Virus outbreak seen pulling stocks and baht down

By THE NATION

 

 

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

 

-- © Copyright The Nation Thailand 2020-02-01

Follow Thaivisa on LINE for breaking Thailand news and visa info

It didn’t close at 30.14

you mean 31.14?

Crash you Chines Chop Suey Crash.

And the Pound is above 41 and rising. With half decent exchange rates and a lot less Chinese in town, seems like pretty good news all round. As long as you don't catch the virus and die of course.

A good time to invest is coming soon.

Have cash ready.

Saw 31.20 this morning Pattaya.

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.

The virus is a bad thing but having the Baht falling is good for the stash of foreign cash here.

Will the falling baht help with exports . . . of Chinese?

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.

 

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 

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 ..

     

 

34 minutes ago, Ventenio said:

bar girls used to be aids risk, now death risk. 

Yikes...true...be careful out there guys.

Thailand, through extreme myopia, put itself into this position. By putting all of it's eggs in the basket of China, they opened themselves up to a tourism and economic tragedy of immense proportions. It was an inane decision, made by people with little to no experience in tourism, hired based on cronyism, or nepotism, and entirely without merit. When you reach for the bottom of the barrel, this is what you get. The Thai people are in for a world of hurt. Tourism was already in a near crisis stage, due to an extremely xenophobic and racist administration. Now? I do feel bad for the common Thai. However, in a sense they allowed this to happen, by allowing the totally incompetent army to take over. The only solution now, is to get them out. Hopefully, the youth will rise up. The army is truly despised at this point in time. They are beyond useless.

 

This could be a good thing in the long run. Hopefully, it will take a very heavy toll on the horrendous army, and perhaps even force the resignation of Prayuth. He really needs to get out now. 

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 !

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

17 minutes ago, cardinalblue said:

Do bar girls do Chinese? 

They'll do anything if the money's right.

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! 

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.

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.