The Thai stock market has finished higher in three straight sessions, collecting almost 25 points or 1.4 percent along the way. The Stock Exchange of Thailand now sits just above the 1,690-point plateau although it’s likely to run out of steam on Friday.
The global forecast for the Asian markets suggests consolidation on growing concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were sharply lower and the Asian markets figure to follow the latter lead.
The SET finished modestly higher on Thursday following mixed performances the financial and energy companies.
For the day, the index gained 10.20 points or 0.61 percent to finish a 1,690.55 after trading between 1,682.65 and 1,603.97. Volume was 22.946 billion shares worth 71.126 billion baht. There were 857 gainers and 779 decliners, with 584 stocks finishing unchanged.
Among the actives, Advanced Info climbed 1.39 percent, while Thailand Airport strengthened 1.49 percent, Asset World added 0.40 percent, Bangkok Bank retreated 1.46 percent, Bangkok Dusit Medical advanced 0.94 percent, B. Grimm jumped 1.52 percent, BTS Group gained 0.55 percent, CP All Public tumbled 1.87 percent, Charoen Pokphand Foods rose 0.42 percent, Energy Absolute rallied 2.54 percent, Kasikornbank tanked 1.90 percent, PTT perked 0.67 percent, PTT Exploration and Production slumped 0.34 percent, SCG Packaging improved 0.44 percent, Siam Commercial Bank surged 5.21 percent, Siam Concrete dipped 0.28 percent, True Corporation collected 0.82 percent, TTB Bank plunged 3.01 percent and Banpu, Bangkok Expressway, Gulf, IRPC, Krung Thai Bank, Krung Thai Card, PTT Oil & Retail and PTT Global Chemical were unchanged.
The lead from Wall Street is negative as the major averages were unable to hold early gains on Thursday, accelerating into the red as the day progressed.
The Dow tumbled 368.03 points or 1.05 percent to finish at 34,792.76, while the NASDAQ dropped 278.41 points or 2.07 percent to close at 13,174.41 and the S&P 500 sank 65.79 points or 1.48 percent to end at 4,393.66.
The sharp pullback on Wall Street came as Treasury yields showed a notable move back to the upside after falling on Wednesday. The yield on the benchmark ten-year note more than offset yesterday’s drop, reaching its highest closing level since December 2018.
Concerns about the outlook for interest rates contributed to the rebound by Treasury yields after Federal Reserve Chair Jerome Powell told the International Monetary Fund that it would be appropriate to raise rates “a little more quickly” and predicted a 50 basis point rate hike would be on the table at the Fed’s May meeting.
Early in the session, stocks benefited from some upbeat earnings news from the likes of Tesla (TSLA), American Airlines (AAL) and United Airlines (UAL).
In economic news, the Labor Department noted a slight decrease in first-time claims for U.S. unemployment benefits last week. Also, the Federal Reserve Bank of Philadelphia said growth in Philadelphia-area manufacturing activity slowed more than expected in April.
Crude oil prices climbed higher Thursday, extending gains from the previous session amid concerns about global crude supply and strong demand in the U.S. West Texas Intermediate Crude oil futures for June ended higher by $1.60 or 1.6 percent at $103.79 a barrel.
Closer to home, Thailand will provide March numbers for imports, exports and trade balance later today. Imports are expected to rise 8.9 percent on year, slowing from 16.8 percent in February. Exports are called higher by an annual 2.4 percent, down from 16.2 percent in the previous month. The trade deficit is pegged at $0.15 billion following the $0.12 billion surplus a month earlier.
Market Analysis
Rally Expected To Stall For Thai Stock Market
2022-04-22 02:32:23
