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 Thursday, July 29, 2010
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Moody’s to review credit ratings of 11 Thai banks
Posted on Wednesday, May 27, 2009 |
BUSINESS NEWS:
Moody’s to review credit ratings of 11 Thai banks
An international rating agency is set to review credit ratings of a number of local banks soon. Some have expressed worries the current economic downturn may lead to a downward revision.
Moody’s Investors Service announced a plan to look at credit ratings of Bangkok Bank, Bank of Ayudhya, Kasikornbank, Krung Thai Bank, Siam Commercial Bank, Standard Chartered Bank Thailand, TMB Bank, Siam City Bank, UOB Thai Bank, EXIM Bank of Thailand and Government Housing Bank.
Moody’s says the planned revision of all banks’ credit and deposit ratings is intended to help determine Thailand’s capability to develop the banking system to match the government’s debt-management policy under the current financial and economic crises.
The agency also states it believes the Thai government will keep a close eye on the financial system but notes it is essential to look after its debt level too.
If all goes well, Thai banks’ ratings may be upgraded Moody’s says.
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BoT not worried about Moody’s review of local banks
The Thai central bank is not worried about the planned credit rating revision by Moody’s saying the local banking system’s fundamentals remain strong.
Bank of Thailand’s Assistant Governor, Atchana Waiquamdee, says today the upcoming credit rating review by international agency Moody’s Investors Service should not be of any serious concern as such a move should not have any negative impact on local banks.
Atchana says currently Thai commercial banks possess sufficient strength to deal with the present economic turmoil as the industry’s Bank for International Settlements (BIS) ratio is at a high level of 14.5-15.0.
Moreover, she is confident that the government has been paying constant attention to the sector and the overall situation remains under control.
Meanwhile, Atchana adds Thailand’s public debt level of 40.9% of GDP is also not worrisome especially when compared with other countries that have similar credit ratings.
She went on to say that even during the next few years Thai public debts do not look likely to rise to 60% of GDP, due to the country’s sound financial position.
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Private sector most worried about political conflict
A recent survey on the private sector shows many are worried that unresolved political conflict in Thailand will continue to hurt business sentiment badly.
The University of Thai Chamber of Commerce has just completed a study on the factors that could pose a direct hit on the local business sector.
And Thailand’s instability and political conflict are the two major issues that the private sector is most concerned about. Other factors included an economic slowdown and overall economic confidence.
The university’s director of the Economic and Business Forecasting Center, Thanawat Polvichai, says even though the world is slowly getting out of the grip of the crisis Thailand is still suffering internal problems that may plunge GDP lower this year.
He says it has been estimated that if the political conflict is resolved soon, Thai GDP should be minus 3-5%. But if the situation worsens and prolongs, the contraction could magnify to at least 5%.
In addition to the political worries, Thanawat says the business sector wants the government to manage the value of the baht to range between 35 and 36 against the U.S. dollar as too much appreciation will hurt the export industry significantly.
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Thai PM to visit S.Korea to restore confidence & trade
The prime minister is scheduled to take on a number of overseas trips to boost foreign confidence in this country. And the next destination he is due to visit is South Korea.
PM’s Office Deputy Secretary, Panitan Wattanayagorn, revealed earlier today Prime Minister Abhisit Vejjajiva will visit Seoul during May 30 and June 2.
Abhisit is due to attend the special ASEAN-South Korean Summit on Jeju island of South Korea and also to join in the celebration of 20 years of relations between both sides as he holds the chairmanship of the 10-nation regional bloc.
In addition, the prime minister will have a bilateral meeting with his South Korean counterpart to discuss trade investment and other regional concerns which will include recent nuclear and missile tests by North Korea.
Panitan says Abhisit hopes to restore confidence in Thailand and to promote trade between both countries.
Moreover, he hopes to clarify the political situation and the planned reform of government to international investors during the visit.
Representatives from key private agencies will also join the trip this time.
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FTI to discuss impact of pollution control; forecasts falling auto production
The Thai Industries Federation is scheduled to attend an upcoming special meeting to discuss the impact of the pollution control policy on the country’s eastern seaboard.
According to Federation of Thai Industries Chairman, Santi Vilassakdanont, Prime Minister Abhisit Vejjajiva has suggested a meeting with members of the business sector and the governor of Rayong Province as well as related state officials to discuss solutions for entrepreneurs who suffer operational problems at the Map Ta Phut Industrial Estate.
A number of operators are now unable to move on with their investment plans even though they have already obtained the Environmental Impact Assessment report.
This is due to the Rayong Governor’s halt request as he awaits the completion of the pollution control plan which is expected in a month’s time.
The pollution issue has been under the spotlight in this popular industrial area after the court slapped the pollution-controlled zone label on it in March.
And in another development, the FTI’s automobile club predicts local vehicle production will fall 45 % on-year in H1-09.
If sales do not pick up anytime soon, the Federation says this year’s total production will end at only one million units compared with its earlier target of 1.08 million units.
The Federation of Thai Industries plans to issue an official review for the auto industry in June.
SET MONITOR:
Thailand’s major stock index made a healthy rebound today following gains on overseas markets.
The Stock Exchange of Thailand composite index gained 12.7 points at 555.4 with active volume of 18 billion baht or about 524 million dollars.
Foreign investors posted the biggest net buy of 593 million baht or some 17 million dollars followed by local institutions of almost 100 million baht.
And retail investors again became the net sellers of 693 million baht or around 20 million dollars.
The local bourse added more than 2% at Wednesday close after opening high this morning.
Healthy gains on Wall Street led regional markets including Thailand to move up today, despite reports of Moody’s Investors Service’s plan to review credit ratings of 11 Thai banks.
| Index Performance |
|
|
Last |
Change |
%Change |
High |
Low |
Volume
('000 Shares) |
Value
(M.Baht) |
|
SET Index |
555.41 |
+12.72 |
+2.34 |
556.43 |
548.94 |
4,987,364 |
18,017.14 |
|
SET100 Index |
843.05 |
+21.70 |
+2.64 |
844.81 |
831.84 |
3,033,622 |
16,209.59 |
|
SET50 Index |
395.13 |
+10.36 |
+2.69 |
395.92 |
389.75 |
1,564,438 |
13,985.74 |
|
mai Index |
175.23 |
+2.29 |
+1.32 |
175.67 |
174.27 |
106,649 |
196.88 |
|
Source: The Stock Exchange of Thailand |
| Net Buy/Sell |
|
Investor Type |
Buy
(M.Baht) |
% |
Sell
(M.Baht) |
% |
Net
(M.Baht) |
|
Local Institutions |
2,877.56 |
15.80% |
2,776.81 |
15.25% |
100.74 M |
|
Foreign Institutions |
3,597.01 |
19.75% |
3,002.92 |
16.49% |
594.09 M |
|
Retail Investors |
11,739.46 |
64.45% |
12,434.29 |
68.27% |
-694.83 M |
|
Source: KGI Securities (Thailand) PLC. |
SET SPOTLIGHT:
SSI hopeful to reverse to profit in Q2/09 due to rise in hot rolling steel sheet price
Sahaviriya Steel Industries hopes to reverse to post a net profit in Q2-09 after registering a net loss of 1.88 billion baht for Q1-09.
The company says recent rise in hot-rolling steel sheet price by nearly 10% to around 500 dollars a ton attributed to an improved outlook.
It also credits the resumption of its exports to China after years-long break. It expects shipments to China to totaled 100,000 tons or at least 1.7 billion baht in value.
This evening, it share prices added 1.5% at the closing bell at 69 satang apiece.
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Thai Exchange suspended BSEC trade due to pending clarification on management change
The Thai Stock Exchange today slapped a suspension order on BFIT Securities share trading after the company failed to clarify the reported departure of its CEO Prasit Srisuwan.
The SET said such a change without clear information made public can affect trading of its stocks. The news already plunged BFIT Securities share prices since yesterday before the fall continued earlier today. The suspension order will remain in effect until the company has clarified the matter with the Stock Exchange.
At the time of the SP announcement, BSEC traded at 1.54 baht a share.
SET Today: Weekdays 6:30 pm |
Posted on Wednesday, May 27, 2009 (Archive on Wednesday, June 03, 2009)
Posted by suchitra Contributed by host
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