The Thai stock market on Friday snapped the two-day winning streak in which it had jumped more than 30 points or 2 percent. The Stock Exchange of Thailand now rests just above the 1,580-point plateau although it’s expected to bounce higher again on Monday.
The global forecast for the Asian markets is positive on easing inflation concerns. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.
The SET finished barely lower on Friday as gains from the energy producers were offset by weakness from the financial sector.
For the day, the index eased 0.98 points or 0.06 percent to finish at 1,581.98 after trading between 1,579.53 and 1,595.45. Volume was 31.987 billion shares worth 99.508 billion baht. There were 1,094 decliners and 565 gainers, with 486 stocks finishing unchanged.
Among the actives, Advanced Info added 0.60 percent, while Thailand Airport skidded 1.19 percent, Asset World dropped 0.83 percent, Bangkok Asset Management retreated 1.06 percent, Bangkok Bank shed 0.43 percent, Bangkok Expressway climbed 1.26 percent, Charoen Pokphand Foods sank 0.91 percent, Gulf lost 0.74 percent, Kasikornbank declined 1.65 percent, Krung Thai Card fell 0.34 percent, PTT Oil & Retail advanced 0.83 percent, PTT perked 1.29 percent, PTT Exploration and Production gained 0.43 percent, PTT Global Chemical rose 0.40 percent, SCG Packaging increased 0.45 percent, Siam Commercial Bank surrendered 0.97 percent, Siam Concrete gathered 0.45 percent, TTB Bank slid 0.88 percent and Bangkok Dusit Medical, BTS Group and Krung Thai Bank were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened higher on Friday, faded as the day progressed but still finished slightly in the green.
The Dow added 64.81 points or 0.19 percent to finish at 34,529.45, while the NASDAQ gained 12.46 points or 0.09 percent to end at 13,748.74 and the S&P 500 rose 3.23 points or 0.08 percent to close at 4,204.11.
The strength on Wall Street came as the inflation reading preferred by the Federal Reserve showed an acceleration in the pace of price growth but not as much as traders had feared.
While the increase in prices exceeded estimates, the jump was not so severe as to raised concerns about the Federal Reserve tightening monetary policy.
Crude oil futures settled lower Friday, snapping a five-day winning streak as traders took profits ahead to the upcoming OPEC meeting. West Texas Intermediate Crude oil futures for July fell $0.53 or 0.8 percent at $66.32 a barrel.
Closer to home, Thailand will provide April numbers for industrial production, retail sales, current account and its coincident index later today. In March, industrial production was up 4.12 percent on year, retail sales rose 0.2 percent on year, the current account deficit was $0.8 billion and the coincident index score was 127.2.
Market Analysis
Renewed Support Anticipated For Thai Shares
2021-05-31 02:33:48
