Thai Stock Market May Spin Its Wheels Again On Tuesday

The Thai stock market on Monday wrote a finish to the three-day winning streak in which it had gathered more than 25 points or 1.7 percent. The Stock Exchange of Thailand now rests just above the 1,620-point plateau and it may remain stuck in neutral on Tuesday.

The global forecast for the Asian markets is unclear, with uncertainty of interest rates and the coronavirus tempered by support from crude oil prices. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

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

For the day, the index slid 11.13 points or 0.68 percent to finish at 1,620.02 after trading between 1,616.60 and 1,639.97. Volume was 45.721 billion shares worth 135.801 billion baht. There were 1,395 decliners and 553 gainers, with 371 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.51 percent, while Thailand Airport lost 0.40 percent, Bangkok Bank advanced 0.85 percent, Bangkok Dusit Medical fell 0.44 percent, Bangkok Expressway retreated 1.68 percent, BTS Group skidded 1.04 percent, Gulf sank 0.60 percent, Kasikornbank soared 3.05 percent, Krung Thai Bank dropped 0.87 percent, Krung Thai Card tanked 2.93 percent, PTT Oil & Retail tumbled 1.75 percent, PTT perked 1.25 percent, PTT Exploration and Production surged 3.54 percent, PTT Global Chemical rallied 2.07 percent, SCG Packaging retreated 2.73 percent, Siam Commercial Bank declined 1.54 percent, Siam Concrete gained 0.49 percent, TTB Bank spiked 2.68 percent and Charoen Pokphand Foods was unchanged.

The lead from Wall Street is murky as the major averages opened mixed on Monday and finished the same way.

The Dow added 71.37 points or 0.21 percent to finish at 34,869.37, while the NASDAQ sank 77.73 points or 0.52 percent to close at 14,969.97 and the S&P 500 fell 12.37 points or 0.28 percent to end at 4,443.11.

The choppy performance of Wall Street came as traders were cautious, looking ahead to speeches from several Fed officials, including Chairman Jerome Powell.

Uncertainty regarding the debt-laden China Evergrande added to the cautious sentiment.

In economic news, the Commerce Department said new orders for U.S. manufactured durable goods increased more than expected in August.

Crude oil prices rose sharply on Monday, extending gains to a fifth session amid tighter supplies and signs of rising demand for oil. West Texas Intermediate Crude oil futures for November ended up by $1.47 or 2 percent at $75.45 a barrel.

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