Thai Stock Market May See Renewed Consolidation On Monday

The Thai stock market rebounded on Friday, one session after snapping the five-day winning streak in which it had advanced more than 40 points or 2.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,660-point plateau although it's likely to head south again on Monday.

The global forecast for the Asian markets suggests mild consolidation following Friday's mixed jobs report from the United States. The European markets were mixed and the U.S. bourse were down and the Asian markets figure to split the difference.

The SET finished slightly higher on Friday following gains from the financial shares and the energy companies.

For the day, the index rose 4.59 points or 0.28 percent to finish at 1,657.62 after trading between 1,650.63 and 1,662.42. Volume was 28.597 billion shares worth 89.096 billion baht. There were 1,123 decliners and 525 gainers, with 491 stocks finishing unchanged.

Among the actives, Thailand Airport climbed 1.24 percent, while Asset World shed 0.44 percent, Banpu jumped 1.82 percent, Bangkok Bank collected 0.40 percent, Bangkok Dusit Medical advanced 0.89 percent, Bangkok Expressway skidded 1.19 percent, BTS Group lost 0.54 percent, CP All Public fell 0.43 percent, Charoen Pokphand Foods improved 0.93 percent, Energy Absolute tanked 2.02 percent, Gulf sank 0.54 percent, IRPC increased 0.51 percent, Krung Thai Card gathered 1.26 percent, PTT perked 1.97 percent, PTT Exploration and Production surged 3.77 percent, SCG Packaging retreated 0.76 percent, Siam Concrete declined 0.52 percent, True Corporation was down 0.43 percent, TTB Bank spiked 2.84 percent and Advanced Info, Kasikornbank, Krung Thai Bank, PTT Oil & Retail, PTT Global Chemical and Siam Commercial Bank were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and then saw wild swings both ways before finally finishing the session in the red.

The Dow dipped 4.84 points or 0.01 percent to finish at 36,231,66, while the NASDAQ sank 145.00 points or 0.96 percent to end at 14,935.90 and the S&P 500 fell 19.02 points or 0.41 percent to close at 4,677.03. For the week, the NASDAQ plunged 4.5 percent, the S&P slumped 1.9 percent and the Dow dipped 0.3 percent.

The continued pullback on Wall Street followed the release of the Labor Department's closely watched monthly jobs report. While the report showed much weaker than expected job growth in the month of December, the unemployment rate still fell by more than expected.

Economists have indicated the report is not likely to alter the Fed's plans to accelerate monetary policy normalization.

Traders subsequently seem concerned the Fed will be raising rates at a time of slowing economic growth as a result of the Omicron variant of the coronavirus.

Crude oil prices drifted lower on Friday, but still finished the week with a strong gain on supply concerns amid escalating unrest in Kazakhstan and outages in Libya. West Texas Intermediate Crude oil futures for February ended down by $0.56 or 0.7 percent at $78.90 a barrel. WTI Crude futures gained 4.9 percent in the week.

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