The Thai stock market has finished higher in two straight sessions, collecting more than a dozen points or 0.8 percent along the way. The Stock Exchange of Thailand now rests just above the 1,590-point plateau although it’s likely to run out of steam on Wednesday.
The global forecast for the Asian markets is soft thanks to sinking oil prices and expected profit taking. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SET finished modestly higher on Tuesday following gains from the financial shares and energy producers.
For the day, the index added 12.15 points or 0.77 percent to finish at 1,591.43 after trading between 1,585.34 and 1,594.15. Volume was 20.972 billion shares worth 69.485 billion baht. There were 865 gainers and 699 decliners, with 462 stocks finishing unchanged.
Among the actives, Advanced Info rose 0.29 percent, while Thailand Airport advanced 0.81 percent, Bangkok Dusit Medical dropped 0.85 percent, Bangkok Expressway added 0.62 percent, Charoen Pokphand Foods skidded 0.94 percent, Kasikornbank climbed 1.29 percent, Krung Thai Card soared 2.25 percent, PTT Oil & Retail gained 0.84 percent, PTT Exploration and Production spiked 2.10 percent, SCG Packaging sank 0.78 percent, Siam Commercial Bank collected 0.52 percent, Siam Concrete tumbled 1.87 percent and TTB Bank, Bangkok Bank, BTS Group, Gulf, Krung Thai Bank, PTT and PTT Global Chemical were unchanged.
The lead from Wall Street is inconsistent as the Dow and S&P 500 both opened lower Tuesday and stayed that way, while the NASDAQ was in and out of negative territory but finally finished slightly higher.
The Dow sank 208.98 points or 0.60 percent to finish at 34,577.37, while the NASDAQ added 24.32 points or 0.17 percent to end at 14,663.64 and the S&P fell 8.80 points or 0.20 percent to close at 4,343.54.
The pullback by the Dow and the S&P 500 was partly due to profit taking after the advance seen last Friday lifted all three major averages to new record closing highs.
Optimism about the economic outlook helped support the markets, although traders remain somewhat concerned about the outlook for monetary policy.
Negative sentiment may also have been generated by a report from the Institute for Supply Management showing its reading on service sector activity pulled back off a record high in June.
Crude oil futures settled sharply lower Tuesday as prices plunged after hitting a near seven-year high amid uncertainty about the major oil producers’ production policy. West Texas Intermediate Crude oil futures for August ended down by $1.79 or 2.4 percent at $73.37 a barrel.
Market Analysis
Thai Stock Market Expected To End Winning Streak
2021-07-07 02:30:06
