Additional Support Pegged For Thai Stock Market

(RTTNews) - The Thai stock market on Monday halted the two-day slide in which it had fallen almost 10 points or 0.6 percent. The Stock Exchange of Thailand now sits just above the 1,520-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets is upbeat amid optimism about swifter economic recovery thanks to a drop in new coronavirus cases and improved vaccination drive across the world. The European markets were up and the U.S. bourses were off on holiday and the Asian markets are tipped to open in the green.

The SET finished modestly higher on Monday as gains from the energy producers were capped by weakness from the financial shares.

For the day, the index climbed 14.37 points or 0.95 percent to finish at 1,522.72 after trading between 1,513.33 and 1,529.98. Volume was 22.869 billion shares worth 106.651 billion baht. There were 1,020 decliners and 584 gainers, with 401 stocks finishing unchanged.

Among the actives, Thailand Airport shed 0.79 percent, while Asset World skidded 1.25 percent, Bangkok Asset Management rallied 2.68 percent, Bangkok Bank lost 0.40 percent, Bangkok Dusit Medical fell 0.48 percent, Charoen Pokphand Foods dropped 0.92 percent, Gulf sank 0.71 percent, Kasikornbank retreated 1.38 percent, Krung Thai Bank slid 0.80 percent, PTT soared 2.48 percent, PTT Exploration and Production surged 3.14 percent, PTT Global Chemical climbed 1.19 percent, SCG Packaging spiked 4.66 percent, Siam Commercial Bank declined 1.42 percent, Siam Concrete dipped 0.27 percent, TMB Bank surrendered 0.85 percent and Advanced Info, Bangkok Expressway and BTS Group were unchanged.

With Wall Street off for President's Day, the lead from Europe is solid as stocks opened higher on Monday and strengthened as the day progressed.

The U.K.'s FTSE 100 ended stronger by 2.52 percent, France's CAC 40 moved up 1.45 percent and Germany's DAX gained 0.42 percent, while Switzerland's SMI advanced 0.56 percent.

European stocks ended higher on rising optimism about rapid economic recovery amid expectations of additional stimulus packages and on hopes of faster rollout of coronavirus vaccines across the world.

Energy stocks were in demand as oil prices surged higher amid an escalation in tensions in the Middle East. Shares from banking and technology sectors too ended mostly higher.

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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