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 Thursday, July 29, 2010
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PM confident economy to contract less & less from Q2/09
Posted on Thursday, May 28, 2009 |
BUSINESS NEWS:
PM confident economy to contract less & less from Q2/09
The prime minister is confident that Thailand will recover from recession in the second quarter of this year after the country’s economy contracted more than 7% in Q1-09.
Prime Minister Abhisit Vejjajiva believes local GDP growth will be better in the second quarter following a number of positive signs from various state agencies.
Despite violent political conflict in April, Abhisit says economic data improved significantly in May. Several state measures that will start to yield fruits in June also help boost the economy further.
The PM also says although the Thai exports and tourism have been hit considerably by the present economic slowdown, the situation here remains more buoyant than in neighboring countries due to its strong fundamentals stable foreign exchange rate and sound fiscal and monetary policies.
He also notes that if the Constitution Court rules that the 400-billion-baht, loan decree is lawful when judges convene on June 3 the order should go directly to the Parliamentary debate in the planned special session in mid-June.
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FPO: Thai economy showed positive signals in April
The Finance Ministry confirms Thai economy has shown signs of recovery in the past month when industrial manufacturing contraction also eased significantly.
Fiscal Policy Office Director-General, Somchai Sujjapongse, reports today overall local economic conditions improved in April driven by higher food and chemical exports to regional markets including China and India.
However, domestic production in agricultural and service sectors contracted more severely on month.
At the same time, domestic spending and investment as well as consumption continued to shrink last month.
Somchai is urging the government to take more actions to boost spending while the Thai economy still appears vulnerable to external threats.
In terms of economic stability, the FPO chief says Thailand has strong level of international reserves which are also much higher than the level of short-term foreign debts.
Meanwhile, the kingdom is seeing lesser risk of unemployment surge lately.
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BoT affirms Moody’s review not related to banks’ stability
Thailand’s central bank continues to assure the country that the local banking industry remains stable enough to withstand the upcoming credit review by Moody’s.
Bank of Thailand’s Deputy Governor, Bandid Nijathaworn, says today Moody’s Investors Services’ plan to review the credit ratings of the country’s 11 banks has nothing to do with their operation and stability.
He says the move was launched because of the agency’s own change in the rating methodology.
Bandid adds the review is also taking place in many other countries with financial institutions whose ratings are lower than AAA.
He also affirms Thai banking industry still possesses sufficient strength to continue with the daily operation while its BIS ratio was at a high level of 14.9 as of March 31 2009.
Moreover, Bandid says sound earnings reports and moderate NPL level coupled with high liquidity as well as small dependence on foreign funding show how strong Thai banks really are now.
However, he concedes that reports on the upcoming rating review has some psychological impact on the public and the central bank is to quickly clarify the situation to prevent further misunderstanding.
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Industry hopes to grant THB300bil in investment incentives in H2
Despite sluggish economic conditions here and around the world, the Industry Ministry is hopeful that it will grant hundreds of billions of baht in investment promotion during the second half of this year.
Industry Minister Charnchai Chairungrueng says today he hopes easing political tension in Thailand should help drive for investment growth towards the end of 2009.
In this case, Charnchai expects at least 300 billion baht or 8.7 billion dollars worth of state incentives will be granted.
Most that are likely to apply for government investment privileges from now are such as those from services, auto and parts, electrical appliances and electronics sectors.
The industry minister says the Board of Investment has prepared special offers for operators from these groups which will be valid until the end of the year.
Charnchai adds the local industry will continue to see key risk factors of oil price fluctuation and the impacts of economic problems in Thailand’s major investors including Japan, the U.S. and Europe.
Meanwhile, the Industry Ministry is planning to go on an overseas road show to promote Thai investment in India at the beginning of this month with an objective to attract entrepreneurs from auto software and agricultural machines as well as chemical businesses to the country.
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BBL cuts rate on credit card account from 20% to 18%
Thailand’s largest lender has taken the lead in cutting its interest rate charged on credit card users to the lowest among all issuers.
Bangkok Bank Executive Vice President, Bordin Unakul, says the bank has decided to cut its rate for credit card accounts from 20% per annum to 18%. The new rate will come into effect on July 1.
The rate reduction is intended to go in line with previous cuts of its interest rates on loans, Bordin says.
BBL’s new minimum lending rate (MLR) now stands at 5.875 % while its minimum overdraft rate (MOR) is at 6.125 % and minimum retail rate (MRR) is slashed to
6.375 %.
He adds the country’s largest lender hopes that cheaper interest rate will help credit card holders already burdened by the current economic hardship.
The new rate is now the lowest level when compared with other local banks.
SET MONITOR:
Thai share prices erased earlier gains after investors heavily sold out big-cap stocks.
The Stock Exchange of Thailand’s major index ended virtually flat at 555.4 with moderately-high volume of 10.9 billion baht or about 317 million dollars.
Foreign investors were still the net buyers of 627 million baht which is equivalent to some 18 million dollars.
And retail investors registered the biggest net sell of 384 million baht or around 11 million dollars followed by local institutions of 243 million baht.
The SET composite index traded unchanged in volatile session but still in accordance with regional markets.
Analysts said investors took quick profits after the local bourse became quiet as it lacked new leads to freshen up trade.
| Index Performance |
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Last |
Change |
%Change |
High |
Low |
Volume
('000 Shares) |
Value
(M.Baht) |
|
SET Index |
555.43 |
+0.02 |
+0.00 |
557.94 |
552.14 |
3,402,247 |
10,930.52 |
|
SET100 Index |
842.52 |
-0.53 |
-0.06 |
846.95 |
836.84 |
1,924,353 |
9,611.02 |
|
SET50 Index |
394.84 |
-0.29 |
-0.07 |
396.98 |
392.13 |
805,920 |
8,364.53 |
|
mai Index |
174.96 |
-0.27 |
-0.15 |
176.25 |
174.96 |
133,968 |
253.11 |
| Source: The Stock Exchange of Thailand. |
| Net Buy/Sell |
|
Investor Type |
Buy
(M.Baht) |
% |
Sell
(M.Baht) |
% |
Net
(M.Baht) |
|
Local Institutions |
2,030.40 |
18.16% |
2,274.15 |
20.33% |
-243.75 M |
|
Foreign Institutions |
2,076.54 |
18.57% |
1,448.59 |
12.95% |
627.95 M |
|
Retail Investors |
7,076.70 |
63.28% |
7,460.90 |
66.71% |
-384.20 M |
| Source: KGI Securities (Thailand) PLC. |
SET SPOTLIGHT:
SGP to conclude takeover of Vietnamese gas business within July
Siamgas and Petrochemical revealed earlier today it hopes to conclude the planned takeover of a gas business in Vietnam by July.
It said both sides are actively engaged in the deal talks due to confidence that the Vietnam market presents bright business future.
The company hopes to grasp 10% of this 80-million-consumer market in order to gain an addition 2.1 billion baht or around 61 million dollars in annual revenue after the deal is struck.
SGP has set a budget of no more than 400 million baht to finance the takeover.
This evening, its share prices went down nearly 1% to finish at 5.70 baht.
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INET hopes to record net profit in Q2/09 & growing revenue due to rise in customer numbers
Internet Thailand hopes its operation will reverse to a net profit in the second quarter of this year after it lost more than 18 million baht in Q1-09.
The company’s vice chairman, Dheeramet Pokmanee, says a restructuring process in the first quarter was the main cause of its loss.
In addition to a positive view for the current quarter, INET also expects its total revenue for 2009 at more than 600 million baht due to a higher number of customers.
Last year, the company posted a net loss of 29.4 million baht for the second year in a row.
At today’s close, INET prices however added more than 1% and settled at 74 satang apiece.
SET Today: Weekdays 6:30 pm |
Posted on Thursday, May 28, 2009 (Archive on Thursday, June 04, 2009)
Posted by suchitra Contributed by host
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