The Thai stock market bounced higher again on Monday, one session after snapping the two-day winning streak in which it had jumped more than 30 points or 1.9 percent. The Stock Exchange of Thailand now rests just above the 1,625-point plateau although it figures to head south again on Tuesday.
The global forecast for the Asian markets is negative, likely led lower by weakness from the oil and technology stocks. The European and U.S. markets were down and the Asian bourses are tipped to follow that lead.
The SET finished modestly higher on Monday following gains from the energy producers and financial shares.
For the day, the index rose 7.60 points or 0.47 percent to finish at 1,625.83 after trading between 1,618.57 and 1,628.93. Volume was 28.229 billion shares worth 71.439 billion baht. There were 913 decliners and 649 gainers, with 561 stocks finishing unchanged.
Among the actives, Advanced Info added 0.46 percent, while Thailand Airport fell 0.40 percent, BTS Group gained 0.53 percent, CP All Public climbed 1.28 percent, Charoen Pokphand Foods was up 0.10 percent, Energy Absolute jumped 1.82 percent, Gulf improved 0.61 percent, IRPC increased 0.52 percent, Krung Thai Bank collected 0.81 percent, Krung Thai Card advanced 0.88 percent, PTT Exploration and Production gathered 0.84 percent, PTT Global Chemical perked 0.43 percent, SCG Packaging spiked 1.98 percent, Siam Concrete rose 0.53 percent, True Corporation strengthened 1.30 percent, TTB Bank added 0.77 percent and Bangkok Bank, Bangkok Dusit Medical, Bangkok Expressway, Kasikornbank, PTT Oil & Retail, PTT and Siam Commercial Bank were unchanged.
The lead from Wall Street is soft as the major averages opened in the red on Monday and stayed under water throughout the trading day.
The Dow tumbled 320.04 points or 0.89 percent to finish at 35,650.95, while the NASDAQ sank 217.32 points or 1.39 percent to close at 15,413.28 and the S&P 500 lost 43.05 points or 0.91 percent to end at 4,668.97.
The pullback on Wall Street reflected profit taking, as traders cashed in on some of the strength in the markets last week. The major averages all moved sharply higher last week, with the S&P 500 ending last Friday’s trading at a new record closing high.
Traders may also have been moving money out of stocks and into safer havens ahead of the Federal Reserve’s money policy announcement on Wednesday.
The Fed is expected to discuss accelerating the pace of tapering its asset purchase program, with reports suggesting the central bank could double the rate to $30 billion per month.
Crude oil futures settled lower on Monday on concerns about the outlook for energy demand amid worries about the impact of the Omicron variant of the coronavirus. West Texas Intermediate Crude oil futures for January ended down by $0.38 or 0.5 percent at $71.29 a barrel.
Market Analysis
Renewed Consolidation Anticipated For Thai Stock Market
2021-12-14 02:30:18
