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Additional Support Expected For Thai Stock Market

The Thai stock market has alternated between positive and negative finishes through the last four 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 beneath the 1,650-point plateau and it may tick higher again on Thursday.

The global forecast for the Asian markets is flat to higher on easing treasury yield concerns and a rebound among technology stocks. The European markets were mixed and the U.S. bourses were mostly higher and the Asian markets figure to follow that lead.

The SET finished slightly higher on Wednesday following gains from the energy producers and a mixed picture from the financial sector.

For the day, the index rose 3.40 points or 0.21 percent to finish at 1,649.82 after trading between 1,647.90 and 1,658.60. Volume was 28.573 billion shares worth 86.134 billion baht. There were 933 decliners and 755 gainers, with 548 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.47 percent, while Bangkok Bank collected 0.40 percent, Bangkok Dusit Medical retreated 1.67 percent, Bangkok Expressway skidded 1.12 percent, Charoen Pokphand Foods and CP All Public both fell 0.40 percent, IRPC soared 3.03 percent, Kasikornbank rose 0.35 percent, Krung Thai Bank dropped 0.85 percent, PTT rallied 2.03 percent, PTT Exploration and Production advanced 0.85 percent, PTT Global Chemical improved 0.83 percent, SCG Packaging and Siam Commercial Bank both gained 0.39 percent, TTB Bank sank 0.83 percent and Thailand Airport, BTS Group, Gulf, Krung Thai Card, PTT Oil & Retail, Siam Concrete and True Corporation were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened sharply lower on Wednesday but clawed back as the day progressed, with the NASDAQ and S&P 500 managing to finish higher while the Dow ended barely in the red.

The Dow shed 9.42 points or 0.03 percent to finish at 35,804.38, while the NASDAQ jumped 70.09 points or 0.44 percent to close at 15,845.23 and the S&P 500 rose 10.76 points or 0.23 percent to end at 4,701.46.

The early weakness on Wall Street came amid a continued increase in U.S. treasury yields, with the yield on the benchmark ten-year note reaching its highest intraday level in six months. Yields showed a notable downturn over the course of the trading day, however, contributing to the rebound on Wall Street.

A Labor Department report showing first-time claims for U.S. unemployment benefits slid to their lowest level in over fifty years last week helped push yields higher.

Also, the Commerce Department noted an unexpected drop in durable goods orders but an increase in new home sales in October, while personal income and spending both increased by more than expected during the month.

Crude oil futures settled slightly lower on Wednesday after data showed a modest increase in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures ended down by $0.11 or 0.14 percent at $78.39 a barrel.

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