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Commerce Min confirms major personal product prices kept stable
Posted on Wednesday, August 13, 2008
BUSINESS NEWS:

Commerce Min confirms major personal product prices kept stable

The Commerce Minister has assured Thailand prices of personal care products would be kept unchanged at least until the end of this year.

Commerce Minister, Chaiya Sasomsap, said today his meeting with 20 major local manufacturers has reached an agreement to hold prices of personal care products at the current level until the year’s end.

Chaiya said today’s conclusion is aimed at helping lower consumer burden and keeping the inflation rate to average 7-8% during the remainder of this year.

He added that all manufacturers agreed to stabilize their prices because recent and continued fall in the world oil price and the government’s recently introduced economic stimulus measures helped lower their costs and promote their sales considerably.

The Commerce Minister added that he also asked all producers to review the costs of certain items that have been largely benefited by lower fuel and transportation charges and consider adjusting those prices downward later.

**************************************************************

BoT: “Inflation, the most serious problem of Thailand now”

The Bank of Thailand stated inflation is now the most serious economic issue for this country while high GDP growth rate is of less concern.

The Bank of Thailand’s Deputy Governor, Atchana Waiquamdee, said today the most serious problem the local economy is facing is the inflation.

Thai Consumer Price Index reached another decade-year level of 9.2% last month.

During the first seven months of this year, Thai inflation rate averaged 6.6%.

The BoT last month upped its 2008 inflationary target from 4-5% to 7.5-8.8%.

She stated GDP growth rate is not of a major concern at the moment.

Atchana said Thai economy needs higher consumer confidence which would induce more private investment.

She also called for the government’s long-term energy plan and more investment in public transportation system.

**************************************************************

Virabhongsa: “Acceptable GDP rate at 5% with inflation at 2-5%”

The new chief economic advisor has suggested the most acceptable economic growth rate of no lower than 5% with inflation of at least 2%.

Newly-appointed chief economic advisor, Virabongsa Ramagura, suggested the most appropriate GDP growth rate for Thailand in 2008 is at 5%.

He said anything lower means serious trouble for this country as the average growth rate during the past two to three decades has never been below this.

Last month the National Economic and Social Development Board has revised its GDP forecast for H2-08 at 5.3-5.5% and for this year at 5-6%.

Meanwhile the Bank of Thailand has lowered its economic growth rate projection for this year from 4.8-6% to 4.8-5.8% as well.

Virabongsa added Thai inflation that is most acceptable should average 2-5% in 2008.

He stated that CPI that is lower than 2% could also cause psychological effects of possible deflation instead.

**************************************************************

EPPO expects continued LPG imports despite planned price rise

The state energy policy office expects the import of liquefied petroleum gas to continue despite the government’s upcoming plan to raise cooking gas price for industrial use.

Energy Policy and Planning Office (EPPO) Director, Veerapol Jirapraditkul, reckoned that Thailand would likely continue to import LPG in the future even though the Energy Ministry is set to raise its prices for the transport and industrial sectors soon.

Veerapol added while the new LPG price structure for business uses is not yet to be finalized, he expects the price increase to be implemented in a gradual manner.

The government is set to separate the cooking gas price structure into two groups with one for household and another for industrial purposes even though it has kept LPG price at 18.13 baht a kilo for some time.

With local price significantly cheap, domestic consumption of cooking gas has risen in recent months and led to the first import in 12 years in April.

EPPO also reported that LPG uses during H1-08 have increased 20.5% on-year due to high demand from the transport and industrial sectors.


SET MONITOR:

The local stock market ended slightly lower as profit-taking in the energy sector outpaced gains in banking and property shares.

The Stock Exchange of Thailand composite index shed 1.3 points at 701.6 with moderately active volume of nearly 19 billion baht which is around 558 million dollars.

Foreign investors were again the only net seller of 1.3 billion baht or 39 million dollars.

Retail investors bought the most today with a net value of 917 million baht that’s some 27 million dollars followed by local institutions of 392 million baht or 11.5 million dollars.

The Thai bourse slipped 0.19% due to heavy profit-taking in the energy sector.

However buying into banking, property, technology and transport shares helped minimize today’s fall.

Index Performance

Last

Change

%Change

High

Low

Volume
('000 Shares)

Value
(M.Baht)

SET Index

701.60

-1.33

-0.19

709.13

695.87

3,088,263

18,757.72

SET100 Index

1,070.71

-3.01

-0.28

1,084.09

1,060.47

1,154,844

14,447.33

SET50 Index

496.78

-1.33

-0.27

503.04

491.54

509,239

13,163.34

FSTHL

827.52

-1.97

-0.24

-

-

-

-

mai Index

250.94

-0.68

-0.27

253.02

250.94

35,676

168.66

Source: The Stock Exchange of Thailand.


Net Buy/Sell

Investor Type

Buy
(M.Baht)

%

Sell
(M.Baht)

%

Net
(M.Baht)

Local Institutions

3,112.44

16.44%

2,719.65

14.37%

392.80 M

Foreign Institutions

6,750.29

35.67%

8,061.74

42.60%

-1,311.45 M

Retail Investors

9,063.65

47.89%

8,145.00

43.04%

918.65 M

Source: KGI Securities (Thailand) PLC.


SET SPOTLIGHT:

PTT reports higher-than-expected Q208 net profit of THB29.9 bil

Energy conglomerate, PTT, announced today its Q2-08 earnings report showed a net profit of 29.9 billion baht or almost 14% higher than 26.3 billion baht it recorded a year earlier while the figures also beat analyst expectations of 29 billion baht.

The company said higher oil prices and sizable shared profits from its refining and petrochemical businesses attributed to its Q2-08 profit.

However its share price did not go in line with this good news and lost 0.75% to close at 264 baht this evening.

**************************************************************

CPF enjoys gains of 6%+ after informing SET of plan to buy back 10% of shares from end of Aug

Prices of Charoen Pokphand Foods share surged more than 6% after the lunch break following its advice to the Stock Exchange of Thailand a plan to buy back 10% of its stocks from the market.

The buy-back plan is set to cost the company no more than 3 billion baht and will start August 28thand end on August 27th, 2009.

However at the closing bell, CPF erased earlier gains and finished 4.5% at 3.80 baht.


SET HILIGHT:

SPALI: Supalai
XD @ THB0.15 Payout 28 Aug 08

IFEC: Inter Far East Engineering
XD @ THB0.03 Payout 2 Sept 08

 

SET DATEBOOK:

14 Aug 2008: Fuel Price Cut ( THB0.60): (PTT-Bangchak)
Gasohol 95  THB28.79/Liter
Gasohol 91  THB27.99/Liter
Benzene 91  THB36.29/Liter
Diesel           THB33.64/Liter

14 Aug 2008: Release of July Consumer Confidence Index

SET Today: Weekdays 6:30 pm


Posted on Wednesday, August 13, 2008 (Archive on Wednesday, August 20, 2008)
Posted by suchitra  Contributed by host
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