Rally May Stall For Thai Stock Market
(RTTNews) - The Thai stock market has finished higher in back-to-back trading days, gathering more than 15 points or 1 percent along the way. The Stock Exchange of Thailand now rests just above the 1,650-point plateau although it may spin its wheels on Friday.
The global forecast for the Asian markets is negative on disappointing U.S. jobs data and sinking crude oil prices. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The SET finished slightly higher on Friday following mixed performances from the financial shares and the energy producers.
For the day, the index rose 2.58 points or 0.16 percent to finish at 1,650.33 after trading between 1,644.12 and 1,657.79. Volume was 33.487 billion shares worth 78.707 billion baht. There were 1,168 decliners and 517 gainers, with 552 stocks finishing unchanged.
Among the actives, Advanced Info advanced 0.80 percent, while Thailand Airport climbed 1.20 percent, Bangkok Bank shed 0.44 percent, Bangkok Dusit Medical added 0.43 percent, Bangkok Expressway lost 0.58 percent, BTS Group fell 0.53 percent, Charoen Pokphand Foods gained 0.93 percent, Gulf spiked 3.03 percent, Kasikornbank sank 0.81 percent, Krung Thai Bank improved 0.90 percent, Krung Thai Card jumped 1.89 percent, PTT Oil & Retail retreated 1.68 percent, PTT perked 0.66 percent, PTT Global Chemical plunged 3.15 percent, SCG Packaging skidded 1.08 percent, Siam Concrete was up 0.47 percent and TTB Bank, PTT Exploration and Production and Siam Commercial Bank were unchanged.
The lead from Wall Street is slightly soft as the major averages opened lower on Friday, and only the NASDAQ was able to break through to finish in the green.
The Dow shed 74.71 points or 0.21 percent to finish at 35,369.09, while the NASDAQ gained 32.32 points or 0.21 percent to close at 15,363.52 and the S&P 500 fell 1.52 point or 0.03 percent to end at 4,535.43. For the week, the NASDAQ jumped 1.5 percent, the Dow eased 0.2 percent and the S&P rose 0.6 percent.
The choppy trading on Wall followed the Labor Department's monthly employment report, which showed much weaker than expected job growth in August.
The report suggested the delta variant of the coronavirus is weighing on the labor market, although the data could also lead the Federal Reserve to push back its plans to begin scaling back stimulus.
A separate report released by the Institute for Supply Management showed U.S. service sector growth slowed from a record pace in August.
Crude oil prices drifted lower on Friday amid worries about demand following the smaller than expected increase in U.S. non-farm payrolls last month. West Texas Intermediate crude oil futures ended down $0.70 or 1 percent at $69.29 a barrel; WTI crude futures gained 0.8 percent in the week.
Closer to home, Thailand will release August figures for consumer prices later today. In July, overall inflation was up 0.45 percent on year and core CPI rose an annual 0.14 percent.
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