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Virus outbreak seen pulling stocks and baht down


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Posted

Virus outbreak seen pulling stocks and baht down

By THE NATION

 

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Investors have been urged to monitor the coronavirus situation and other related factors, as the baht and Stock Exchange of Thailand Index slid over the last week, while gold price gained.

 

 

The baht during the week January 27 to 31 moved in the range of Bt30.62 to Bt31.28 per US dollar, and closed at Bt30.14. Its value has decreased continually since the outbreak of the Wuhan coronavirus affected sharply Thailand’s tourism.

 

Recently, the coronavirus was declared an international public health emergency by the World Health Organisation, causing stock indexes around the world to drop, as investors decided to play safe in this situation.

 

Meanwhile, yields on government bond decreased after investors held on to more of them.

 

CIMB Thai predicted that the baht next week would move between Bt30.90 to Bt31.90 to the US dollar, and advised investors to monitor the virus situation, as well as the meeting of the central bank's Monetary Policy Committee on February 5.

 

The SET Index on Friday (January 31) closed at 1,514.14 points, down 9.85 points or 0.65 per cent, with Bt56.329 billion worth of shares traded.

 

Capital Nomura Securities forecast that the index would move sideways down, since the market is under pressure from the coronavirus outbreak and announcement of listed companies’ financial results.

 

Other factors affecting the SET Index were the censure debate on the government, and the government’s 2020 budget bill.

Capital Nomura predicted the index’s range next week at between 1,485 to 1,548 points.

 

Gold price closed the week at US$1,576.50 per ounce, while the price in Thailand increased to Bt23,200 per baht weight.

 

YLG Bullion International said that the coronavirus outbreak had boosted the gold price, and estimated support in the future at between US$1,569 to 1,560 per ounce.

 

The company suggested that investors buy gold for speculation if its price was not lower than the support, and to sell the gold when the price reaches the resistance of US$1,589 per ounce.

 

Source: https://www.nationthailand.com/news/30381420

 

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-- © Copyright The Nation Thailand 2020-02-01
  • Haha 2
Posted

For some time now most of us have wished for something to change so that the baht would weaken.

But I don't believe any of us would have wanted the actual reason to be an epidemic of a new, potentially fatal virus.

 

Makes it all a bit of an anti climax.

  • Haha 1
Posted

As usual close to no changes over the weekend.

Currency market rates now:

USD: 31,1984
EUR: 34,6156
GBP: 41,1965

Come back Monday 8:30 AM.

 

  • Like 1
Posted
15 minutes ago, Ventenio said:

It's funny to me..... everyone begs for a weaker Baht.  OK, you will GET it soon!!!!  much weaker.  I need to wire out money next week.  

 

BUT then the locals will hate you more, Virus talk everywhere, nothing safe, pollution out of control since no money from tourists, and all business owners mad.  bar girls used to be aids risk, now death risk.  

 

yes, you will get your wish.  but it's like getting a cheap room in Chernobyl 

 

    Shopping Malls  have less customers ,  Virus fear is going viral. 

    Bars have less customers ,  sexpats,  are now joining the righteous brigade ..

     

 

Posted
5 hours ago, rooster59 said:

Virus outbreak seen pulling stocks and baht down

3 months of this and my money might be worth something again... thank you China !

  • Haha 2
Posted

Funny thing that. I predicted it would be later this year before we saw an improved forex rate.  But will it go down as quickly as a Thai submarine? Or maybe the question should be : Will it come up again as quickly! 

Posted
3 hours ago, hotchilli said:

3 months of this and my money might be worth something again... thank you China !

Let's hope we're alive to spend it.

  • Like 1
Posted
1 hour ago, cardinalblue said:

Do bar girls do Chinese? I guess I will have them do a questionnaire...

Is the Pope Catholic?

Don't bother with the paperwork.

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