Rebound Predicted For Thai Stock Market On Friday

(RTTNews) - Ahead of Thursday's holiday for Queen Sirikit's birthday, the Thai stock market had ended the two-day winning streak in which it had advanced more than 20 points or 1.3 percent. The Stock Exchange of Thailand now rests just above the 1,530-point plateau although it's expected to bounce higher again on Friday.

The global forecast for the Asian markets is upbeat amid bargain hunting from technology stocks, capped by stalled crude oil prices. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly lower on Wednesday following losses from the financial shares and the energy producers.

For the day, the index shed 9.91 points or 0.64 percent to finish at 1,532.71 after trading between 1,531.58 and 1,550.74. Volume was 35.070 billion shares worth 99.756 billion baht. There were 1,228 decliners and 477 gainers, with 481 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.92 percent, while Thailand Airport tumbled 1.73 percent, Bangkok Bank dropped 0.97 percent, Bangkok Expressway tanked 2.52 percent, BTS Group retreated 1.17 percent, Charoen Pokphand Foods and Kasikornbank both surrendered 1.87 percent, Intouch Holdings skyrocketed 10.61 percent, Krung Thai Card plummeted 4.13 percent, PTT Oil & Retail advanced 0.89 percent, PTT sank 0.72 percent, PTT Exploration and Production plunged 2.82 percent, PTT Global Chemical fell 0.42 percent, Siam Commercial Bank dipped 0.26 percent, Siam Concrete lost 0.48 percent, TTB Bank declined 1.01 percent and Bangkok Dusit Medical, Gulf, Krung Thai Bank and SCG Packaging were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened lower on Thursday but gradually broke into positive territory as the day progressed, ending in the green.

The Dow rose 14.48 points or 0.04 percent to finish at 35,499.85, while the NASDAQ added 51.13 points or 0.35 percent to close at 14,816.26 and the S&P 500 gained 13,13 points or 0.30 percent to end at 4,460.83.

The choppy trading on Wall Street comes as traders digest separate reports from the Labor Department on weekly jobless claims and producer price inflation.

The Labor Department said initial jobless claims edged down to 375,000 last week, a decrease of 12,000 from the previous week's revised level of 387,000. Also, the Labor Department said its producer price index for final demand surged 1.0 percent in July, matching the jump in June.

Crude oil prices drifted lower Thursday on concerns about outlook for energy demand after an International Energy Agency report said oil demand growth will likely ebb in the second half of the year. West Texas Intermediate Crude oil futures for September ended down by $0.16 or 0.2 percent at $69.09 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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