Recap: Global stocks and emerging markets hovered near record highs as investors bet on more US pandemic relief spending, despite signs of fresh US-China tension, while European stocks fell with retail and energy shares posting losses.
The SET index moved in a range of 1,503.19 and 1,529.49 points before ending a holiday-shortened week at 1,508.35 on Thursday, up 0.8% from the previous week, in daily turnover averaging 92.12 billion baht.
Foreign investors were net buyers of 3.11 billion baht. Brokerage firms bought 2.82 billion, while retail investors purchased 1.42 billion baht. Institutional investors were net sellers of 7.35 billion baht worth of shares.
Newsmakers: Bitcoin prices headed closer to $50,000 after two big US financial services players -- Mastercard and Bank of New York Mellon Corp -- moved to make it easier for customers to use cryptocurrencies. The gains followed an earlier sprint past $48,000 after Tesla Inc announced it would hold $1.5 billion worth of the cryptocurrency on its balance sheet.
- US stocks slid on Thursday after President Joe Biden said China was poised to "eat our lunch" if America did not raise its game in terms of infrastructure and competitiveness.
- Oil and gas producing nations face up to US$9 trillion in lost income as the world accelerates the transition to renewable energy, saddling poorer but resource-rich nations with a higher risk of stranded assets, an analysis by the energy watchdog Carbon Tracker shows.
- The energy giant Royal Dutch Shell said on Thursday that its oil output has begun a steady decline after peaking in 2019, as it outlined plans to switch away from fossil fuels. Shell plans to invest up to $6 billion per year in green energy projects and achieve net zero carbon intensity by 2050.
- Huawei founder Ren Zhengfei called on Tuesday for a reset with the United States under President Joe Biden, after the Chinese telecom giant was battered by sanctions imposed by Donald Trump's administration.
- Myanmar's military regime faced a seventh straight day of large street protests yesterday, while the US announced new sanctions targeting coup leader Min Aung Hlaing and other top generals. President Biden also said his administration was cutting off the military's access to $1 billion in funds.
- Moderna Inc won approval from Singapore for its Covid vaccine and signed a deal to sell doses to the Philippines, becoming the fourth supplier to obtain regulatory clearance in Southeast Asia.
- Cambodia launched its coronavirus inoculation drive on Wednesday, using 600,000 vaccine doses donated by China, with the sons of Prime Minister Hun Sen and government ministers among the first recipients.
- Thailand's Public Health Ministry predicts that more than 1.9 million doses of Covid vaccines will be administered to more than 960,000 people in 10 provinces by April. Inoculations on a larger scale are scheduled to start in June.
- Thai authorities plan to challenge a plan by Vietnam to impose anti-dumping duties of 34% on raw sugar from Thailand. Hanoi claims soaring imports are undermining its domestic sugar industry.
- The Commerce Ministry is scheduled to propose to parliament on Tuesday the ratification of the Regional Comprehensive Economic Partnership (RCEP), the world's biggest free trade deal, signed by 15 Asia Pacific nations including Thailand last November.
- GH Bank says that more than half of this year's new housing loan target of 215 billion baht will be provided at low interest rates to help low-income earners to purchase their own homes.
- The government plans to set aside 37.1 billion baht to assist pandemic-hit employees covered by Section 33 of the Social Security Act (SSA) and state enterprise employees, says a Finance Ministry official.
- The Finance Ministry will allow 2020 tax filing data to be used as eligibility criteria for receiving financial aid under the Rao Chana (We Win) programme, catering to those wanting their eligibility to be reassessed.
- Finance Minister Arkhom Termpittayapaisith has expressed many reservations to calls for the government to provide soft loans as a lifeline for struggling airline businesses.
- The cabinet on Tuesday approved in principle an 8.8-billion-baht budget for the state-sponsored price guarantee scheme for oil palm in the 2021 season.
- Despite the travel ban, delays in vaccine distribution and US-China tensions, the Eastern Economic Corridor (EEC) and e-commerce are expected to continue spurring industrial property growth, in part thanks to stimulus plans and government investment in infrastructure and transport, says the property services firm Colliers International Thailand.
- Foreign investment applications in Thailand dropped 54% to 213 billion baht in 2020 as companies were deterred by the pandemic, while this year's outlook remains uncertain, the Board of Investment (BoI) said on Wednesday.
- The National Rice Policy Committee has approved 3.83 billion baht in additional spending for the state-sponsored rice price guarantee scheme for the 2020-21 crop year, raising total spending to 50.6 billion baht for the season.
- The Asian Development Bank (ADB) and Energy Absolute Plc (EA) have signed a 1.5-billion-baht (US$47.6 million) green loan to finance ongoing renewable energy projects and a countrywide electric vehicle (EV) charging network in Thailand.
- The PTT affiliate Global Power Synergy Plc (GPSC) is accelerating spending on electric vehicle (EV) battery production by making a 500-million-baht investment to acquire an 11.1% stake in the Chinese battery manufacturer Anhui Axxiva New Energy Technology Co.
- PTT Exploration and Production Plc on Wednesday said it had made its biggest gas find yet in a project offshore of Malaysia.
- SET-listed Kerry Express Thailand (KEX) says the Chinese logistics giant SF Holding's intention to buy a 51.8% stake in Hong Kong-listed Kerry Logistics Network (KLN), the parent of KEX's major shareholder KLN Logistics Thailand, shows SF is gearing up to expand its footprint in Asia.
- The debt rehabilitation plan of Thai Airways International (THAI) needs a further review of critical points including the airline's ability to pay off its debts, according to Deputy Prime Minister Supattanapong Punmeechaow. The carrier is expected to submit the plan to the Central Bankruptcy Court by the deadline of March 2.
Coming up: Thailand will release fourth-quarter and 2020 full-year GDP data on Monday, Japan will release December industrial production, and the euro zone will release December trade figures.
The Reserve Bank of Australia will release its meeting minutes on Tuesday, and the euro zone and Germany will release the February economic sentiment index. Japan will release January trade figures on Wednesday, Britain and Canada will release January inflation data and the US will release January retail sales.
The US Federal Reserve will release the minutes of its last meeting on Thursday. Japan will release January inflation data on Friday, Britain will release February consumer confidence, and the euro zone, Britain and the US will release February manufacturing PMI.
Stocks to watch: Capital Nomura Securities says firms expected to announce dividend payments with yields exceeding 3.7% between now and May are MC, AP, KKP, SC, SPCG, THANI, HTC, PTT, SNC and TISCO.
DBS Vickers Securities recommends fundamental stocks that have reported good Q4 results, including ADVANC, KBANK, PTT, SCC, SCGP, TQM, BDMS and CHG.
UOB Kay Hian Securities recommends short-term investment in food and beverage firms expected to use hemp, such as DOD and SAPPE; and alternative energy players, especially in community biomass and batteries, such as ETC, ACE, SUPER, EA and GPSC.
Technical view: DBS Vickers sees support 1,480 points and resistance at 1,540. UOB Kay Hian sees support at 1,500 and resistance at 1,550.