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Thai Stock Market Overdue For Support On Tuesday

The Thai stock market has finished lower in six straight sessions, sinking more than 40 points or 3.3 percent along the way. The Stock Exchange of Thailand now sits just above the 1,270-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is mixed to higher, with strength from the technology stocks likely capped by weakness from the oil companies. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.

The SET finished modestly lower on Monday following losses from the financial shares and a mixed picture from the energy producers.

For the day, the index lost 7.62 points or 0.60 percent to finish at 1,272.34 after trading between 1,270.59 and 1,287.35. Volume was 16.364 billion shares worth 40.463 billion baht. There were 1,162 decliners and 375 gainers, with 387 stocks finishing unchanged.

Among the actives, Advanced Info added 0.28 percent, while Thailand Airport shed 0.43 percent, Asset World lost 0.51 percent, Bangkok Bank fell 0.49 percent, Bangkok Expressway gained 0.56 percent, Charoen Pokphand Foods dropped 0.85 percent, Kasikornbank sank 0.92 percent, PTT Exploration and Production advanced 0.91 percent, PTT Global Chemical skidded 1.16 percent, Siam Commercial Bank retreated 1.42 percent, Siam Concrete dipped 0.29 percent and TMB Bank, PTT, Krung Thai Bank, Bangkok Dusit Medical and BTS Group all were unchanged.

The lead from Wall Street is broadly positive as stocks showed a strong move to the upside on Monday, regaining some ground after taking heavy damage last week.

The Dow spiked 327.69 points or 1.18 percent to finish at 27,993.33, while the NASDAQ jumped 203.11 points or 1.25 percent to end at 11,056.65 and the S&P 500 gained 42.57 points or 1.27 percent to close at 3,383.54.

The rally on Wall Street partly reflected a rebound by technology stocks, which recovered after leading the markets lower last week. Apple (AAPL) has been a key driver of the markets in recent sessions and advanced by 3 percent after ending the previous session at its lowest closing level in a month.

Positive sentiment was also generated in reaction to news that AstraZeneca (AZN) has resumed a late-stage clinical trial of its coronavirus vaccine.

Crude oil futures settled lower Monday, extending recent losses amid rising concerns about outlook for energy demand after OPEC lowered its oil demand forecast. West Texas Intermediate Crude oil futures for October ended down $0.07 or 0.2 percent at $37.26 a barrel.

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