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Thai Stock Market Has Flat Lead For Wednesday's Trade

The Thai stock market has moved lower in two of three trading days since the end of the six-day winning streak in which it had gathered more than 20 points or 1.3 percent. The Stock Exchange of Thailand now rests just above the 1,645-point plateau and it figures to be rangebound again on Wednesday.

The global forecast for the Asian markets is mixed, with support from oil and financial stocks likely to be undercut by weakness from technology shares. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.

The SET finished slightly lower on Tuesday following losses from the financials and a mixed picture from the energy producers.

For the day, the index dipped 3.12 points or 0.19 percent to finish at 1,646.42 after trading between 1,644.02 and 1,654.49. Volume was 27.812 billion shares worth 90.227 billion baht. There were 1,138 decliners and 585 gainers, with 500 stocks finishing unchanged.

Among the actives, Advanced Info rallied 2.87 percent, Thailand Airport added 0.38 percent, Bangkok Bank tumbled 1.97 percent, Bangkok Dusit Medical shed 0.42 percent, Bangkok Expressway gained 0.56 percent, CP All Public declined 1.95 percent, Gulf lost 0.60 percent, IRPC improved 0.51 percent, Kasikornbank tanked 2.38 percent, Krung Thai Card dropped 0.85 percent, PTT Oil & Retail sank 0.94 percent, PTT slid 0.67 percent, PTT Exploration and Production rose 0.43 percent, PTT Global Chemical advanced 0.84 percent, Siam Commercial Bank plunged 1.93 percent, Siam Concrete dipped 0.25 percent, TTB Bank skidded 0.83 percent and BTS Group, Charoen Pokphand Foods, Krung Thai Bank, SCG Packaging and True Corporation were unchanged.

The lead from Wall Street remains inconsistent as the Dow and S&P spent Tuesday bouncing back and forth across the unchanged line before ending higher. The NASDAQ spent most of the session in the red and finished that way.

The Dow jumped 194.55 points or 0.55 percent to finish at 35,813.80, while the NASDAQ slipped 79.62 points or 0.50 percent to close at 15,775.14 and the S&P 500 rose 7.76 points or 0.17 percent to end at 4,690.70.

The tech-heavy NASDAQ pulled back further off the record intraday high set in early trading on Monday, as a continued increase in treasury yields weighed on high-growth tech stocks.

Yields have moved notably higher since President Joe Biden announced his intention to nominate Jerome Powell for a second term as Fed Chair. With the upward move, the yield on the benchmark ten-year note ended at its highest closing level in a month.

On the other hand, the Dow benefited from strong gains by financial giants Goldman Sachs (GS) and JPMorgan Chase (JPM).

Crude oil futures settled sharply higher on Tuesday, rebounding strongly from earlier losses over the outlook for energy demand due to rising coronavirus cases in Europe, and plans by the U.S. to release oil from the Strategic Petroleum Reserve. West Texas Intermediate Crude oil futures for January still ended higher by $1.75 or 2.3 percent at $78.50 a barrel.

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