SET Index dips slightly on US, Argentina woes
The SET Index closed at 1,500.02 points yesterday, down by 2.19 points or 0.15 per cent from Thursday, amid turnover of Bt44.176 billion as investors worried that the US Federal Reserve would raise its key interest rate and Argentina would default on its debts.
The Stock Exchange of Thailand opened yesterday morning below 1,500 points in line with the region before rebounding to close at 1,500.02.
Teerada Chanyingyong, an analyst at Phillip Securities (Thailand), noted that the SET was in correction and could see a further correction next week on investors’ concerns over the US policy rate.
The analyst recommended that investors reduce holdings in Thai stocks to 25 per cent but for the medium to long term, still recommends buying stocks that will benefit from public policy.
Toyo Soflan Thai unit
Toyo Tire & Rubber Co has announced the establishment of Toyo Soflan Wiz (Thailand) Co, a subsidiary for the manufacture and sales of rigid polyurethane thermal insulation, for the purpose of globally expanding its urethane business within the company’s DiverTech business segment.
Toyo Tires conducts every aspect of its domestic rigid-polyurethane business from technology development to manufacturing and sales through Soflan Wiz Co.
The company is Japan’s top supplier of component liquid for rigid polyurethane. Toyo Tires manufactures and supplies this for uses in home and commercial refrigeration and home insulation, as well as very-low-temperature storage tanks for liquefied natural gas and LNG cargo vessels, fulfilling a wide range of needs that include condensation prevention, thermal insulation and anti-freezing.
MoU on warehouse
The Internal Trade Department yesterday signed a memorandum of understanding with the Thai Industrial Standards Institute to develop standards for warehouses, silos, and cold storage in the country to ensure competitiveness for Thai enterprises and prepare for the Asean Economic Community.
Under the project, the production cost for small logistics enterprises is targeted to be lower by 10-20 per cent.
Bid to woo Japanese
Tourist arrivals from Japan dropped year on year by more than 20.6 per cent to only 583,000 in the first six months, from 734,000 Japanese visitors in the first half of 2013.
Anake Srishevachart, president of the Thai-Japan Tourist Association, has written to Thawatchai Arunyik, governor of the Tourism Authority of Thailand, urging the TAT to come up with stimulus measures to attract tourists from Japan.
The suggestions include inviting popular Japanese TV programmes to film documentaries in Thailand. TAT could advise the producers on routes and tourist destinations as well as helping with the costs.
Under another proposal, TAT could contract well-known sports personalities and celebrities in Japan to participate in local events in Thailand to attract Japanese media.
The TAT should undertake significant advertising in major public areas in Japan, such as subway stations. It should have a big Thailand pavilion at the “JATA Tourism Expo”, an annual trade show sponsored by the Japan Association of Travel Agents. This year it will run from September 25-28.