logo
Plus   Neg
Share
Email

Little Movement Seen For Thai Stock Market

The Thai stock market has climbed higher in three straight sessions, rising more than 25 points or 1.7 percent along the way. The Stock Exchange of Thailand now rests just above the 1,670-point plateau and it's likely to be rangebound again on Monday.

The global forecast for the Asian markets is murky after disappointing U.S. employment data renewed concerns for the world's largest economy, although it also sparked hope for more interest rate cuts in the near term. The European markets were slightly higher and the U.S. bourses were mixed but little changed and the Asian markets figure to split the difference.

The SET finished barely higher on Friday following gains from the energy producers and a mixed performance from the financial shares.

For the day, the index was up 0.27 points or 0.02 percent to finish at 1,670.06 after trading between 1,667.61 and 1,679.65. Volume was 15.512 billion shares worth 46.725 billion baht. There were 838 decliners and 575 gainers, with 514 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.84 percent, while Thailand Airport lost 0.34 percent, Banpu added 0.79 percent, Bangkok Bank collected 0.60 percent, Bangkok Medical rose 0.42 percent, Bangkok Expressway dropped 0.88 percent, BTS Group fell 0.71 percent, Kasikornbank slid 0.31 percent, Krung Thai Bank jumped 1.76 percent, PTT perked 0.56 percent, PTT Exploration and Production climbed 1.64 percent, Siam Commercial Bank sank 0.43 percent, Siam Concrete advanced 1.46 percent and TMB Bank, Charoen Pokphand Foods and PTT Global Chemical were unchanged.

The from Wall Street offers little clarity as stocks bounced back and forth across the unchanged line Friday before closing mixed.

The Dow added 69.31 points or 0.26 percent to 26,797.46, while the NASDAQ fell 13.75 points or 0.17 percent to 8,103.07 and the S&P 500 rose 2.71points or 0.09 percent to 2,978.71. For the week, the Dow jumped 1.5 percent and the NASDAQ and S&P both gained 1.8 percent.

The choppy trading on Wall Street followed the release of a closely watched Labor Department report showing weaker than expected job growth in August. But the report also said average hourly employee earnings climbed $0.11 to $28.11 in August following 9-cent gains in June and July.

Traders shrugged off comments from Federal Reserve Chairman Jerome Powell, who argued the central bank has helped keep the economy on solid ground amid the uncertainty caused by President Donald Trump's trade war with China.

Despite the uncertainty cause by the trade war, Powell noted the Fed does not currently anticipate a recession since the labor market and consumer spending remain strong.

Crude oil futures moved higher on Friday after a report from Baker Hughes showed the oil rig count dropped for a third straight week. West Texas Intermediate Crude oil futures for October ended up $0.22 or 0.4 percent at $56.52 a barrel.

For comments and feedback contact: editorial@rttnews.com

Follow RTT