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 Thursday, July 29, 2010
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FTI calls on policymakers to unite to pass loan decree
Posted on Tuesday, May 19, 2009 |
BUSINESS NEWS:
FTI calls on policymakers to unite to pass loan decree
The private sector is pleading with policymakers to timely pass the much-awaited loan decree that has been submitted to the Constitution Court for review yesterday.
Federation of Thai Industries Chairman, Santi Vilassakdanont, says now that the government is seriously missing its revenue target loans can be the best answer to help it continue with all economic revival moves.
Santi says now he is waiting to see how long the Constitution Court will take to complete its review of the executive decree that will enable the Finance Ministry borrow up to 400 billion baht to facilitate all state stimulus projects.
The opposition cast doubt over the legality of the decree and demanded that the draft goes before the Constitution Court judge first. The call has been reciprocated by the government on Monday.
Santi says if the court can make a review quickly enough, there should not be any significant impact on the economy.
Still, he is pleading for unity and cooperation among politicians to help boost investment and create jobs so that the Thai economy can survive the present hardship without being hit very hard.
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KRC: Thai investors see bright future in emerging India
A leading private research agency predicts Thailand looks set to enjoy windfall from recent elections in India.
Kasikorn Research Center says today the landslide victory by the ruling Congress Party of Prime Minister, Manmohan Singh, in India should open doors to more business opportunities for Thai investors.
It says the government of Prime Minister Singh is believed to further liberalize trade environment and relax rules on foreign ownership of assets in India.
Moreover, the country’s continuation of its economic stimulus measures especially through more investments in basic infrastructure projects nationwide will be a prime moment for Thai entrepreneurs to expand their presence in construction and export sectors.
KRC adds the progress in the Thai-India and the ASEAN-India FTAs should also facilitate more products from the country to this emerging economy.
Thai products that are likely to reap more benefits from this development include rubber, plastic, paper, toys, electrical appliances, steel, jewelry and furniture.
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Thailand’s auto sales fall 27.4% on-year in April
Thailand’s auto sales plunged significantly in April although the contraction rate was considered milder than earlier recorded.
Toyota Motor Thailand Vice President, Vudhigorn Suriyachantananont , says April local auto sales totaled more than 39,700 units or more than 27 % lower than the same month of last year.
Last month is the 11th-consecutive month of fall but the rate was also less serious than before.
Vudhigorn says consumer confidence at its 87-month low due to last month’s political standoff drove domestic sales to slide further.
However there was also good news for the industry, as passenger car sales went up more than 4% for the first time in four months due to earlier delay in the introduction of new compact car models in Thailand.
Meanwhile, from January to April almost 147,500 vehicles have been sold locally. This is a 31.9-% on-year decrease too.
Vudhigorn adds in spite of the continued contraction in the Thai auto industry sales in May are expected to improve because of easing political tension which has lent some help to consumer sentiment.
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BoT hopeful local loan system to pick up healthily soon
The Thai central bank is hopeful that the country’s loan market will soon be revived on the back of higher state spending plans.
Bank of Thailand’s Senior Director, Nawaporn Maharagkaga, says lately there have been some positive signs in some sectors that could lead to an improvement in the country’s credit system.
During January and March, Thai loan growth rate was 5.8 %. This is however significantly lower than an 11.4-% growth in Q1-08.
Nawaporn says with many state economic stimulus measures in place the private sector should soon be ready to apply for more loans.
She states Thai banks’ BIS ratio now stands at 14.69 % which means higher risk management capability by commercial banks.
And although NPLs have risen considerably in Q1-09, it is too early to rule if the number of bad debts will rise or fall in the near future.
Nawaporn says recent rise in NPLs is acceptable considering continued economic slowdown in the country.
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Dems receive highest tax donation of THB7.6 mil in 2008
It may come to a surprise for many but it really is the ruling Democrat Party that has received the biggest donation from taxpayers in the past year.
Election Commission Secretary General, Suthiphon Thaveechaiyagarn, reveals today the Democrats have received nearly six million baht in donation after the end of the 2008 personal tax filing period ended on March 31.
According to Thai laws, each tax payer can donate 100 baht to one preferred political party while filing his or her tax report at the end of the year.
Out of some 9.3 million taxpayers, the Revenue Department has verified around 7.6 million of them and found more than 66,000 people stated their intention of donation.
Moreover, some 57,000 people have chosen the ruling party while the opposition Pheu Thai Party recorded a total of 7,260 donors. The rest has been shared among 59 other parties.
After the public donation has been allocated to each designated party, the government will also make an additional contribution of 5% of the amount each has received.
SET MONITOR:
Thailand’s main stock index enjoyed heavy gains in active trade with investors focused on blue-chip shares.
The Stock Exchange of Thailand composite index surged more than 16 points to 556.4 with high volume of 33.4 billion baht or approximately 972 million dollars.
Local institutions and foreign investors posted net buys of 2.7 and 2.1 billion baht or 80.5 and 63 million dollars, respectively.
And retail investors were the only net sellers of almost five billion baht which is about 143.5 million dollars.
The local bourse soared 3% after foreign investors continued to flow in to the country while regional markets also enjoyed healthy gains.
Analysts believe the rising trend on the Thai Exchange will continue for some time but also warned investors of possible market correction.
| Index Performance |
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|
Last |
Change |
%Change |
High |
Low |
Volume
('000 Shares) |
Value
(M.Baht) |
|
SET Index |
556.47 |
+16.25 |
+3.01 |
562.32 |
550.69 |
5,739,765 |
33,413.76 |
|
SET100 Index |
848.15 |
+27.72 |
+3.38 |
858.50 |
838.51 |
4,553,395 |
31,537.50 |
|
SET50 Index |
398.02 |
+13.38 |
+3.48 |
402.88 |
393.21 |
2,638,012 |
27,698.44 |
|
mai Index |
175.44 |
+2.88 |
+1.67 |
175.92 |
173.76 |
179,993 |
310.12 |
| Source: The Stock Exchange of Thailand. |
| Net Buy/Sell |
|
Investor Type |
Buy
(M.Baht) |
% |
Sell
(M.Baht) |
% |
Net
(M.Baht) |
|
Local Institutions |
9,053.01 |
26.84% |
6,280.96 |
18.62% |
2,772.05 M |
|
Foreign Institutions |
5,645.33 |
16.74% |
3,479.10 |
10.32% |
2,166.23 M |
|
Retail Investors |
19,025.54 |
56.42% |
23,963.81 |
71.06% |
-4,938.27 M |
| Source: KGI Securities (Thailand) PLC. |
SET SPOTLIGHT:
IRPC to review investment plan while pledging not to increase production capacity
IRPC CEO, Pailin Chuchottaworn, says the company is still confident that it will enjoy higher earnings in Q2-09 after it has raised the production capacity in Q1.
At the moment, IRPC is reviewing the 1.4-billion-dollar expansion plan for its petrochemical production plant and refinery which is scheduled to be completed in a few months.
Pailin states while the company will carry on all new investment plans, the budget allocated for each project will have to be adjusted while insisting that it will not raise the refining capacity from the current 180,000-ton-a-day level to the previously- planned 265,000-ton target anymore.
This evening, IRPC still closed more than 3% higher at 3.78 baht apiece.
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GSTEEL suffered serious loss despite bullish market conditions
G Steel Public has suffered a serious fall during Tuesday trade with its share prices down to 35 satang apiece as analysts suggested the company is now seeing higher risk of inadequate liquidity which could lead to credit default this year and next year.
Sluggish steel market both in terms of demand and prices was blamed for the grim outlook of the company.
In Q1-09, G Steel reported a heavy net loss of 4.76 billion baht while Standard&Poor’s has recently revised its credit ratings from ‘CC’ or highly vulnerable to ‘SD’ which means the company has selectively defaulted on some obligations.
And as the day passed by, G Steel prices ended up losing more than 8% at 34 satang a share.
SET DATEBOOK:
20-21 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 Tuesday, May 19, 2009 (Archive on Tuesday, May 26, 2009)
Posted by suchitra Contributed by host
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