logo
Plus   Neg
Share
Email

Thai Bourse Poised To Halt Losing Streak

The Thai stock market has finished lower in three straight sessions, sliding more than 25 points or 1.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,620-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets is positive on global trade optimism and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The SET finished modestly lower on Wednesday following losses from the financial shares and the energy producers.

For the day, the index sank 12.57 points or 0.77 percent to finish at the daily low of 1,621.27 after peaking at 1,638.94. Volume was 13.012 billion shares worth 49.847 billion baht. There were 948 decliners and 445 gainers, with 386 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.53 percent, while Thailand Airport lost 0.74 percent, Bangkok Bank tumbled 1.24 percent, Bangkok Medical climbed 1.21 percent, Bangkok Expressway jumped 1.80 percent, BTS Group dropped 0.87 percent, PTT Exploration and Production and PTT Global Chemical both sank 0.77 percent, Siam Commercial Bank plunged 1.98 percent, TMB Bank fell 0.51 percent and Siam Concrete, PTT, Krung Thai Bank, Kasikornbank and Banpu all were unchanged.

The lead from Wall Street is upbeat as stocks shook off initial weakness and moved mostly higher on Wednesday, continuing to recover from Monday's sell-off.

The Dow added 115.97 points or 0.45 percent to end at 25,648.02, while the NASDAQ jumped 87.65 points or 1.13 percent to 7,822.15 and the S&P 500 rose 16.55 points or 0.58 percent to 2,850.96.

The strength on Wall Street reflected a positive reaction to reports President Donald Trump plans to delay imposing steep tariffs on auto imports. Reports indicated Trump plans to delay imposing the auto tariffs by up to six months in order to allow negotiations to continue.

Stocks initially came under pressure a Commerce Department showing an unexpected pullback in U.S. retail sales in April. Negative sentiment was also generated by a Federal Reserve report showing an unexpected drop in industrial output in April.

Crude oil futures inched higher on Wednesday, despite data from the Energy Information Administration that showed an unexpected increase in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for June ended up $0.24 at $62.02 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT