(RTTNews) – The Thai stock market turned lower again on Wednesday, one session after snapping the three-day losing streak in which it had dropped more than 35 points or 2.3 percent. The Stock Exchange of Thailand now sits just above the 1,515-point plateau although it figures to bounce higher again on Thursday.
The global forecast for the Asian markets is upbeat on optimism following the inauguration of former Vice President Joe Biden as the 46th President of the United States. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The SET finished modestly lower on Wednesday following losses from the energy producers and a mixed picture from the financial shares.
For the day, the index lost 6.87 points or 0.45 percent to finish at 1,515.72 after trading between 1,511.41 and 1,529.50. Volume was 27.067 billion shares worth 93.559 billion baht. There were 954 decliners and 536 gainers, with 433 stocks finishing unchanged.
Among the actives, Advanced Info dropped 0.84 percent, while Thailand Airport advanced 0.82 percent, Asset World tanked 2.05 percent, Bangkok Asset Management shed 0.47 percent, Charoen Pokphand Foods tumbled 1.71 percent, Gulf plunged 2.82 percent, Kasikornbank collected 0.87 percent, Krung Thai Bank sank 0.83 percent, PTT Exploration and Production fell 0.44 percent, PTT Global Chemical lost 0.79 percent, Siam Commercial Bank retreated 0.82 percent, Siam Concrete slid 0.26 percent, TMB Bank declined 1.71 percent and PTT, Bangkok Bank, Bangkok Dusit Medical, Bangkok Expressway and BTS Group were unchanged.
The lead from Wall Street is broadly positive as stocks opened higher and picked up steam as the day progressed, sending the major averages to fresh record closing highs.
The Dow spiked 257.86 points or 0.83 percent to finish at 31,188.38, while the NASDAQ surged 260.07 points or 1.97 percent to end at 13,457.25 and the S&P 500 jumped 52.94 points or 1.39 percent to close at 3,851.85.
The rally on Wall Street was fueled by Biden’s inauguration. The former VP has called for additional stimulus and an accelerated coronavirus vaccine rollout, which has helped offset concerns about higher taxes and increased regulation under a Democratic administration.
The president is expected to sign several executive orders shortly after taking office, including orders to rejoin the Paris climate agreement and end former President Donald Trump’s Muslim travel ban as well as the construction of the U.S.-Mexico border well.
The spike by the tech-heavy NASDAQ was partly due to a sharp increase by shares of Netflix (NFLX) after the video streaming giant reached a record closing high after reporting strong fourth quarter subscriber growth.
Crude oil prices rose on Wednesday amid hopes the Biden administration will step up stimulus to boost growth, leading to increased demand for energy. West Texas Intermediate Crude oil futures contracts for February ended up $0.26 or 0.5 percent at $53.24 a barrel on expiration day.