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 Thursday, July 29, 2010
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Govt plan to pass new decree to borrow THB400 bil on hold.
Posted on Monday, May 18, 2009 |
BUSINESS NEWS:
Thailand steps up new flu measures against travelers from Japan
Thailand has just added Japan into its close watch list as the new influenza outbreak scare continues.
The Public Health Ministry’s spokesperson, Dr. Suphan Srithamma, all travelers from Japan will now be closely monitored after more than a hundred confirmed cases of new influenza have been reported there.
The measure is implemented even on those who simply made a stopover in Japan.
Suphan is calling on all who have just returned or passed through any Japanese airports with flu cough or sore-throats within three days after touching down in Thailand to report to doctors immediately.
While assuring that those with mild symptoms can recuperate from the infection, after a week of resting those with severe conditions such as lung inflammation, have higher risk of death.
So far, there have been only two confirmed cases of new flu in Thailand. Both of which have passed health officials’ test and quarantine checks and were discharged from hospital.
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Govt plan to pass new decree to borrow THB400 bil on hold
The government has given in to the opposition demand to delay its proposition of a new executive decree that will enable it to make extra borrowings.
Finance Minister Korn Chatikavanij says members of the Lower House have agreed to put on hold the government’s plan to pass an executive decree to authorize the Finance Ministry to borrow up to 400 billion baht. The awaited decree is a part of the state plan to boost the economy.
The planned draft is now in the hand of the Constitution Court to study.
While conceding that the opposition has the right to ask the court to take part in this issue, Korn notes that the consequences of the delay in passing such a decree will be substantial on local economic conditions.
He insists the government is very much in need of extra power to revive the country’s economy. He says the requested authorization to make extra loans that exceed the limit imposed by laws is intended for new investment projects which can create jobs for more than 200,000 Thais.
Despite the delay in this plan, the finance minister assures the government will continue with other projects that are ready under its latest economic stimulus policy.
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Academics worried delayed state borrowing to hurt economy
Academics are now worried that the postponement of the government’s passing of the 400-billion-baht loan executive decree will inevitably make the Thai economy pay the price.
University of Thai Chamber of Commerce director, Thanawat Polvichai, says the impact of the delay in the much-awaited 400-billion-baht loan decree by the government depends on the duration the Constitution Court will take to study the draft.
He says if the court makes a swift ruling that the proposed decree is not against the Constitution and the draft goes to the House of Representatives for debate by June, there should be no significant fallout from this delay.
However if the court needs more time that allows the decree to be up for House deliberation no sooner than August, the government should have some troubles finding fund to implement its stimulus measures.
In the worst-case scenario, if the government plan is found to have violated the Constitution, the Democrat Party-led government’s stability will be shaken seriously and its economic revival plans will be interrupted as well.
However, Thanawat believes everything will be resolved in no time and at the end of the day, the state stimulus programs will go on as many have hoped.
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Port Authority reports slowdown in Thailand’s freight business
Thailand’s sea freight business has been slowing down lately in tandem with the economic slowdown witnessed around the world.
Port Authority of Thailand Director-General, Sunida Skulratana, says during the first six months of fiscal year 2009 which began last October there have been less merchandises shipped through its ports in Bangkok and Laem Chabang.
According to Sunida, the number of sea freight at the Klong-toey port totaled 1.3 million containers or an 8% on-year drop while the Laem Chabang port saw 5.3 million containers coming in and out which is a fall of 12 % when compared with last year.
Sunida says the situation should remain the same towards the end of the current fiscal year on September 2009.
Improved economic conditions in some countries are credited for the Port Authority’s optimism that the situation will not worsen from now.
As a result, it has projected a contraction rate of 10% for this year.
Meanwhile, Port Authority of Thailand is prepare a set of new measures to help exporters and importers which is expected to be ready for the Transport Ministry’s and the Cabinet’s approval within three months.
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Energy likely to collect more for State Oil Fund soon
The Energy Ministry will likely collect more from local fuel sales, if oil prices go up very soon.
Energy Minister, Wannarat Charnnukul, says the ministry is considering raising the fuel sales contribution to the State Oil Fund which has been lowered to ease the effect of higher excise tax implemented last week.
Wannarat says officials are now keeping a close eye on the world oil price direction and will introduce an increase in domestic fuel prices to go in line with the international trend.
International Energy Agency Director in charge of Energy Markets and Security, Didier Houssin, says Thailand’s two-baht raise in excise tax on oil sales will help make local energy consumption become more efficient.
He says many countries including Japan and Europe have implemented tax measures to influence their citizens to use oil more efficiently.
However Houssin notes that in addition to the tax policy this country should boost its power conservation awareness campaign which can also help solve the global warming problem.
According to the ministry’s deputy permanent secretary, Norkhun Sithipong, Thailand’s oil demand totals 70 million liters per day only 4% of which or around 2.8 million liters are alternative fuels.
He adds IEA suggests all countries to carry back-up oil stock that can last 90 days but the kingdom only carries the quantity that is sufficient for 45 days.
He states the government has no policy to increase its safety stock just yet due to its high cost.
SET MONITOR:
Thai share prices ended higher on the first trading day of the week despite morning losses.
The SET composite index gained 6.3 points at 540.2 with active volume of 18.6 billion baht or about 540 million dollars.
Foreign investors were the only net buyers of nearly 200 million baht or 5.8 million dollars.
And retail investors were the biggest net sellers of 167 million baht or 4.8 million dollars followed by local institutions of 32 million baht.
The Thai Stock Exchange index added more than 1% on Monday after investors returned to the market in the afternoon session and scooped up energy and banking shares.
However, analysts noted that the Thai market has been fluctuating in line with regional bourses with light trade volume that reflects careful moves among players.
| Index Performance |
|
|
Last |
Change |
%Change |
High |
Low |
Volume
('000 Shares) |
Value
(M.Baht) |
|
SET Index |
540.22 |
+6.30 |
+1.18 |
540.22 |
523.15 |
3,556,884 |
18,648.72 |
|
SET100 Index |
820.43 |
+10.12 |
+1.25 |
820.43 |
791.48 |
2,666,064 |
17,470.31 |
|
SET50 Index |
384.64 |
+4.62 |
+1.22 |
384.64 |
371.05 |
1,502,332 |
15,402.18 |
|
mai Index |
172.56 |
+3.56 |
+2.11 |
172.63 |
168.18 |
203,677 |
425.72 |
| Source: The Stock Exchange of Thailand. |
| Net Buy/Sell |
|
Investor Type |
Buy
(M.Baht) |
% |
Sell
(M.Baht) |
% |
Net
(M.Baht) |
|
Local Institutions |
3,870.83 |
20.29% |
3,903.17 |
20.46% |
-32.34 M |
|
Foreign Institutions |
2,446.92 |
12.83% |
2,251.98 |
11.81% |
194.94 M |
|
Retail Investors |
12,756.70 |
66.88% |
12,919.30 |
67.73% |
-162.60 M |
|
Source: KGI Securities (Thailand) PLC. |
SET SPOTLIGHT:
TICON lowers 2009 earnings target to THB2.5bil due to poor economic outlook
Ticon Industrial Connection revised its 2009 earnings target from a minimum of three billion baht to 2.5 billion baht to go in line with current global economic conditions.
It also said that the company’s Q1-09 report which showed 274-million-baht revenue led to the downward revision of the earnings goal.
Ticon enjoyed 3.3 billion baht in revenue in 2008.
This year it also predicted that the company’s net profit will fall to somewhere below its previous record of 725 million baht.
This evening, it share prices still managed to add more than 1.5% at 6.15 baht.
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PTT reports 71.5% on-year fall in Q1/09 net profit due to lower sales & demand
Thailand’s oil-and-gas giant, PTT, revealed its net profit in the first quarter of 2009 has plunged 71.5% from 26.1 billion baht last year to 7.45 billion baht.
However the figures are still better than the 22-billion-baht net loss from Q4-08.
Lower sales coupled with falling petroleum demand and smaller profits from various investment projects were blamed for the profit drop.
At the closing bell, PTT share prices finished unchanged at 209 baht apiece.
SET HILIGHT:
TFUND: TICON Property Fund
XD @THB0.20 Payout 5 June 09
SET DATEBOOK:
19-21 May 2009 - FTI Release of April Industrial Sentiment Report
20 May 2009 - Bank of Thailand’s Monetary Policy Committee Meeting
SET Today: Weekdays 6:30 pm |
Posted on Monday, May 18, 2009 (Archive on Monday, May 25, 2009)
Posted by somjest Contributed by host
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