Additional Support Anticipated For Thai Stock Market

The Thai stock market has finished higher in two of the last three trading days, although it still managed to lose eight points or 0.5 percent in that span. The Stock Exchange of Thailand now rests just shy of the 1,580-point plateau and it’s tipped to open higher again on Tuesday.

The global forecast for the Asian markets suggests mild upside on optimism for continued economic recovery. The U.S. markets were closed for the Independence Day holiday and the European bourses finished higher and the Asian bourses are expected to open in similar fashion.

The SET finished barely higher on Monday as gains from the energy producers were offset by weakness from the financial sector.

For the day, the index rose 0.79 points or 0.05 percent to finish at 1,579.28 after trading between 1,573.67 and 1,582.46. Volume was 21.228 billion shares worth 58.232 billion baht. There were 1,015 decliners and 509 gainers, with 485 stocks finishing unchanged.

Among the actives, Advanced Info fell 0.29 percent, while Thailand Airport shed 0.80 percent, Bangkok Dusit Medical advanced 0.85 percent, Bangkok Expressway skidded 1.23 percent, BTS Group lost 0.54 percent, Gulf gained 0.74 percent, Kasikornbank declined 1.69 percent, PTT Oil & Retail sank 0.83 percent, PTT perked 0.65 percent, PTT Exploration and Production improved 0.85 percent, PTT Global Chemical added 0.42 percent, SCG Packaging spiked 3.24 percent, Siam Commercial Bank retreated 1.03 percent, TTB Bank was down 0.89 percent and Bangkok Bank, Charoen Pokphand Foods, Krung Thai Bank, Krung Thai Card and Siam Concrete were unchanged.

There is no lead from Wall Street, but European and Canadian stocks closed higher on Monday – shaking off a weak start to break into the green mid-session and accelerate going into the close.

The gains came as rising optimism about economic rebound on the back of data showing stronger than expected growth of eurozone private sector helped offset concerns about the spread of the delta variant of the coronavirus.

Energy stocks provided considerable support after crude oil prices rose sharply as OPEC abandoned output talks without a deal. West Texas Intermediate crude for August delivery jumped $1.20 or 1.56 percent to $76.36 per barrel.