Thai Stock Market Tipped To Head South On Wednesday

Thai Stock Market Tipped To Head South On Wednesday

(RTTNews) – Ahead of Tuesday’s holiday for King Bhumibol Memorial Day, the Thai stock market had bounced higher again – one session after halting the four-day winning streak in which it had advanced almost 40 points or 3 percent. The Stock Exchange of Thailand now sits just beneath the 1,275-point plateau although it’s tipped to open in the red on Wednesday.

The global forecast for the Asian markets is soft on profit taking and on concerns for a COVID-19 vaccine. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The SET finished modestly higher on Monday following mixed performances from the financial shares and energy producers.

For the day, the index added 6.29 points or 0.50 percent to finish at 1,273.43 after trading between 1,265.27 and 1,277.64. Volume was 20.184 billion shares worth 46.573 billion baht. There were 826 decliners and 698 gainers, with 454 stocks finishing unchanged.

Among the actives, Advanced Info gained 0.85 percent, while Bangkok Bank climbed 1.32 percent, Bangkok Dusit Medical skidded 1.56 percent, Bangkok Expressway added 0.57 percent, BTS Group rose 0.51 percent, Charoen Pokphand Foods tumbled 1.82 percent, Kasikornbank fell 0.33 percent, Krung Thai Bank collected 0.56 percent, PTT surged 3.01 percent, PTT Exploration and Production retreated 1.50 percent, PTT Global Chemical advanced 1.22 percent, Siam Commercial Bank gathered 1.14 percent, Siam Concrete dipped 0.28 percent and TMB Bank, Thailand Airport and Asset World were unchanged.

The lead from Wall Street is negative as stocks opened lower and largely remained that way, finishing in the red after three straight sessions of gains.

The Dow sank 157.71 points or 0.55 percent to finish at 28,679.81, while the NASDAQ slid 12.36 points or 0.10 percent to end at 11,863.90 and the S&P 500 fell 22.29 points or 0.63 percent to close at 3,511.93.

The pullback on Wall Street may partly have reflected profit taking after the major averages climbed to their best closing levels in over a month on Monday.

Negative sentiment was also generated in reaction to news that Johnson & Johnson has paused a late-stage trial of its COVID-19 vaccine candidate due to an unexplained illness in a study participant.

Uncertainty about a new stimulus bill also weighed on Wall Street, as House Speaker Nancy Pelosi continued her attacks on the White House’s latest offer.

In economic news, the Labor Department reported a modest increase in consumer prices last month, with the uptick in prices matching estimates.

Crude oil prices rose sharply on Tuesday, lifted by a jump in Chinese crude oil imports last month. But the upside was capped by a surge in crude output in the Gulf of Mexico region as work in oil facilities resumed after Hurricane Delta. West Texas Intermediate Crude futures for November ended up $0.77 or 2 percent at $40.20 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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