Thai Stock Market May See Profit Taking On Tuesday

The Thai stock market has finished higher in two straight sessions, advancing almost 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just above the 1,270-point plateau although it’s likely to spin its wheels on Tuesday.

The global forecast for the Asian markets is flat to lower, with weakness from the technology and oil sectors limiting the upside. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The SET finished sharply higher on Monday following gains from the food, industrial, property, resource, service and technology sectors.

For the day, the index jumped 19.30 points or 1.54 percent to finish at 1,273.40 after trading between 1,248.07 and 1,273.40. Volume was 6.271 billion shares worth 33.093 billion baht. There were 306 gainers and 139 decliners, with 198 stocks finishing unchanged.

Among the actives, Advanced Info strengthened 1.64 percent, while Thailand Airport exploded 7.00 percent, Asset World surged 5.00 percent, Banpu rallied 2.94 percent, Bangkok Bank collected 0.92 percent, Bangkok Expressway rose 0.94 percent, B. Grimm increased 0.70 percent, BTS Group was up 2.38 percent, CP All Public gained 1.70 percent, Energy Absolute skyrocketed 6.77 percent, Gulf soared 3.09 percent, Kasikornbank shed 0.52 percent, Krung Thai Card advanced 0.89 percent, PTT Oil & Retail retreated 1.50 percent, PTT expanded 1.60 percent, PTT Exploration and Production added 0.46 percent, PTT Global Chemical spiked 2.99 percent, SCG Packaging accelerated 2.53 percent, Thai Oil jumped 2.88 percent, True Corporation improved 0.91 percent, TTB Bank vaulted 1.54 percent and Charoen Pokphand Foods, Krung Thai Bank, Siam Commercial Bank, Siam Concrete and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is weak as the major averages opened slightly higher on Monday but quickly slipped under water and spent the balance of the day hugging the line from below.

The Dow slumped 41.49 points or 0.09 percent to finish at 48,416.56, while the NASDAQ dropped 137.76 points or 0.59 percent to end at 23,057.41 and the S&P 500 sank 10.90 points or 0.16 percent to close at 6,816.51.

The weakness that emerged on Wall Street came on continued uncertainty about AI spending and the possibility of a tech bubble.

Traders were also reluctant to make significant moves ahead of the release of some key U.S. economic data in the coming days, including retail sales and inflation.

The data could impact the outlook for interest rates following the Federal Reserve’s monetary policy announcement last Wednesday. While the Fed cut rates by another quarter point, as widely expected, officials’ projections showed significant differences of opinion about further rate cuts.

The price of crude oil retreated on Monday as lingering oversupply concerns offset worries about potential supply disruptions. West Texas Intermediate crude for January delivery was down $0.62 or 1.1 percent to $56.82 per barrel.