Thai Stock Market Tipped To Run Out Of Steam On Wednesday

The Thai stock market has moved higher in three straight sessions, advancing almost 40 points or 2.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,580-point plateau although the rally is expected to stall on Wednesday.

The global forecast for the Asian markets is negative on rising coronavirus cases and the possibility of subsequent lockdown measures. The European and U.S. markets finished in the red and the Asian bourses are expected to follow suit.

The SET finished modestly higher on Tuesday following gains from the financial shares and oil and cement companies.

For the day, the index added 5.13 points or 0.33 percent to finish at 1,580.04 after trading between 1,570.53 and 1,582.49. Volume was 29.881 billion shares worth 102.624 billion baht. There were 863 decliners and 748 gainers, with 414 stocks finishing unchanged.

Among the actives, Advanced Info soared 3.24 percent, while Thailand Airport skidded 1.13 percent, Asset World retreated 1.22 percent, Bangkok Asset Management advanced 0.97 percent, Bangkok Bank spiked 2.47 percent, Bangkok Expressway declined 1.23 percent, Charoen Pokphand Foods tumbled 1.68 percent, Gulf skyrocketed 6.20 percent, Kasikornbank rallied 2.19 percent, Krung Thai Bank collected 0.85 percent, PTT Oil & Retail sank 1.63 percent, SCG Packaging jumped 1.52 percent, Siam Commercial Bank fell 0.47 percent, Siam Concrete improved 0.97 percent, TMB Bank climbed 1.69 percent and Bangkok Dusit Medical, BTS Group, PTT, PTT Exploration and Production and PTT Global Chemical all were unchanged.

The lead from Wall Street is soft as the major averages opened in the red and stayed that way, extending losses from the previous session.

The Dow tumbled 256.33 points or 0.75 percent to finish at 33,821.30, while the NASDAQ sank 128.50 points or 0.92 percent to end at 13,786.27 and the S&P 500 fell 28.32 points or 0.68 percent to close at 4,134.94.

The weakness on Wall Street came as traders continued to cash in on the recent strength in the markets after the Dow and the S&P 500 ended last week at new record closing highs.

A new wave of coronavirus infections overseas also weighed on the markets amid concerns about new restrictions and the impact on the global economy.

Meanwhile, traders largely shrugged off upbeat earnings news from companies like Procter & Gamble (PG), Johnson & Johnson (JNJ) and Travelers (TRV).

Crude oil prices slipped on Tuesday amid rising concerns about the outlook for energy demand due to surging coronavirus infections in India. West Texas Intermediate Crude oil futures May ended down $0.94 or 1.5 percent at $62.44 a barrel, on the expiration day. WTI Contracts for June closed lower by $0.76 or 1.2 percent at $62.67 a barrel.