April 15, 2020

Thai Enquirer Summary

Economic News

The International Monetary Fund (IMF) expects the global economy to contract by 3% in

2020. IMF expects a “partial recovery” in 2021, but this is conditional on an

improvement in the health crisis.

The global economy will this year likely suffer the worst financial crisis since the

Great Depression, the IMF said yesterday (April 14), as governments worldwide

grapple with the Covid-19 pandemic.

The Fund expects the global economy to fall by 3% in 2020. By contrast, in

January it had forecast a global GDP (gross domestic product) expansion of 3.3%

for this year.

Gita Gopinath, the IMF’s chief economist, said: “As countries implement

necessary quarantines and social distancing practices to contain the pandemic, the

world has been put in a Great Lockdown.”

“The magnitude and speed of collapse in activity that has followed is

unlike anything experienced in our lifetimes. This is a crisis like no other”.

“This makes the Great Lockdown the worst recession since the Great

Depression, and far worse than the global financial crisis.”

The UK economy will shrink by 6.5% this year, the IMF predicts, its biggest fall

since 1921 when demobilising after the First World War. Major eurozone

economies are forecast to suffer even bigger slumps, from a crash of 7% in

Germany to 9.1% in Italy.

The falls are slightly smaller in other rich economies, however, with Japan, the US

and Canada on track for recessions of 5.2%, 5.9% and 6.2% of GDP respectively.

Assuming that the worst of the virus and the lockdown takes place in the second

quarter of the year, the IMF predicts a modest bounce back into 2021.

The IMF was not the only organization to come out to say the worst is yet to come

Other global banking giants be it JP Morgan, BNP Paribas, UBS, Credit Suisse, or

Wells Fargo have all come out to warn of major global economic slowdown even

if and when the restrictions on movement are lifted in the near term.

Read details by clicking on the link

https://www.thaienquirer.com/11448/coronavirus-impact-steepens-as-

global-banks-project-sharper-dip-in-economic-growth-and-

unemployment/

The economy could suffer a record low of 1.3 trillion baht in damage from the spiralling

spread of the coronavirus, according to preliminary estimates by the Thai Bankers'

Association (TBA).

The country’s economic damage based on the preliminary reading represents

7.7% of GDP, on a par with the economic contraction during the financial crisis

of 1997, said TBA chairman Predee Daochai.

The situation could deteriorate further if the outbreak cannot be contained by the

end of the 2nd

quarter, Mr Predee said.

“If that’s the case, the impact in terms of monetary value will be so big

that the economy could suffer a larger blow than when the Tom Yum

Kung crisis erupted in 1997,” he said.

Dozens of people gathered in front of Finance Minister Uttama Savanayana’s office

building to demand an explanation on why their claims for the 5,000 baht per month cash

subsidy were rejected.

Most said that they received a text message from the Finance Ministry, informing

them that they were not eligible because they were farmers or operated

businesses.

They claim that they are affected by business closures just like others who have

already received the money and are not sure if they would receive the handouts if

they appeal.

Finance Permanent Secretary Prasong Poonthanet and Fiscal Policy Office

director-general Lawan Saengsanit met with the group and assured them that they

will be able to lodge an appeal next week and the authorities will recheck their

qualifications.

About 27 million people registered for the subsidy. So far, 7.99 million

applications have been screened with only 1.68 million passing the screening

process.

The rejected applicants could appeal at the Finance Ministry’s website on April

19, Finance permanent-secretary Prasong Poontanate told protesters as he tried to

calm them down.

The Ministry put up a sign on its gate that says: “Appeal can be filed only at the

website after all existing applicants have been screened, from April 19 or April

22 at the latest”.

The protest by the rejected applicants forced Finance Minister Uttama

Savanayana to cancel 2 meetings on a planned cash handout for farmers

yesterday (April 14).

The Social Security Office (SSO) would pay workers who have contributed part of their

salaries into the social security fund for 8,000 baht for a period of no more than 90 days,

said permanent labour secretary and SSO chairman Suthi Sukosol after revealing that the

SSO expects to pay around 700,000-800,000 workers who pay financial contributions to

the fund.

A report said the Unemployment Fund set up under the Social Security Fund Act

has around 162 billion baht.

Thailand and its ASEAN partners agreed to set up the COVID-19 ASEAN Response

Fund and draw upon related lessons and experience during the online special ASEAN

summit on COVID-19 response on April 14 chaired by Vietnamese Prime Minister

Nguyen Xuan Phuc.

“The Ministers agreed to establish the COVID-19 ASEAN Response Fund with

the objective of mobilising financial resources to address the shortage of medical

supplies, support the research and development of medicines and vaccines for

COVID-19, and prepare for emergency responses in the future,” according to a

statement released after the 25th ASEAN Coordinating Council Meeting on

COVID-19 via video conference.

The millions of people who have applied for the 10 gigabyte of free data services on their

phone to be able to function and work from home smoothly have started to opt out and

are lodging complaints online for getting their normal services back.

The reason being that the 3 operators have given the 10 gigabyte but the speed is

so slow that people who applied for the promotion that was offered by the

National Broadcasting and Telecommunication Commission (NBTC) have

decided to withdraw their ‘freebie’.

The NBTC reportedly spent 10’s of billions of baht on this project to ‘help’ the

general public.

The public has until the end of this month to apply for the promotion

One can apply by pressing

*170* (followed by your 13 digit Thai ID card)

Real-estate magnate Anant Kanjanapas passed away at the age of 80.

Mr Anant who was chairman and CEO of Bangkok Land Public Co Ltd and the

creator of IMPACT Muang Thong Thani passed away on April 13 of natural

causes. Mr Anant, born in Thailand on June 2, 1941, was the second child of

Mongkol Kanjanapas. He completed his bachelor’s in Business Administration in

Switzerland and later married Sophie, with whom had two sons, Peter and Paul.

Political News

The Pheu Thai Party issued a statement demanding transparency in relation to the

government’s spending plan on a 1.9-trillion-baht stimulus package to alleviate the

economic impact of the Covid-19 outbreak.

In its statement, the main opposition party called for the government to slash

unnecessary expenditures from the budget for the 2020 fiscal year by 10-15%,

leaving the government to have to borrow merely 500 billion baht. The cut is

expected to save the government around 500 billion baht.

The party is adamant about its demand for the government to pay farmers 35,000

baht per household.

The party disagreed with the idea of having the Bank of Thailand (BoT)

providing the 500-bilion-baht soft loans to private sectors. The party said the job

should be given to commercial banks.

In addition, the party demands the government to come up with clear guidelines

and measures to ensure transparency in the massive borrowing process that can

be subject to public scrutiny. It proposed the government to set up a committee

comprising members from state and private sectors in order to report back to

Parliament every 3 months. The party also asked the government to relax

lockdown restrictions to allow the public to resume business and carry in their

normal lives as soon as possible.

Former leader of the now-defunct Future Forward Party Thanathorn Juangroonruangkit’s

fate is hanging in the balance amid uncertainty over whether the Constitutional Court’s

pending ruling on accusations that he owned or held shares in a media company.

The Election Commission (EC) yesterday (April 14) revealed details of the

criminal case it has lodged against Mr Thanathorn after he was disqualified as

MP by the Constitutional Court in November last year.

That case stemmed from the EC making 3 accusations against Mr Thanathorn.

The 1st and 2nd accusations involved an allegation that he owned or held shares

in a media company, the 3rd was related to shares in 13 companies of the Thai

Summit Group.

A Constitutional Court investigation found that Mr Thanathorn still held shares in

V-Luck Media on February 6, 2019, the day Future Forward submitted its list of

party-list MPs.

The findings showed that Mr Thanathorn still went ahead with applying as an MP

despite the knowledge that holding the shares were in violation of the Organic

Act on MPs – Articles 151 and 42 (3).

The investigation into the 1st accusation was then halted, with Mr Thanathorn

facing criminal prosecution as per the Organic Act. If found guilty he faces up to

10 years in jail and a fine of up to 200,000 baht.

He will also lose his election rights and be forced to give up his parliamentary

allowance and other benefits to the Secretariat of the House of Representatives.

The Constitutional Court has yet to rule on the 2nd and 3rd accusations.

The association of kamnan and village heads are split over the association’s demand to be

paid 5,000 baht extra while carrying out duties amid the COVID-19 outbreak.

Naiyarit Chamlae, chairman of the kamnan and village heads in Nakhon Pathom

and Sanae Rungruangm, chairman of the kamnan and village heads in Sakon

Nakhon, submitted a letter to Prime Minister Prayut Chan-o-cha objecting the

association’s demand for the government to pay kamnan, village heads and

medical personnel in each tambon [sub-district] 5,000 baht extra to help fight

COVID-19.

The Kao Klai [Move Forward] Party launched a website called “Thammai Mai Dai 5

Pan” [why don’t I get 5,000 baht], to provide a channel for members of the public who

could not register or fail to win the 5,000 baht cash subsidy from the government.

The party said the website allows it to act as the mouthpiece for the public

through its members who sit on the House committee on economic development

and the House committee on labour.

Special public prosecutors agreed not to lodge an appeal against the Central Criminal

Court for Corruption and Misconduct Cases’ acquittal ruling for Panthongtae Shinawatra

of money laundering after the court found that he did not know the source of a 10-

million-baht cheque he received from a friend involved the Krungthai Bank (KTB) loan

scandal.

Prayuth Petchkhun, a deputy spokesman for the Attorney General’s Office, said

the special public prosecutor supports the decision by the Central Criminal Court

for Corruption and Misconduct Cases and would forward its decision to the

Department of Special Investigation (DSI) for consideration. Mr Panthongtae’s

acquittal is deemed final had the DSI agreed with the special prosecutor’s

decision. There is no need for it to submit opinions to the Attorney General’s

Office.

The Anti-Fake News Centre Thailand warned people not to fall for fake news about the

do’s and don’ts under the state of emergency after information that say, “people who do

not wear face mask when leaving their homes will be fine 2,000 baht from April 13, 2020

until further notice” was circulated online.

The Anti-Fake News Centre told people not to share or spread such information

because it is fake. It said the government has yet issued such an order.

General News

Deputy Interior Minister Niphon Bunyamanee came out to deny reports that the Kingdom

could expect an influx of more than 100,000 Thai returnees from Malaysia.

Mr Niphon said around 8,000 Thais are set to return once the border opens this

Saturday as he quoted the number of Thai residents who registered online with a

Thai consulate in Malaysia. The Deputy Interior Minister reassured the public

with a swath of stringent measures imposed at border checkpoints by ministry in

cooperation with the Internal Security Operations Command (Isoc) Region 4.

Pattaya is set to ramp up its coronavirus lockdown from tomorrow (April 16) with more

screening checkpoints being set up in this resort city in Chon Buri, says Pattaya mayor

Sonthaya Khunpluem.

People entering the town will be screened at the Sukhumvit checkpoints: in front

of Maryvit School; Mini Siam; North Pattaya intersection; Central Pattaya

intersection; South Pattaya intersection; Thep Prasit intersection; Wat

Bunkanchanaram intersection; and the intersection near the public prosecutors’

office.

Thailand reported 34 new Covid-19 infections, raising the total cases to 2,613 with 1

more death, bringing the toll to 41, according to Taweesin Visanuyothin, spokesman of

the government’s Centre for Covid-19 Situation Administration.

A 52-year-old female bus driver, who drank with her friends and later founded

that her friends had also got infected, became the country’s 41st fatality. She had

pre-existing health conditions of hypertension and an enlarged heart. She had

joined a social gathering with friends, one of whom was later found to be infected

with Covid-19. Ten people in the group became confirmed cluster infection cases.

The Department of Disease Control said the passengers on her bus had a very low

chance of infection.

Globally, there are close to 2 million confirmed cases and around 127,000 deaths

Political News Headlines in Thai Media

Only mobile phone and computer services in department stores will reopen after

Nonthaburi governor Sujin Chaichumsak faces criticism for his announcement to reopen

some businesses.

o Link- https://www.thaienquirer.com/11383/businesses-are-reopening-in-thailand-

amid-a-spike-in-unemployment/

The Election Commission (EC) has disclosed details of the criminal case it has lodged

against Thanathorn Juangroongruangkit, former leader of the now-dissolved Future

Forward Party, after he was disqualified as MP by the Constitutional Court in November

last year.

o Link-

http://nationthailand.com/news/30386005?utm_source=category&utm_medium=inter

nal_referral

Thailand’s government confirmed on Tuesday that it had discovered 34 new coronavirus

infections bringing the total number of infected to 2,613 It continues a lowering trend of

new infections in the country which the government attributes to its policies.

o Link- https://www.thaienquirer.com/11369/thailand-confirms-34-new-coronavirus-

infections-one-new-fatality/

Stranded in Malaysia after the border was shut, a Thai fishery worker on Tuesday braved

through the currents across the border in a bid to return to his home.

o Link- https://www.khaosodenglish.com/news/crimecourtscalamity/2020/04/14/man-

defies-thai-malaysian-border-lockdown-swims-across/

A bus driver who recently died from Covid-19 contracted it after partying with a friend

who had the virus, according to the Department of Disease Control (CDC).

o Link- https://www.bangkokpost.com/thailand/general/1899765/dead-bus-driver-

caught-virus-at-party

Asean and its Plus three dialogue partners -- China, Japan and South Korea -- have

agreed in principle to setting up a joint fund to combat the coronavirus pandemic

following a virtual summit, government spokeswoman Narumon Pinyosinwat said on

Tuesday.

o Link- https://www.bangkokpost.com/thailand/general/1899750/asean-3-declares-war-

on-virus

The provincial police chief has been transferred in the wake of an April 8 raid on a

gambling den in which 122 people were caught. Five senior police officers at Muang

police station were earlier moved from their jobs.

o Link- https://www.bangkokpost.com/thailand/general/1899885/police-boss-shifted-

after-raid

Economic News Headlines in Thai Media

Vat Oudom chose not to go back to Cambodia when Thailand announced that it was

going to close its borders to curtail the coronavirus outbreak. He chose to stay because he

had legal status in Thailand, he had a place to stay and most importantly, his work at a

Bangkok construction site was going ahead.

o Link- https://www.thaienquirer.com/11386/construction-sites-in-bangkok-go-full-

steam-ahead-despite-the-risk-of-coronavirus-outbreaks/

The third economic coronavirus relief package worth at least 1.9 trillion baht is not

without controversy. Various aspects of the plan, which was announced this month, has

been criticized by analysts and former officials.

o Link- https://www.thaienquirer.com/11358/the-central-banks-bond-moves-may-be-

in-line-globally-but-it-is-raising-questions-at-home/

One of the worst droughts in the last 40 years in Thailand has been exacerbated by the

Chinese government which has been intentionally holding water in its Mekong river

dams, a new study says.

o Link- https://www.thaienquirer.com/11360/the-worst-drought-in-living-memory-has-

been-exacerbated-by-chinese-dams-withholding-water/

Krungsri Consumer, an unsecured loan unit under Bank of Ayudhya (BAY), has prepared

cash flow worth 50 billion baht for the debt relief scheme's implementation over the

course of two months, its chief says.

o Link- https://www.bangkokpost.com/business/1899930/krungsri-consumer-readies-

b50bn-for-debt-relief#cxrecs_s

The price of rice, a staple food for many in South East Asia, is at its highest point in 7

years as the outbreak of the coronavirus is increasing the demand for food.

o Link- https://www.thaienquirer.com/11356/rice-prices-at-its-highest-in-7-years/

A hundred people who failed to receive the government’s 5,000-baht monthly rescue

package cash staged a protest at the Finance Ministry on Tuesday.

o Link- https://www.khaosodenglish.com/politics/2020/04/14/chaos-at-ministry-as-

protesters-demand-5000-baht-cash-relief/

Long chaotic queues were seen outside gold shops in Bangkok’s Yaowarat area on

Tuesday (April 14) as many people decided to sell off their gold ornaments after the price

of the precious metal rose sharply by Bt550 per baht weight.

o Link-

http://nationthailand.com/news/30385978?utm_source=category&utm_medium=inter

nal_referral

The economy could suffer a record blow of 1.3 trillion baht in damage from the spiralling

spread of the coronavirus, according to preliminary estimates by the Thai Bankers'

Association (TBA).

o Link- https://www.bangkokpost.com/business/1899870/tba-puts-losses-from-

coronavirus-at-b1-3tn

The auto parts industry club under the Federation of Thai Industries (FTI) expects the

parts sector to continue shrinking as car factories close or cut production and global

purchasing power weakens.

o Link- https://www.bangkokpost.com/business/1900085/auto-parts-sector-shrivels

A planned cash handout to assist farmers has been delayed after a meeting chaired by

Finance Minister Uttama Savanayana to discuss the issue yesterday was cancelled

because of a discrepancy in registration information, says a source at the Finance

Ministry.

o Link- https://www.bangkokpost.com/business/1899835/meeting-called-off-over-

discrepancy

The coronavirus pandemic is likely to create a radical change in the Bangkok office

market within less than a year, particularly in behaviour and use of space, according to

property consultant CBRE Thailand.

o Link- https://www.bangkokpost.com/business/1899865/pandemic-transforms-office-

market

S&P Global Ratings has revised its outlook on Thailand to stable from positive on Covid-

19 uncertainty, with a possible downgrade given heightening political uncertainty and

persistent sluggish economic recovery.

o Link- https://www.bangkokpost.com/business/1899975/sp-revises-thailands-ratings-

to-stable-on-covid-19-jitters

The Department of Employment (DOE) will recruit 300 informal workers who have lost

their jobs due to the Covid-19 outbreak for 45 days at a daily wage of Bt300. These

people will be hired as staff assistants.

o Link-

http://nationthailand.com/news/30385988?utm_source=category&utm_medium=inter

nal_referral

The Stock Exchange of Thailand (SET) Index closed at 1,256.35 on Tuesday (April 14),

rising 19.57 points or 1.58 per cent over Monday’s close.

o Link-

http://nationthailand.com/business/30385987?utm_source=category&utm_medium=i

nternal_referral

The PTT board of directors has promoted Kris Imsang to chief operating officer of its

downstream petroleum business group. The post is being vacated by Auttapol

Rerkpiboon, who will take over as company president and chief executive officer when

the incumbent Chansin Treenuchagron retires on May 12 this year.

o Link-

http://nationthailand.com/business/30385918?utm_source=category&utm_medium=i

nternal_referral

Issues to be watched out for

April, 2020 – The Ministry of Finance is set to review GDP growth target due to a host of

negative factors.

April 13-17, 2020 – The Criminal Court scheduled a trial of a former school headmaster

who faces 9 charges in connection with the armed robbery of a gold shop in Lop Buri

province on January 9.

April 20, 2020 – The Criminal Court scheduled for former spokeswoman of the now-

defunct Future Forward Party Pannika Wanich to testify in an inquiry into a defamation

case filed against her by Palang Pracharath MP Watanya Wongopasi.

April 30, 2020 – The Supreme Court is scheduled to give a verdict in the case against 5

leaders of the United front for Democracy against Dictatorship (UDD) over the siege of

late Privy Council president Prem Tinsulanonda’s residence in 2007.

May 26, 2020 – Prosecutors has delayed a decision on charges against Piyabutr

Saengkanokkul, former secretary-general of the now-defunct Future Forward Party, for

alleged contempt of court after he criticized the Constitutional Court’s decision to dissolve

the Thai Raksa Chart Party.

July 2020 – The Expressway of Thailand (EXAT)’s planned opening schedule of the new

Motorway Route 7 Section from Pattaya to Map Ta Phut.

October, 2020 – The bidding for construction and operation for the 140-billion-baht

Orange Line western extension linking the Thailand Cultural Centre with Bang Khun

Non.

October, 2020 – The Thailand Grand Prix was rescheduled after being postponed due to

the coronavirus outbreak.

Key Data

SET Index 1,256.35 +19.57

Link - https://www.set.or.th/en/company/ipo/upcoming_ipo_set.html

Global Commodities

Metal -Link http://www.bloomberg.com/markets/commodities/futures/metals/

Energy -Link - http://www.bloomberg.com/energy/

Baltic Dry Index (BDI)-Link - http://www.bloomberg.com/quote/BDIY:IND

Global Equity Market’s Movements

Link - http://www.bloomberg.com/markets/stocks/world-indexes/asia-pacific/

Asian Equity Markets Movement

Link - http://www.bloomberg.com/markets/stocks/world-indexes/

Information on April 14, 2020

Buying, Selling or Transfer of shares by Owners/Management

Stock Code Volume Value Action

ADB 50,000 0.43 Purchase

BM 3,000 1.46 Purchase

CPN 20,000 50 Sale

CPN 62,000 48.38 Purchase

CCP 10,100 0.2 Purchase

CCP 350,000 0.2 Purchase

CCP 10,100 0.2 Purchase

CCP 350,000 0.2 Purchase

CPT 498,900 0.66 Purchase

CPT 380,000 0.68 Purchase

ECL 500,000 0.16 Sale

EPG 100,000 4.12 Purchase

GREEN 2,000 0.78 Purchase

GULF 1,000,000 175 Purchase

MINT 159,682 1.39 Sale

MINT 400 1.37 Sale

MINT 56 1.39 Sale

ORI 50,000 4.8 Purchase

ORI 50,000 4.88 Purchase

ORI 50,000 4.8 Purchase

ORI 50,000 4.86 Purchase

PPS 1,600,000 0.44 Purchase

PSH 3,000 9.5 Purchase

PSH 3,000 9.2 Purchase

PSH 26,200 10.5 Sale

SKY 10,000 12.5 Sale

STC 10,000 0.55 Purchase

TMILL 50,000 2.46 Purchase

TMILL 106,300 2.5 Purchase

TMILL 178,900 2.48 Purchase

TTCL 300,000 3.54 Purchase

KUN 19,400 0.86 Purchase

KUN 4,000 0.87 Purchase

KUN 16,500 0.88 Purchase

XD, XE or XM or other notifications

For list of Companies that have dividend payment and AGM meeting schedules click on

http://www.set.or.th/set/calendarofevents.do

Trading Breakdown on the Stock Exchange of Thailand

Daily as of 14 Apr 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 11,040.19 14.44 8,441.38 11.04 2,598.81 -

Proprietary

Trading

6,587.85 8.62 5,676.40 7.43 911.45 -

Foreign Investors 23,365.76 30.57 24,554.13 32.12 -1,188.37 -

Local Individuals 35,440.22 46.37 37,762.11 49.4 -2,321.90 -

Monthly Cumulative between 1 - 14 Apr 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 73,823.40 11.33 64,520.78 9.91 9,302.61 -

Proprietary Trading

49,912.49 7.66 46,399.74 7.12 3,512.74 -

Foreign Investors 207,063.42 31.79 228,550.04 35.09 -21,486.62 -

Local Individuals 320,505.02 49.21 311,833.75 47.88 8,671.26 -

Yearly Cumulative since 1 Jan - 14 Apr 2020

Unit: M.Baht

Investor Type Buy Sell Net

Value % Value % Value %

Local Institutions 599,708.10 12.41 564,332.09 11.68 35,376.02 -

Proprietary

Trading

525,151.81 10.87 528,989.09 10.95 -3,837.28 -

Foreign Investors 1,776,258.65 36.76 1,913,100.18 39.59 -

136,841.53

-

Local Individuals 1,930,645.26 39.96 1,825,342.47 37.78 105,302.79 -

Total Trading Value 76,434.03 Million Baht.

Background Information –  

The strength of each party in the Thai Parliament as of May 8, 2019 as per the report by the

Election Commission of Thailand. Elections took place on March 24, 2019

https://www.ect.go.th/ect_th/news_all.php?cid=24

List of MPs - https://www.ect.go.th/ect_th/download/article/article_20190508184334.pdf

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