Markets

Overbought Thai Bourse Expected To Open Under Pressure

(RTTNews) - The Thai stock market has climbed higher in eight straight sessions, advancing almost 100 points or 6.6 percent along the way. The Stock Exchange if Thailand now rests just shy of the 1,640-point plateau although it's overdue for consolidation on Wednesday.

The global forecast for the Asian markets suggests mild consolidation on sliding crude oil prices and ahead of key U.S. employment data later in the week. The European and U.S. markets were slightly lower and the Asian bourses are tipped to open in similar fashion.

The SET finished slightly higher on Tuesday following gains from the cement stocks, losses from the financials and a mixed picture from the energy producers.

For the day, the index rose 4.98 points or 0.30 percent to finish at 1,638.75 after trading between 1,628.12 and 1,643.76. Volume was 35.856 billion shares worth 117.917 billion baht. There were 965 decliners and 826 gainers, with 525 stocks finishing unchanged.

Among the actives, Advanced Info rallied 2.17 percent, while Bangkok Bank tanked 2.98 percent, Bangkok Dusit Medical shed 0.43 percent, BTS Group lost 0.53 percent, Charoen Pokphand Foods advanced 0.93 percent, Gulf soared 4.38 percent, Kasikornbank fell 0.40 percent, Krung Thai Bank dropped 0.88 percent, Krung Thai Card climbed 1.15 percent, PTT Oil & Retail gained 0.83 percent, PTT skidded 1.29 percent, PTT Exploration and Production tumbled 1.76 percent, PTT Global Chemical added 0.79 percent, SCG Packaging spiked 2.19 percent, Siam Concrete rose 0.47 percent, TTB Bank retreated 1.83 percent and Thailand Airport, Bangkok Expressway and Siam Commercial Bank were unchanged.

The lead from Wall Street ends up being soft as the major averages bounced back and forth across the unchanged line on Tuesday before finally settling with mild losses.

The Dow shed 39.11 points or 0.11 percent to finish at 35,360.73, while the NASDAQ eased 6.65 points or 0.04 percent to close at 15,259.24 and the S&P 500 fell 6.11 points or 0.13 percent to end at 4,522.68.

Profit taking contributed to early weakness on Wall Street after the S&P 500 and the NASDAQ ended Monday's trading at new record closing highs.

Traders may also be reluctant to make significant moves ahead of the release of the Labor Department's closely watched monthly jobs report on Friday.

In economic news, the Conference Board reported a substantial deterioration in U.S. consumer sentiment in August.

Crude oil futures slipped Tuesday on concerns about likely excess supply in the market with OPEC and allies set to increase production, as well as the restoration of crude output in the U.S. after Hurricane Ida. West Texas Intermediate Crude oil futures for October fell $0.71 or 1 percent at $68.50 a barrel.

Closer to home, Thailand will see August results for its business confidence index later today; in July, the index score was 41.4.

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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