Little Movement Seen For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen more than 20 points or 1.7 percent. The Stock Exchange of Thailand now rests just beneath the 1,360-point plateau and it figures to hold steady in that neighborhood again on Monday.

The global forecast for the Asian markets is mixed to higher, with optimism for economic recovery tempered by renewed coronavirus concerns. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The SET finished modestly higher on Friday following gains from the energy producers and a mixed performance from the financial shares.

For the day, the index gained 11.72 points or 0.87 percent to finish at 1,359.58 after trading between 1,350.10 and 1,361.39. Volume was 13.330 billion shares worth 41.354 billion baht. There were 714 gainers and 581 decliners, with 449 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.61 percent, while Thailand Airport climbed 1.36 percent, Bangkok Bank and BTS Group both advanced 0.92 percent, Bangkok Dusit Medical gathered 1.37 percent, Bangkok Expressway spiked 1.64 percent, Charoen Pokphand Foods added 0.74 percent, Kasikornbank skidded 1.10 percent, PTT perked 1.31 percent, PTT Exploration and Production and PTT Global Chemical both gained 0.53 percent and Siam Commercial Bank, Siam Concrete, TMB Bank, Asset World and Krung Thai Bank all were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before closing mixed.

The Dow shed 62.76 points or 0.23 percent to finish at 26,671.95, while the NASDAQ added 29.36 points or 0.28 percent to end at 10,503.19 and the S&P 500 rose 9.16 points or 0.28 percent to close at 3,224.73. For the week, the Dow added 2.3 percent, the NASDAQ sank 1.1 percent and the S&P rose 1.2 percent.

The U.S. saw a record 77,255 new coronavirus cases on Thursday, according to data compiled by Johns Hopkins University. Reflecting the widespread resurgence of the coronavirus, the University of Michigan reported an unexpected deterioration in U.S. consumer sentiment in July.

A steep drop by shares of Netflix (NFLX) also weighed on the markets, with the video streaming giant plunging by 6.5 percent after reporting Q2 earnings that missed estimates and forecast weaker than expected subscriber growth.

Crude oil prices edged lower Friday, weighed by concerns about the outlook for near-term energy demand due to the surge in new coronavirus cases. West Texas Intermediate Crude oil futures for August ended down $0.16 or 0.4 percent at $40.59 a barrel.

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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