The Thai stock market on Wednesday snapped the two-day winning streak in which it had gathered more than a dozen points or 0.8 percent. The Stock Exchange of Thailand now rests just above the 1,575-point plateau although it’s likely to bounce higher again on Thursday.
The global forecast for the Asian markets is mildly positive, with stimulus optimism tempered by sinking crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.
The SET finished modestly lower on Wednesday following losses from the financial shares and the energy producers.
For the day, the index sank 14.83 points or 0.93 percent to finish at 1,576.60 after trading between 1,574.14 and 1,587.70. Volume was 27.533 billion shares worth 82.477 billion baht. There were 1,270 decliners and 415 gainers, with 333 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.58 percent, while Thailand Airport dropped 0.80 percent, Bangkok Bank plunged 3.57 percent, Bangkok Dusit Medical added 0.43 percent, Bangkok Expressway lost 0.62 percent, BTS Group fell 0.54 percent, Kasikornbank skidded 0.85 percent, Krung Thai Bank tumbled 1.89 percent, Krung Thai Card slid 0.37 percent, PTT Oil & Retail retreated 0.83 percent, PTT dipped 0.64 percent, PTT Exploration and Production tanked 2.47 percent, PTT Global Chemical plummeted 2.07 percent, Siam Commercial Bank surrendered 1.82 percent, Siam Concrete declined 0.95 percent, TTB Bank cratered 2.70 percent and Charoen Pokphand Foods, Gulf and SCG Packaging were unchanged.
The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday but then spent the rest of the session hugging both sides of the unchanged line before ending slightly in the green.
The Dow gained 104.42 points or 0.30 percent to finish at 34,681.79, while the NASDAQ rose 1.42 points or 0.01 percent to end at 14,665.06 and the S&P 500 added 14.59 points or 0.34 percent to close at 4,358.13.
The higher close on Wall Street came as the minutes of the Federal Reserve’s latest monetary policy meeting signaled the central bank will not be in a hurry to begin scaling back its asset purchase program.
The minutes of the June meeting reiterated Fed Chair Jerome Powell’s view that “substantial further progress” towards the goals of maximum employment and price stability has not yet been met.
The Fed has repeatedly said it plans to continue to its asset purchases at a rate of at least $120 billion per month until “substantial further progress” has been made toward its goals.
Crude oil prices tumbled on Wednesday amid concerns that several leading oil producers will increase output following a disagreement over policy. West Texas Intermediate Crude oil futures for August ended down $1.17 or 1.6 percent at $72.20 a barrel.
Closer to home, Thailand will see June figures for its consumer confidence index later today; in May, the index score was 44.7.
Mild Recovery Anticipated For Thai Stock Market
2021-07-08 02:30:11
