Recap: Stock markets across Asia tumbled yesterday as investors were rattled by China's report of a sharper-than-expected 21% fall in exports in February, reigniting concerns of a global slowdown. On the domestic front, the dissolution of the pro-Thaksin Thai Raksa Chart Party had a limited effect on confidence as the March 24 election will still take place.
The SET index moved this week in a range of 1,643.53 and 1,623.32 points and fell 3.09 points yesterday to end the week at 1,630.12, down 0.7% from the previous week, in turnover averaging 40.7 billion baht a day.
Retail investors were net buyers of 6.2 billion baht and institutional investors purchased 2.3 billion worth of shares. Foreign investors were net sellers of 7.1 billion baht and brokerage firms offloaded shares worth 1.5 billion.
Newsmakers: The United States plans to end preferential trade status for India, under a scheme that allows certain products to enter the US duty-free. President Donald Trump said India had failed to assure Washington it would provide reasonable access to its markets.
China has lowered its economic growth target and announced tax cuts worth US$298 billion as it struggles with a crackdown on debt, a slowing global economy and a trade war with the US. The politically sensitive trade surplus with the US narrowed to $14.7 billion in February from $27.3 billion in January, as export value shrank 20.7% year-on-year and imports fell 5.2%, according to data released yesterday.
The Chinese telecom giant Huawei insisted its products feature no security "backdoors" for the government, as the normally secretive company gave foreign media a peek inside its state-of-the-art facilities as part of a campaign to counter US allegations that it is a security risk.
EU chief negotiator Michel Barnier and his British counterparts on Tuesday wrapped up the latest round of talks aimed at getting the Brexit deal through parliament in London. MPs will vote on Tuesday on the revised Brexit deal. If that vote fails, they will be asked on Wednesday to vote on leaving the EU without an agreement on March 29. If that prospect terrifies them sufficiently, they may push instead for a two-month delay.
Malaysia's central bank kept its benchmark interest rate unchanged at 3.25%, saying inflation is likely to remain low after the economy slipped into deflation in January.
Indonesia will cut natural rubber exports by 98,000 tonnes this year under an agreement with top producers to prop up global prices, said the Trade Ministry's director general of foreign trade.
A Tokyo court on Tuesday granted bail to former Nissan chief Carlos Ghosn in a surprise decision that freed the tycoon after 108 days of detention.
The baht is likely to remain volatile and the central bank has taken action on excessive moves in the currency to help the private sector adjust, said the Bank of Thailand.
Exporters are proposing that the next government stabilise the baht to be in line with the currencies of regional and trading partners, beef up market diversification and speed up trade talks to retain export growth this year.
SET-listed firms' combined net profits in the fourth quarter of 2018 were estimated to have plunged nearly 40% year-on-year on slower global growth and lower oil prices, brokerage firms say.
Investor confidence in portfolios during the three months through May improved to bullish territory for the first time in five months, bolstered by election optimism and listed companies' financial performance, according the Federation of Thai Capital Market Organisations.
The Japan Bank for International Cooperation (JBIC) has confirmed it will finance the high-speed rail line linking the three main airports and the Eastern Economic Corridor's smart city in Chachoengsao.
The cabinet on Tuesday approved a Finance Ministry proposal to eliminate the excise tax for full electric vehicles (EVs) from Jan 1, 2020 to Dec 31, 2022 to speed up full EV manufacturing and reduce emissions.
The Revenue Department aims to raise the number of individual taxpayers by 10% this year, with a focus on online vendors outside the tax system.
The Finance Ministry is letting specialised financial institutions put off adopting International Financial Reporting Standard 9 (IFRS 9) for an additional five years from 2020.
Combined border and transit trade in January was worth 119 billion baht, up 1.84% year-on-year, according to the Foreign Trade Department.
New home transfers in the first quarter this year are expected to surge 66% to 200 billion baht as homebuyers rush to secure mortgages before the new lending curbs take effect on April 1.
The telecom regulator has resolved to recall 190 megahertz of unused bandwidth on the 2600MHz range to prepare spectrum bandwidth for the upcoming 5G auction.
Asia Aviation Plc (AAV), the major shareholder of Thai AirAsia, has decided not to proceed with a plan to buy shares in rival Nok Airlines Plc (NOK).
SET-listed developer SC Asset Corporation Plc (SC), a property arm owned by the Shinawatra family, will spend US$30 million per year to invest in an urban rental apartments in the US to diversify business risk.
SCG Logistics, a subsidiary of SCG Cement-Building Materials, expects 2019 revenue growth of 12% to 22 billion baht, driven by demand from the e-commerce market and Thailand's GDP expansion.
Bangkok Airways Plc (BA) has allocated 3 billion baht to finance investments this year, which include a plan to procure two new aircraft to support growing passenger numbers.
Airports of Thailand Plc (AOT), operator of the country's six biggest airports, has projected at least 10% growth in revenue for fiscal 2019 ending in September thanks to continued tourism gains.
Coming up: Germany will announce January trade figures and the US will release January retail sales on Monday. Australia will release February business confidence on Tuesday, Britain will announce January trade data and the US will announce February inflation.
On Wednesday, Australia will announce consumer confidence for March and the US will release January durable goods orders. Germany will announce February inflation on Thursday and the US will release March preliminary consumer sentiment the same day.
Stocks to watch: Prakit Siriwattanaket, an independent investment expert, recommends high-dividend stocks such as TISCO and KKP along with equities related to domestic consumption and megaproject investments such as CPALL, BJC, STEC and WHA.
Krungsri Securities recommends CPALL as it is poised to benefit from domestic consumption and the election. Hospitality-linked stocks set to benefit from a recovery of Chinese arrivals are AOT and ERAWAN.
Technical view: Krungsri Securities sees support at 1,620 and 1,625 points and resistance at 1,640 and 1,650. Bualuang Securities sees support at 1,620 and resistance at 1,640.
