Plus   Neg

Higher Open Expected For Thai Stock Market

The Thai stock market on Wednesday snapped the three-day slide in which it had fallen almost 20 points or 1.3 percent. The Stock Exchange of Thailand now rests just above the 1,645-point plateau and it's called higher again on Thursday.

The global forecast for the Asian markets suggests mild upside, nudged into the green by support from crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The SET finished modestly higher on Wednesday following gains from the financial shares and the energy producers.

For the day, the index collected 9.67 points or 0.59 percent to finish at 1,645.38 after trading between 1,636.12 and 1,647.21. Volume was 12.474 billion shares worth 58.414 billion baht. There were 728 gainers and 584 decliners, with 474 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 3.27 percent, while Thailand Airport spiked 2.24 percent, Banpu added 0.61 percent, Bangkok Bank collected 0.49 percent, Bangkok Medical soared 2.53 percent, Charoen Pokphand Foods skidded 2.80 percent, Kasikornbank dropped 1.27 percent, PTT perked 1.03 percent, PTT Exploration and Production advanced 1.62 percent, PTT Global Chemical surged 3.61 percent, Siam Commercial Bank gathered 1.13 percent, Siam Concrete rose 2.13 percent and Bangkok Expressway and Krung Thai Bank were unchanged.

The lead from Wall Street is cautiously optimistic as stocks continued to experience choppy trading, bouncing back and forth across the unchanged line before ending slightly higher.

The Dow added 63.12 points or 0.24 percent to 25,954.44, while the NASDAQ gained 2.30 points or 0.03 percent to 7,489.07 and the S&P rose 4.94 points or 0.18 percent to 2,784.70.

The choppy trading came as traders digested the minutes of the latest Federal Reserve meeting, which provided further insight into the central bank's decision to change its forward guidance and indicate a patient approach to raising interest rates.

The minutes also showed officials discussed a plan to end the reduction of bonds on the Fed's balance sheet before the end of 2019

Traders also seemed reluctant to make significant moves as they wait for developments regarding the latest round of trade talks between the U.S. and China. Officials from the U.S. and China are meeting in Washington this week as the world's two largest economies attempt to reach a long-term trade deal.

Brent crude soared 63 cents or 0.95 percent to a fresh 2019 high of $67.08 dollars per barrel, while U.S. West Texas Intermediate (WTI) crude oil surged 77 cents or 1.36 percent to $57.22 - also high for this year.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT