Rally Expected To Stall For Thai Stock Market
(RTTNews) - The Thai stock market has finished higher in two straight sessions, collecting more than 15 points or 1 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,545-point plateau although it figures to run out of steam on Wednesday. The global forecast for the Asian markets is soft following disappointing economic and earnings news, plus sinking crude oil prices. The European markets were mixed and little changed and the U.S. bourses were down and the Asian markets figure to split the difference.
The SET finished modestly higher on Tuesday following gains from the financial shares and the energy producers.
For the day, the index advanced 12.98 points or 0.85 percent to finish at 1,544.22 after trading between 1,533.32 and 1,545.95. Volume was 30.316 billion shares worth 83.148 billion baht. There were 900 gainers and 703 decliners, with 565 stocks finishing unchanged. Among the actives, Advanced Info climbed 1.38 percent, while Thailand Airport jumped 1.78 percent, Bangkok Dusit Medical shed 0.43 percent, Bangkok Expressway added 0.64 percent, BTS Group rallied 2.37 percent, Gulf gained 0.67 percent, Kasikornbank spiked 2.38 percent, PTT Oil & Retail advanced 0.89 percent, PTT perked 2.13 percent, PTT Exploration and Production dropped 0.96 percent, PTT Global Chemical rose 0.41 percent, SCG Packaging skidded 1.06 percent, Siam Commercial Bank collected 1.03 percent and Siam Concrete, TTB Bank, Bangkok Bank, Charoen Pokphand Foods, Krung Thai Bank and Krung Thai Card all were unchanged.
The lead from Wall Street is broadly negative as the major averages opened Tuesday in the red and stayed that way throughout the session.
The Dow tumbled 282.12 points or 0.79 percent to finish at 35,343.28, while the NASDAQ dropped 137.58 points or 0.93 percent to close at 14,656.18 and the S&P 500 sank 31.63 points or 0.71 percent to end at 4,448.08.
The weakness on Wall Street followed a Commerce Department report showing U.S. retail sales tumbled much more than expected in July.
A steep drop by shares of Home Depot (HD) also weighed on the markets, with the home improvement retailer plunging by 4.3 percent after reporting second quarter earnings that beat estimates but weaker than expected same-store sales growth.
Meanwhile, retail giant Wal-Mart (WMT) closed nearly unchanged after reporting better than expected second quarter results and raising its full-year guidance.
Crude oil futures settled lower Tuesday, extending losses to a fourth straight session, amid concerns about the outlook for energy demand due to a surge in cases of the Delta variant of the coronavirus. West Texas Intermediate Crude oil futures for September ended down $0.70 or 1 percent at $66.59 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.