THURSDAY, March 28, 2024
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Prices of Asian equities, gold attractive: UOB

Prices of Asian equities, gold attractive: UOB

Market still volatile, though, bank says

 

United Overseas Bank (Thai) is advising investors that Asian equities and gold remain attractive thanks to relatively low prices, but warns that investment should be undertaken cautiously because of market volatility.
“Stocks in Asia, including Thailand, are interesting, but are volatile [in price]. Careful investment must be made. Gold is also attractive at this [current] price. The price has fallen and it may be worth looking at it again,” Adisorn Sermchaiwong, executive director for channels at UOB (Thai), said yesterday.
Adisorn expects the precious metal to touch US$1,900 an ounce this year because of higher demand and a likely weakening of the US dollar. The price of gold typically moves in the opposite direction to the greenback.
The Stock Exchange of Thailand’s main index is projected to reach 1,300 points by year-end on a fundamental recovery, a stable domestic political situation and a shift of foreign capital from developed economies into the Kingdom.
UOB (Thai) also suggests looking overseas, such as at foreign investment instruments in the high-growth Asean countries of Indonesia, Malaysia and Singapore.
In light of the approaching Asean Economic Community, which comes into force in 2015, the bank expects to see regional network benefits for its privilege business customers, which may need to undertake cross-border investment. 
For the remaining nine months of this year, the bank targets growth of 30 per cent for its assets under management, which range from deposits and mutual funds to other investment tools.
In the first quarter, UOB (Thai)’s privilege banking increased the bank’s overall assets under management by Bt30 billion to Bt120 billion, which was above target.
Privilege-banking customers currently total about 13,000, with an increase of at least 20 per cent expected this year. These clients’ assets account for about 70 per cent of the bank’s personal-banking assets.
Its privilege-banking customers are required to have investment assets of at least Bt3 million, with the average portfolio being about Bt10 million.
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