The Thai stock market has finished lower in three straight sessions, sinking almost 25 points or 1.4 percent along the way. The Stock Exchange of Thailand now rests just above the 1,600-point plateau although it’s expected to find support on Tuesday.
The global forecast for the Asian markets is positive, supported by crude oil prices and bargain hunting. The European and U.S. markets were firmly higher and the Asian bourses are tipped to follow suit.
The SET finished modestly lower on Monday following losses from the financial shares and energy producers.
For the day, the index shed 11.85 points or 0.73 percent to finish at 1,601.13 after trading between 1,590.55 and 1,602.66. Volume was 29.104 billion shares worth 83.153 billion baht. There were 1,314 decliners and 362 gainers, with 355 stocks finishing unchanged.
Among the actives, Advanced Info slumped 0.86 percent, while Thailand Airport fell 0.38 percent, Asset World tumbled 2.12 percent, Bangkok Asset Management retreated 1.55 percent, Bangkok Bank tanked 2.51 percent, Bangkok Dusit Medical skidded 1.30 percent, Bangkok Expressway declined 1.72 percent, BTS Group shed 0.51 percent, Gulf dropped 0.72 percent, Kasikornbank sank 2.02 percent, Krung Thai Bank surrendered 0.92 percent, Krung Thai Card added 0.75 percent, PTT Oil & Retail lost 1.60 percent, PTT slid 0.62 percent, PTT Exploration and Production weakened 0.85 percent, PTT Global Chemical plunged 1.70 percent, SCG Packaging rose 0.44 percent, Siam Commercial Bank gave away 0.75 percent, Siam Concrete was down 0.95 percent, TTB Bank improved 0.88 percent and Charoen Pokphand Foods was unchanged.
The lead from Wall Street is solid as stocks opened mostly higher on Monday and only accelerated as the day progressed.
The Dow surged 586.89 points or 1.76 percent to finish at 33,876.97, while the NASDAQ climbed 111.10 points or 0.79 percent to end at 14,141.48 and the S&P 500 jumped 58.34 points or 1.40 percent to close at 4,224.79.
The rebound on Wall Street reflected bargain hunting after the steep drop seen last Friday dragged the Dow down to its lowest closing level in well over two months.
Fed Chair Jerome Powell is scheduled to testify before the House Select Subcommittee on the Coronavirus Crisis later today. Powell is due to discuss the Fed’s response to the pandemic but could also face questions about the outlook for monetary policy.
Crude oil prices rose sharply Monday and lifted the most active WTI Crude futures contracts to their highest finish in more than two years amid rising optimism about energy demand. Weakness from the greenback also contributed as West Texas Intermediate Crude oil futures for July rose $2.02 or 2.8 percent at $73.66 a barrel.
Market Analysis
Thai Stock Market Poised To Snap Losing Streak
2021-06-22 02:31:03
