The Thai stock market has finished higher in four straight sessions, advancing more than 25 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,665-point plateau although it’s likely to run out of steam on Wednesday.
The global forecast for the Asian markets suggests consolidation on concerns for the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to open in the red.
The SET finished modestly higher on Tuesday following gains from the energy producers and a mixed picture from the financials.
For the day, the index added 6.36 points or 0.64 percent to finish at the daily high of 1,663.41 after moving as low as 1,650.26. Volume was 20.41 billion shares worth 97.262 billion baht. There were 897 gainers and 873 decliners, with 526 stocks finishing unchanged.
Among the actives, Thailand Airport rose 0.36 percent, while Banpu spiked 2.48 percent, Bangkok Bank improved 0.38 percent, Bangkok Dusit Medical advanced 0.98 percent, CP All Public gained 0.76 percent, Energy Absolute increased 0.28 percent, Gulf gathered 0.52 percent, IRPC strengthened 1.76 percent, Kasikornbank lost 0.68 percent, Krung Thai Card was up 0.41 percent, PTT Oil & Retail jumped 1.83 percent, PTT perked 0.66 percent, PTT Exploration and Production rallied 2.42 percent, PTT Global Chemical rose 0.52 percent, SCG Packaging collected 0.44 percent, Siam Commercial Bank added 0.44 percent and TTB Bank, Advanced Info, Krung Thai Bank and B. Grimm were unchanged.
The lead from Wall Street is negative as the major averages opened sharply lower on Tuesday, pared some of the losses as the day progressed but still finished firmly in the red.
The Dow dropped 222.84 points or 0.67 percent to finish at 32,990.12, while the NASDAQ slipped 49.74 points or 0.41 percent to close at 12,081.39 and the S&P 500 sank 26.09 points or 0.63 percent to end at 4,132.15.
The early pressure on Wall Street emerged after Federal Reserve governor Christopher Waller was quoted as saying that he favored 50 basis point hike at every meeting until there is a substantial reduction in inflation – and treasury yields ticked higher in response.
In economic news, the Conference Board noted a modest decrease in U.S. consumer confidence in May.
Crude oil prices bounced off a hit two-month high on Tuesday and finished modestly lower on reports that OPEC may suspend Russia’s participation in an oil production deal. West Texas Intermediate Crude oil futures ended lower by $0.40 or 0.35 percent at $114.67 a barrel after rallying to $119.98 a barrel earlier in the day.
Market Analysis
Rally Expected To Stall For Thai Stock Market
2022-06-01 02:00:21
