Markets

Little Movement Expected For Thai Stock Market

(RTTNews) - The Thai stock market on Tuesday snapped the two-day winning streak in which it had gathered more than 20 points or 1.6 percent. The Stock Exchange of Thailand now rests just above the 1,315-point plateau and it figures to remain in that neighborhood again on Wednesday.

The global forecast for the Asian markets is flat to higher, nudged into the green by gains in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian bourses are likely to follow suit.

The SET finished slightly lower on Tuesday following mixed performances from the financial shares and energy producers.

For the day, the index eased 1.12 points or 0.08 percent to finish at 1,315.99 after trading between 1,315.13 and 1,327.42. Volume was 19.656 billion shares worth 56.355 billion baht. There were 846 decliners and 602 gainers, with 466 stocks finishing unchanged.

Among the actives, Advanced Info added 0.81 percent, while Thailand Airport advanced 0.44 percent, Asset World spiked 2.60 percent, Bangkok Bank shed 0.48 percent, Bangkok Dusit Medical spiked 2.00 percent, Charoen Pokphand Foods dropped 0.74 percent, Kasikornbank soared 3.30 percent, PTT perked 1.36 percent, PTT Exploration and Production gained 0.83 percent, PTT Global Chemical sank 1.02 percent, Siam Commercial Bank climbed 1.06 percent, Siam Concrete tumbled 1.39 percent, TMB Bank collected 1.09 percent and Bangkok Expressway, BTS Group and Krung Thai Bank were unchanged.

The lead from Wall Street is cautiously optimistic as stocks moved higher on Tuesday, although the Dow eventually slipped into the red while the NASDAQ and S&P 500 hit fresh record closing highs.

The Dow shed 60.02 points or 0.21 percent to finish at 28,248.44, while the NASDAQ added 86.75 points or 0.76 percent to end at 11,466.47 and the S&P 500 rose 12.34 points or 0.36 percent to close at 3,443.62.

The drop by the Dow came as Exxon Mobil (XOM), Raytheon (RTX) and Pfizer (PFE) tumbled on the news they're being removed from the blue chip index. Those three stocks will be replaced by Salesforce.com (CRM), Honeywell (HON), and Amgen (AMGN), which rallied.

Traders were also looking ahead to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium on Thursday. Analysts suggest Powell will signal an increased tolerance for higher inflation, with some predicting he will call for a shift to average inflation targeting rather than the long-standing 2 percent target.

In economic news, the Commerce Department reported a bigger than expected spike in new home sales last month - while a separate report from the Conference Board showed its consumer confidence index slumped again in August.

Oil prices moved higher on Tuesday, fueled by storm-driven production cuts on the U.S. Gulf Coast as traders look ahead to weekly inventory data. West Texas Intermediate crude futures jumped 73 cents or 1.7 to $43.35 a barrel.

Closer to home, Thailand will release July numbers for industrial production later today; in June, production plummeted 17.66 percent on year.

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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