Little Movement Expected For Thai Stock Market

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(RTTNews.com) - The Thai stock market on Tuesday wrote a finish to the two-day losing streak in which it had fallen more than 25 points or 1.6 percent. The Stock Exchange of Thailand now rests just beneath the 1,660-point plateau and it figures to be rangebound again on Wednesday.

The global forecast for the Asian markets is mixed and flat thanks to ongoing concerns over the outlook for interest rates and a plunge in crude oil prices. The European markets were slightly higher and the U.S. bourse were mixed and little changed and the Asian markets should split the difference.

The SET finished slightly higher on Tuesday as the financial shares and energy producers were mostly in the green.

For the day, the index added 4.93 points or 0.30 percent to finish at 1,659.78 after trading between 1,642.83 and 1,664.51. Volume was 15.353 billion shares worth 46.699 billion baht. There were 768 decliners and 566 gainers, with 499 stocks finishing unchanged.

Among the actives, Thailand Airport added 0.77 percent, while Banpu skidded 1.14 percent, Bangkok Bank collected 0.47 percent, Bangkok Medical shed 0.81 percent, Beauty Community surged 7.29 percent, Bangkok Expressway gained 0.59 percent, PTT, Kasikornbank and Krung Thai Bank all perked 0.50 percent, PTT Exploration and Production lost 0.72 percent, PTT Global Chemical was up 0.32 percent, Siam Commercial Bank fell 0.72 percent, Siam Concrete soared 2.35 percent and Advanced Info and Charoen Pokphand Foods were unchanged.

The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Tuesday. Bouncing back and forth across the unchanged line before ending mixed.

The Dow shed 100.69 points or 0.40 percent to finish at 25,286.49, while the NASDAQ added 0.01 point to 7,200.88 and the S&P 500 fell 4.04 points or 0.15 percent to end at 2,722.18.

The choppy trading on Wall Street came as traders continued to express uncertainty about the global economic outlook and the impact of an anticipated increase in interest rates.

Initial strength came after reports that high-level U.S.-China trade talks have resumed ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this month.

Crude oil futures plunged sharply on Tuesday, extending fall to a 12th straight session as rising output and falling demand weighed. Crude oil futures for December ended down $4.24 or 7.1 percent at $55.69 a barrel, the lowest closing level in almost a year.

Closer to home, the central bank in Thailand will wrap up its monetary policy meeting later today and then announce its decision on interest rates. The central bank is widely expected to keep its benchmark lending rate unchanged at 1.50 percent.

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This article appears in: World Markets , Banking and Loans , US Markets , Oil , Stocks

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