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 Thursday, July 29, 2010
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MPC keeps 1-day repurchase rate at 1.25% at Wed meeting
Posted on Wednesday, May 20, 2009 |
BUSINESS NEWS:
MPC keeps 1-day repurchase rate at 1.25% at Wed meeting
The Thai central bank has decided to keep its policy interest rate unchanged at today’s meeting saying it has been relaxing the monetary policy enough.
Bank of Thailand’s Deputy Governor, Atchana Waiquamdee, told a press conference earlier today at the Monetary Policy Committee’s fourth meeting of the year it was decided that the one-day repurchase rate should be kept at 1.25 %.
MPC stated that an improvement in the country’s financial stability and continued and rigorous implementation of both fiscal and monetary policies are helping drive the Thai economy to recover in the near term.
It also believes that the current low interest rate is adequate for the economic conditions here where interest rate is also low.
In addition, the government’s active budget disbursement is on the right track to sustain domestic economy.
In any case, the committee pledged to keep a close eye on the development in the country and outside and to execute an appropriate monetary move to help Thailand expand economically.
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Analysts surprised by MPC’s maintaining of rate at 1.25%
Analysts have been surprised by the Bank of Thailand’s decision to keep its benchmark interest rate stable after having made heavy cuts in the past four meetings.
The BoT’s move to maintain the policy rate at 1.25% has not been what most analysts have anticipated before.
12 out of 14 analysts surveyed by Reuters believed the one-day repurchase rate will be slashed by another 25 basis points at today’s meeting.
The decision now lead some to suggest the Thai central bank is sending out positive message to the market that it has not been worried by ongoing political uncertainty which rocked the country hard last month.
Some also say recent surges on the Thai stock market and other overseas bourses show there remains enough liquidity in the local system.
Meanwhile, an analyst from Kasikorn Research Center agrees with the BoT that the country’s benchmark rate is considerably low already but also notes that there is still room for further cut in the future.
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April exports fell 26.1% on-year with trade surplus at US$595 mil
The latest data out of the Commerce Ministry today shows Thai exports continued to shrink significantly in April.
Commerce Ministry Permanent Secretary, Siripol Yodmuangchanroen, reports on Wednesday that Thailand’s export value was 10.42 billion dollars or 26% lower than the same month of last year.
At the same time, imports were down more than 36% to 9.8 billion dollars.
This resulted in a trade surplus of 595 million dollars.
For the first four months of this year, the country has exported a total of 44.2 billion dollars in goods and services which is nearly 22% lower than in 2008.
Meanwhile, imports have totaled 36.56 billion dollars or 37% less than during the same period a year ago.
Consequent trade surplus that the country has enjoyed now stands at 7.6 billion dollars.
Siripol says lower trade was caused by falling global demand and higher competition due to the present economic downturn.
On a positive note, he states that new markets such as China has shown signs of Improvement after export contraction eased from 20% in January to 13 % last month. Siripol credited Beijing’s effective stimulus measures for this development.
Meanwhile, he says Thai goods shipped to South Asia rose 8.5% while trade growth with Australia also surged to 38% due to the Free Trade Agreement between both countries.
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Finance to discuss THB400bil borrowing plan while awaiting court
The Finance Ministry will discuss the details of the planned borrowings it will be allowed to make under the executive decree that is now under court review.
On Thursday, Finance Minister, Korn Chatikavanij, will chair a meeting with related ministry officials to plan how to best utilize the much-awaited loan budget of 400 billion baht which will be granted by a new executive decree.
The decree is now in the hand of the Constitution Court which will start looking at the details from next Tuesday.
The opposition has cast doubt over the legality of the decree and demand that the court rule if it goes against the Constitution.
Deputy Finance Minister, Pradit Phataraprasit, says he believes the court will rule in favor of the government as the emergency law is needed to help boost the economy.
He insists that the government has not had any hidden agenda while mulling the plan to ask for the Parliament approval to let it borrow more than the law allows.
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SET’s listed firms see profit plunge 48% in Q1-09
Listed firms on the Thai stock market have suffered a serious profit loss in the first quarter of this year.
Stock Exchange of Thailand President, Patareeya Benjapolchai, says today during the months of January and March 2009, 468 listed companies have posted a combined net profit fall of 80.2 billion baht or 2.3 billion dollars. This is equivalent to a 48-% on-year fall.
Out of this number, 325 companies managed to enjoy profits while the remaining 143 could not evade losses.
Q1-09’s top-5 companies with the largest net profit are Thai Airways International PTT, PTT Exploration and Production, Siam Commercial Bank and Siam Cement.
And after breaking the numbers down into groups of companies, those from the Resources Group enjoyed the highest profit of 32.3 billion baht which is about 938 million dollars followed by the Financials and the Services groups.
SET MONITOR:
Thailand’s key stock index still closed higher on continued buying into big-cap sectors.
The Stock Exchange of Thailand composite index added nearly 5 points at 561.4 with high volume of 24.1 billion baht or about 701 million dollars.
Foreign investors were still active and posted a net buy of 1.5 billion baht which is equivalent to almost 44 million dollars.
And retail investors were the biggest net sellers of one billion baht or 29.5 million dollars followed by local institutions of 490.9 million baht.
The SET main index ended up nearly 1% after investors carried on with their buying into energy banking and property shares. However sell-out in the transport sector curbed today’s gains.
Traders said while the Thai market is nearing a correction stage the outlook remains good and in tandem with overseas bourses as well as rising world oil prices.
| Index Performance |
|
|
Last |
Change |
%Change |
High |
Low |
Volume
('000 Shares) |
Value
(M.Baht) |
|
SET Index |
561.41 |
+4.94 |
+0.89 |
565.31 |
556.64 |
5,102,717 |
24,146.65 |
|
SET100 Index |
855.37 |
+7.22 |
+0.85 |
863.47 |
848.25 |
3,533,513 |
21,805.03 |
|
SET50 Index |
401.46 |
+3.44 |
+0.86 |
405.22 |
397.98 |
2,293,679 |
18,822.36 |
|
mai Index |
178.18 |
+2.74 |
+1.56 |
179.01 |
175.01 |
268,847 |
552.27 |
| Source: The Stock Exchange of Thailand. |
| Net Buy/Sell |
|
Investor Type |
Buy
(M.Baht) |
% |
Sell
(M.Baht) |
% |
Net
(M.Baht) |
|
Local Institutions |
4,232.55 |
17.14% |
4,723.09 |
19.12% |
-490.54 M |
|
Foreign Institutions |
4,634.55 |
18.76% |
3,136.83 |
12.70% |
1,497.72 M |
|
Retail Investors |
15,831.82 |
64.10% |
16,839.00 |
68.18% |
-1,007.18 M |
| Source: KGI Securities (Thailand) PLC. |
SET SPOTLIGHT:
PF to join with new allies in THB100mil takeover of new factory
Property Perfect Public CEO, Chainid Ngowsirimanee, says the company is in the middle of negotiation with a business ally in Japan and Siam Cement in a bid to take over a home prefabrication plant at an estimated cost of 100 million baht.
Chainid says its Japanese ally will be in charge of the know-how while Siam Cement will be the key investor with Property Perfect as the executor of all pre-fabricated home projects.
And at today’s closing bell, Property Perfect finished more than 2% higher at 2.80 baht.
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UMS predicts Q2/09 net profit to fall on-quarter due to slowdown in coal order
mai-listed, Unique Mining Services, which operates in the mining business predicts its net profit in the second quarter of this year will fall short of the record of Q1-09.
During the first three months of 2009, UMS posted a net profit of 103.1 million baht.
The company says after half way into Q2 , it is still waiting for large-sized purchase orders that could be delayed due to the current economic slowdown.
Falling coal prices are also another reason for the gloomy outlook.
And for the entire year, UMS forecast its earnings to be no more than three billion baht.
Today its share prices, however, added more than 2% at 12.90 baht.
SET HILIGHT:
IT: IT City
XD @THB0.06 Payout 4 June 09
SET DATEBOOK:
21 May 2009 - PTT Fuel Price Rise:
Benzene THB0.80/Liter
Diesel THB0.60/Liter
21 May 2009 - FTI Release of April Industrial Sentiment Report
SET Today: Weekdays 6:30 pm |
Posted on Wednesday, May 20, 2009 (Archive on Wednesday, May 27, 2009)
Posted by suchitra Contributed by host
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