(RTTNews) – The Thai stock market has finished higher in back-to-back sessions, collecting almost 15 points or 1 percent along the way. The Stock Exchange of Thailand now sits just above the 1,510-point plateau although it may run out of steam on Wednesday.
The global forecast for the Asian markets is mixed and little changed thanks to conflicting earnings data and a mild drop in crude oil prices. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.
The SET finished modestly higher on Tuesday as the financial shares and energy producers ended mostly in the green.
For the day, the index climbed 11.21 points or 0.75 percent to finish at 1,512.83 after trading between 1,490.37 and 1,514.82. Volume was 28.310 billion shares worth 87.825 billion baht. There were 856 decliners and 698 gainers, with 433 stocks finishing unchanged.
Among the actives, Advanced Info rose 0.28 percent, while Thailand Airport advanced 084 percent, Asset World added 0.43 percent, Bangkok Asset Management gained 0.47 percent, Bangkok Bank collected 0.83 percent, Bangkok Dusit Medical shed 0.46 percent, Bangkok Expressway perked 0.61 percent, Charoen Pokphand Foods dropped 0.88 percent, Energy Absolute skyrocketed 6.18 percent, Gulf gathered 0.74 percent, Kasikornbank improved 0.79 percent, Krung Thai Bank skidded 1.64 percent, PTT lost 0.62 percent, PTT Exploration and Production jumped 1.36 percent, PTT Global Chemical climbed 1.21 percent, SCG Packaging plunged 4.59 percent, Siam Commercial Bank soared 4.62 percent, Siam Concrete dipped 0.25 percent and True Corporation, TMB Bank and BTS Group were unchanged.
The lead from Wall Street suggests mild consolidation as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending slightly in the red.
The Dow fell 22.96 points or 0.07 percent to finish at 30,937.04, while the NASDAQ eased 9.93 points or 0.07 percent to end at 13,626.06 and the S&P 500 shed 5.74 points or 0.15 percent to close at 3,849.62.
The choppy trading on Wall Street partly reflected uncertainty about the near-term outlook for the markets after the NASDAQ and the S&P 500 climbed to new record closing highs on Monday.
Optimism about additional stimulus under President Joe Biden has helped drive stocks higher in recent sessions, although reports have pointed to intensifying opposition from GOP lawmakers.
The lackluster performance also reflected a mixed reaction to earnings news from a number of big-name companies as 3M (MMM) and Johnson & Johnson (JNJ) moved higher beating the street – while fellow Dow components American Express (AXP) and Verizon (VZ) moved to the downside.
Crude oil futures settled lower on Tuesday, as traders were leery of the uncertain outlook for energy demand. West Texas Intermediate Crude oil futures for March ended lower by $0.16 or 0.3 percent at $52.61 a barrel.
Closer to home, Thailand will provide December data for industrial production later today; in November, production was up 0.35 percent on year.