Renewed Support Likely For Thai Stock Market

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last five trading days since the end of the two-day winning streak in which it had advanced almost 35 points or 2.1 percent. The Stock Exchange of Thailand now rests just above the 1,620-point plateau and it's likely to bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on optimism over the ongoing trade war between the United States and China. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished sharply lower on Monday following losses from the financial shares and energy producers.

For the day, the index sank 23.95 points or 1.45 percent to finish at 1,622.73 after trading between 1,609.40 and 1,624.77. Volume was 24.356 billion shares worth 64.691 billion baht. There were 1,342 decliners and 409 gainers, with 293 stocks finishing unchanged.

Among the actives, Thailand Airport shed 0.70 percent, while Banpu plunged 3.36 percent, Bangkok Bank skidded 1.45 percent, Bangkok Medical lost 0.42 percent, Bangkok Expressway dropped 0.88 percent, Kasikornbank tumbled 1.57 percent, Krung Thai Bank retreated 1.72 percent, PTT plummeted 3.53 percent, PTT Exploration and Production cratered 5.35 percent, PTT Global Chemical sank 2.37 percent, Siam Commercial Bank was down 1.20 percent, Siam Concrete declined 2.43 percent, TMB Bank slid 1.31 percent and Charoen Pokphand Foods, Advanced Info and BTS Group were unchanged.

The lead from Wall Street is broadly positive as stocks showed a strong move to the upside in early trading on Monday and remained firmly positive throughout the session.

The Dow added 269.93 points or 1.05 percent to 25,898.83, while the NASDAQ gained 101.97 points or 1.32 percent to 7,853.74 and the S&P 500 rose 31.27 points or 1.10 percent to 2,878.38.

The early rebound on Wall Street came as President Donald Trump continued to express optimism about a potential U.S.-China trade deal despite the ever-escalating trade war. Trump told reporters at the G-7 summit in France that top Chinese officials had called asking for the resumption of trade talks.

Trump had again ramped up the trade war after the close of trading last Friday by announcing plans to raise the rate of tariffs previously imposed on Chinese imports.

In economic news, the Commerce Department said that a continued spike in orders for transportation equipment contributed to a bigger than expected jump in durable goods orders in July.

Crude oil futures failed to hold early gains and settled lower on Monday, extending losses to a fourth consecutive session on speculation that oil supply from Iran could rise. West Texas Intermediate crude oil futures for October ended down $0.53 or 1 percent at $53.64 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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