck two separate equity fundraises through preferential allotments to Cintra, an arm of Spanish infrastructure major Ferrovial and Singapore’s GIC, the ... Read more »

Subscribe to FSN E-Commerce Ventures: Prabhudas Lilladher

Prabhudas Lilladher IPO report on FSN E-Commerce Ventures We recommend Subscribe Rating to IPO of FSN E-Commerce Ventures which operates Nykaa, India’s largest Omni channel play across Beauty and Fashion ... Read more »

Raffles Education responds to RegCo queries on annual report, as Oei Hong Leong dumps his shares

SINGAPORE (THE BUSINESS TIMES) – Billionaire Oei Hong Leong has cut his stake in Raffles Education Corp (REC) to less than 1 per cent after dumping around 90 million shares ... Read more »

ABP stops investing in fossil fuel producers

”We are withdrawing from investments in fossil fuel producers (oil, gas and coal). The board of ABP has decided this after recently published climate reports. There is a lot of ... Read more »

Buying gas from third countries will cost Moldova more than from Russia, says Kremlin

According to Russian presidential spokesman Dmitry Peskov, work is underway to agree on the terms of the contract between Moldova and Gazprom Read more »

Subscribe to FSN E-Commerce Ventures: Hem Securities

Representative image Hem Securities IPO report on FSN E-Commerce Ventures FSN E-Commerce Ltd have a diverse portfolio of beauty, personal care and fashion products, including its owned brand products manufactured ... Read more »

IKEA buys former Topshop store in London's Oxford Circus

IKEA's strategy has recently shifted from occupying large warehouse-like outlets on town and city outskirts to using inner-city properties to cater to changing shopper behaviour and increasing urbanisation. Read more »

Axis Bank Q2 profit jumps 86% to Rs 3,133 crore on significant fall in provisions

Axis Bank Private sector lender Axis Bank on October 26 reported a healthy 86.2 percent year-on-year (YoY) growth in standalone profit at Rs 3,133.32 crore for the quarter ended September ... Read more »

First code of ethics of artificial intelligence signed in Russia

The Code will become part of the Artificial Intelligence federal project and the Strategy for the Development of the Information Society for 2017-2030 Read more »

Alibaba Group Holdings lost $344 billion in market capitalisation post-Chinese crackdown: Reports

Alibaba (Source: Reuters) Chinese billionaire Jack Ma-founded Alibaba Group Holdings lost a whopping $344 billion in market capitalisation, reported Bloomberg on October 26. This is seen as the biggest wipe ... Read more »

Moneycontrol Pro Panorama | Numbers add up as TechM gets into reboot mode

Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by ... Read more »

Buy Subros; target of Rs 415: Khambatta Securities

500bps growth outperformance over FY21-24E as compared to 250bps earlier). We roll over valuations to Sepemtember-23E and increase target multiples for most of the companies in our coverage universe. We remain broadly constructive ... Read more »

Taking Stock: Sensex up 383 points, Nifty above 18,250; mid, smallcaps outshine

The market extended the previous day’s gains to rise 0.5 percent on October 26, supported by the auto, realty, metal, oil & gas stocks. At close, the Sensex was up ... Read more »

Hold Polycab India; target of Rs 2342: Prabhudas Lilladher

Prabhudas Lilladher’s research report on Polycab India We cut our FY22 earnings by 13.4% given 1) RM volatility led margin pressure and 2) focus on topline growth and market share ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic