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Renewed Consolidation Predicted For Thai Stock Market

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investorsdiurnal business news magazine

(RTTNews) – The Thai stock market on Wednesday halted the five-day losing streak in which it had stumbled more than 30 points or 2 percent. The Stock Exchange of Thailand now rests just above the 1,575-point plateau although it’s expected to turn lower again on Thursday.

The global forecast for the Asian markets is mixed to lower on mixed earnings news and rising crude oil prices. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The SET finished sharply higher on Wednesday following gains from the financial shares and energy producers.

For the day, the index climbed 17.56 points or 1.13 percent to finish at 1,576.79 after trading between 1,562.84 and 1,578.62. Volume was 33.618 billion shares worth 94.645 billion baht. There were 1,021 gainers and 613 decliners, with 455 stocks finishing unchanged.

Among the actives, Advanced Info dropped 0.87 percent, while Thailand Airport spiked 3.29 percent, Asset World accelerated 3.42 percent, Bangkok Asset Management climbed 1.49 percent, Bangkok Bank advanced 0.83 percent, Bangkok Dusit Medical added 0.46 percent, Bangkok Expressway gained 0.63 percent, BTS Group improved 0.56 percent, Gulf jumped 1.48 percent, Kasikornbank collected 0.38 percent, Krung Thai Bank gathered 1.80 percent, PTT Oil & Retail increased 0.84 percent, PTT perked 0.64 percent, PTT Exploration and Production was up 1.31 percent, PTT Global Chemical rallied 1.95 percent, SCG Packaging strengthened 1.44 percent, Siam Commercial Bank climbed 0.97 percent, Siam Concrete soared 2.73 percent and TMB Bank and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is soft as stocks saw a lack of direction on Wednesday, bouncing back and forth across the unchanged line before ending modestly lower.

The Dow shed 164.55 points or 0.48 percent to finish at 33,820.38, while the NASDAQ lost 39.19 points or 0.28 percent to end at 14,051.03 and the S&P 500 fell 3.54 points or 0.08 percent to close at 4,183.18.

Stocks initially lacked direction as traders looked ahead to the Federal Reserve’s monetary policy announcement, although the choppy trading continued after the Fed announced its widely expected decision to maintain ultra-easy policy.

The Fed left interest rates and asset purchases unchanged even as the central bank upgraded its assessment of the U.S. economy, adding that the sectors most affected by the coronavirus pandemic remain weak but have improved.

Traders were also reacting to the latest earnings news from several big-name companies as Alphabet (GOOGL) and Visa (V) beat the street while Amgen (AMGN) and Boeing (BA) disappointed.

Crude oil prices moved higher Wednesday amid hopes energy demand will increase in the near future. A much smaller than expected increase in U.S. crude inventories last week also contributed to oil’s advance. West Texas Intermediate Crude oil futures for June ended higher by $0.92 or 1.5 percent at a six-week high of $63.86 a barrel.