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 Thursday, July 29, 2010
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Abhisit: Sin tax increase, more benefits than drawbacks
Posted on Friday, May 22, 2009 |
BUSINESS NEWS:
Abhisit: Sin tax increase, more benefits than drawbacks
The prime minister today counter-argued claims by a former deputy prime minister in charge of the economy who suggested the Democrats government’s increase of tax will add more burden on consumers’ shoulders.
Prime Minister Abhisit Vejjajiva says today the state increase of taxes on alcohol and cigarette as well as oil sales is the right move to help the government earn more while its revenue collection is falling short of the target.
He says additional income from these tax rises will go to several important projects that benefit the country as a whole including free education and career development.
The PM’s defense followed former Deputy Prime Minister, Olarn Chaiprawat’s criticism over the Democrats-led government’s economic stimulus measures.
Olarn reportedly said countries that can quickly recover from the economic downturn are likely to be those which have refrained from raising taxes in order to allow more cash to be circulated in the local system.
He stated Thai people would have less to spend because of this policy.
Since the beginning of the month, cigarette price has been raised by 3 baht per pack, while liquor and beer prices also went up by 2-3 per bottle due to the new tax rates.
Excise tax on fuel sales was increased by 2 baht a liter as well since May 14.
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FTI hopeful current downturn could be over for Thailand
The private sector is hopeful that the present economic downturn might have already ended.
However, many have conceded they still have been hit considerably by stronger baht.
Federation of Thai Industries Chairman, Santi Vilassakdanont, says his close observation on all key economic indicators made him believe that the Thai economy is already beginning to recover from the current downturn.
Santi says more foreign capital has been constantly flowing into Thailand and the rest of Asia lately as international investors began to look for the best return for their money.
And despite a 26-% export contraction in April, Santi expects the situation will start improving from this month while stating that Thai exports in the second quarter of the year will be doing much better than in the previous quarter.
However, he notes that recent and continued strengthening of the baht has been of a new major disadvantage for Thai exporters.
He is calling on the Bank of Thailand to keep the baht value at 35 - 37 when compared with the U.S. dollar.
The FTI chairman went on to say that Thai exports should suffer a contraction of at least 10% this year based on an assumption that the baht trade 35 - 36 baht per one dollar.
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Stock analysts predict minus 4.5 - 6.5% GDP for Q1/09 before Monday release
The country’s stock analysts are betting on how much the local economy has actually contracted in the first quarter of the year.
The state economic think tank is scheduled to release an official data on the issue next week.
Just before all information is out on Monday, Kiatnakin Securities estimated that Thai economic growth should have ranged minus 4.5 - 6% in Q1-09.
The company based its prediction on recent economic data from the Bank of Thailand which stated that local consumption and investment already shrunk on-year by 5.3 and 15.7%, respectively during Q1-09.
It also cited export and import contraction rates of 19.9 and 38.3 % as another reason behind its prediction.
For the entire year of 2009, Kiatnakin Securities believes the country’s GDP will still end up contracting 2.5-4.5%.
Meanwhile, KGI Securities suggests domestic economic growth rate in Q1 should be -6.2% while a survey among investors pegged the rate at -6.5%.
KGI says it is crucial to see whether the Thai economy has already survived the worst.
At the same time, an analysis from Trinity Securities states it expects a -5.3-% GDP growth for Q1-09 and a -4-% rate for this year.
Lastly, Aira Securities put its economic growth forecast for Q1 at -6.5% compared with a 4.3-% contraction in Q4-08.
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Korbsak: Japanese investors concerned about Thai politics
Japanese investors are now most concerned about the political development in Thailand, according to a deputy prime minister.
Deputy PM Korbsak Sabhavasu is now in Japan to discuss Thailand’s economic policy and political situation with foreign investors.
Reporters said more than 500 businesspeople state officials and members of the press have attended an international seminar on Asian economy which Korbsak has flown for.
It is reported that the Thai DPM has convinced international participants that the Democrat Party-led government has been trying its best to solve all economic problems even though Thai GDP is still expected to have shrunken by at least 6% Q1-09 when unemployment rate is expected at 1.4 %.
Export contraction and tourist arrival fall are the main reasons for grim economic performance in Thailand during Q1-09, Korbsak said.
However, he assured the gathering in Japan that Thai economy will soon return to growth.
Reporters said Japanese investors have been questioning about the Thai political situation in which many said still lacks stability and presents high level of conflict.
Some reportedly expressed their resentment over last year’s closure of the Thai airport which still waits to see some heads roll.
SET MONITOR:
Thailand’s main stock index rebounded from earlier loss following late buying into energy and property shares.
The Stock Exchange of Thailand composite index added more than five points at 554 with active volume of almost 22 billion baht or about 637.5 million dollars.
Foreign investors sold the most with net value of 1.6 billion baht or 47.5 million dollars followed by local institutions of 122.5 million baht.
And retail investors registered a net buy of 1.7 billion baht. That’s some 51 million dollars.
The SET index closed up nearly 1% after trading in the red this morning.
Investors’ snapping up of energy, property and technology stocks overrode sell-out in banking and transport sectors and led to today’s gains.
Continued world oil price increase and rises on European markets attributed to the Thai bourse’s rebound according to analysts.
| Index Performance |
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Last |
Change |
%Change |
High |
Low |
Volume
('000 Shares) |
Value
(M.Baht) |
|
SET Index |
554.02 |
+5.25 |
+0.96 |
554.68 |
543.26 |
4,838,554 |
21,873.86 |
|
SET100 Index |
841.51 |
+8.97 |
+1.08 |
842.46 |
822.64 |
2,767,040 |
19,021.31 |
|
SET50 Index |
394.21 |
+3.73 |
+0.96 |
394.77 |
385.61 |
1,612,677 |
15,351.82 |
|
mai Index |
177.40 |
+2.46 |
+1.41 |
177.67 |
175.29 |
233,524 |
491.76 |
| Source: The Stock Exchange of Thailand. |
| Net Buy/Sell |
|
Investor Type |
Buy
(M.Baht) |
% |
Sell
(M.Baht) |
% |
Net
(M.Baht) |
|
Local Institutions |
3,734.20 |
16.70% |
3,852.06 |
17.22% |
-117.86 M |
|
Foreign Institutions |
3,656.23 |
16.35% |
5,291.04 |
23.66% |
-1,634.81 M |
|
Retail Investors |
14,975.19 |
66.96% |
13,222.51 |
59.12% |
1,752.67 M |
| Source: KGI Securities (Thailand) PLC. |
SET SPOTLIGHT:
CCET rejects claims of plan to delist from Thai market; expects improved Q2
Sources within Cal-Comp Electronics say today Kinpo Group which is the company’s mother unit has no plan to de-list its stocks from the local market anytime soon.
Still analysts warned the delisting of Cal-Comp shares from the Thai market to trade on the Taiwanese bourse remains possible.
Sources added Cal-Comp also suffered the impact of the present global economic downturn but the company remains hopeful that the situation will be better in the second quarter of this year when its business usually performs well.
At the closing bell, its share prices however ended 2.5% higher at 2.40 baht.
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SET slaps “H” on SVI stock following big-lot trade
Earlier this afternoon, the Stock Exchange of Thailand has ordered the trading halt of SVI Public following big lot transactions for more than 58% of the company's paid-up capital.
Such a trade could affect SVI's major shareholder structure and management.
And as the SET has not yet been officially informed about this matter, the Thai Exchange decided to temporarily halt trading of SVI from 2.52 p.m. of today.
The order will remain in effect until the company has clarified or disclosed this material information to the SET.
And just before the Halt order was slapped on SVI its prices were up more than 2% to 1.40 baht apiece.
SET HILIGHT:
CTARAF: Centara Hotels and Resorts Leasehold Property Fund
XD @THB0.1718 Payout 5 June 09
SE-ED: Se-Education
XD @THB0.10 Payout 9 June 09
SET Today: Weekdays 6:30 pm |
Posted on Friday, May 22, 2009 (Archive on Friday, May 29, 2009)
Posted by suchitra Contributed by host
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