Recap: Despite rebounding at the end of the week, global stock markets remain volatile amid worries about a looming trade war following broad US imposition of import duties of 25% on steel and 10% on aluminium.
The SET index moved in a range of 1,761.63 and 1,817.93 points before closing yesterday at 1,775.37 points, down 2% from the previous week, in heavy trade averaging 73.14 billion baht a day. Foreign investors were net sellers of 3.85 billion baht and brokers sold 2.1 billion. Institutional investors were net buyers of 565.76 million baht and retail investors bought 5.37 billion.
Newsmakers: Major trading partners of the US have condemned President Donald Trump for signing off on high steel and aluminium tariffs. China described it as a "serious attack" on the system of international trade, while French Economy Minister Bruno Le Maire said there were "only losers" in a trade war. The import duties will take effect in 15 days but Canada and Mexico will be exempt while negotiations continue over the North American Free Trade Agreement.
Thailand risks becoming a "dumping ground" for steel from countries targeted by US import tariffs, warns the Federation of Thai Industries (FTI). The FTI and local steel producers will discuss how to prevent a possible influx at a global steel trade forum in Japan next week.
The first casualty of the Trumped-up trade war is the US president's top economic adviser, an avid free trader. The White House confirmed that Gary Cohn, a former Goldman Sachs president who helped Mr Trump push through his sweeping tax reforms late last year, is resigning.
Markets were buoyed yesterday by news that Mr Trump and North Korean leader Kim Jong-un plan to meet in person by May, an extraordinary development after months of mutual hostility.
Eleven Asia-Pacific countries have formally signed the trade pact formerly known as the Trans-Pacific Partnership, pressing ahead without the United States.
The Chinese e-commerce giant Alibaba Group expects its smart digital hub project in Thailand's Eastern Economic Corridor to get off the ground in April.
Deputy Prime Minister Wissanu Krea-ngam says the new law controlling cryptocurrencies and initial coin offerings (ICO) will be enacted as a royal decree. A draft is expected to be finished in the next few days.
The Stock Exchange of Thailand will apply the caution symbol (C) to shares of companies whose financial condition is deemed an investment risk, effective from July 2.
The Thailand Futures Exchange will seek Bank of Thailand approval next week for trading in rubber futures quoted in US dollars.
Businesses have expressed concern that the stricter Government Procurement and Supplies Management Act of 2017 may deter public investment this year. Chen Namchaisiri, chairman of the Joint Standing Committee on Commerce, Industry and Banking, said public investment may not grow as forecast after contracting 6% year-on-year in the first quarter of fiscal 2018.
Consumer confidence dropped for the first time in seven months in February, as people were worried about low commodity prices, the strong baht, wage rises, and uncertainty about elections.
The Supreme Court brought a decade-long dispute to a close, ordering Banpu Plc, the country's largest coal miner, to pay 2.7 billion baht to businessman Siva Nganthavee for using information obtained during their partnership to undermine Thai-Lao Lignite Co, which was dropped from a coal-fired power plant project in Laos in favour of Banpu.
After five years of uncertainty, the auction of the Bongkot and Erawan gas fields in the Gulf of Thailand is finally scheduled to take place next month as originally planned, says the National Energy Policy Council (NEPC).
Coming up: Japan on Monday will release first-quarter data on large manufacturers and machine tool orders for February. On the same day, the US will release consumer inflation expectations for February and China will release foreign direct investment data.
On Tuesday, the US will release February budget information and inflation data. Japan will release February producer prices and Australia will release business and consumer confidence updates.
The Bank of Japan will release minutes of its last policy meeting on Wednesday, while the US will announce February retail sales and producer prices and January business inventories. China will also release retail sales, industrial production and fixed-asset investment updates.
On Thursday, the US will release or February trade data, followed by consumer sentiment and manufacturing capacity utilisation updates on Friday. The EU will release February inflation data along with labour cost and wage growth data for the last quarter of 2017.
Stocks to watch: Tisco Securities recommends stocks that will benefit from Eastern Economic Corridor investment projects including AMATA, ROJNA and WHA, as well as construction stocks such as CK, STEC, UNIQ and SEAFCO. Its banking recommendations are BBL and KBANK. Stocks benefiting from rising domestic consumption are BEAUTY, COM7, PLANB and VGI, while high-growth plays include ASAP, JWD, MINT and ORI.
Asia Plus Securities recommends stocks that promise high growth and high dividends and are considered laggards, notably BJC and BCH.
Technical view: Tisco Securities sees support at 1,720 points and resistance at 1,800. DBS Vickers Securities Thailand sees support at 1,750 points and resistance at 1,800.
