logo
Plus   Neg
Share
Email

Thai Stock Market May Find Traction On Monday

The Thai stock market has finished lower in back-to-back trading days, sliding more than 10 points or 0.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,625-point plateau although it may find its footing on Monday.

The global forecast for the Asian markets is upbeat on an improved outlook for global trade. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The SET finished modestly lower on Friday as the financial shares and energy producers were mostly in the red.

For the day, the index dropped 10.31 percent or 0.63 percent to finish at 1,625.57 after trading between 1,625.41 and 1,639. Volume was 13.571 billion shares worth 49.860 billion baht. There were 1,006 decliners and 349 gainers, with 453 stocks finishing unchanged.

Among the actives, Thailand Airport tumbled 1.45 percent, while Banpu skidded 1.25 percent, Bangkok Bank shed 0.48 percent, Bangkok Medical lost 0.42 percent, Charoen Pokphand Foods spiked 1.92 percent, CP All Public plunged 2.27 percent, IRPC slid 0.87 percent, Kasikornbank dropped 1.82 percent, PTT added 0.52 percent, PTT Exploration and Production retreated 1.24 percent, PTT Global Chemical fell 0.37 percent, Siam Commercial Bank collected 0.38 percent, Siam Concrete slid 0.83 percent, TMB Bank was down 0.93 percent and Krung Thai Bank, Advanced Info and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as stocks moved gradually higher through the course of Friday's trade, with the NASDAQ and the S&P 500 hitting five-month closing highs.

The Dow added 138.98 points or 0.54 percent to 25,848.87, while the NASDAQ gained 57.62 points or 0.76 percent to 7,688.53 and the S&P 500 rose 14.00 points or 0.50 percent to 2,822.48. For the week, the Dow gained 1.6 percent, the NASDAQ advanced 3.8 percent and the S&P rose 2.9 percent.

The strength on Wall Street came amid optimism on U.S.-China trade talks and indications of Chinese economic stimulus after Chinese Premier Li Keqiang pledged support for the fading economy.

In U.S. economic news, the Federal Reserve said industrial production rose less than expected in February. Also, the New York Fed noted an unexpected slowdown in regional manufacturing growth in March.

Crude oil futures ended slightly lower on Friday, snapping a four-session winning streak, as traders chose to take profits. West Texas Intermediate Crude oil futures for April ended down $0.09 or 0.2 percent at $58.52 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT