Support Expected For Thai Stock Market

(RTTNews) - The Thai stock market has finished lower in three straight sessions, sliding almost 7 points or 0.4 percent along the way. The Stock Exchange of Thailand remains just above the 1,665-point plateau and it's looking at a positive lead for Tuesday's trade.

The global forecast for the Asian markets is mildly positive on rebounding crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished barely lower on Monday, nudged into the red by weakness from the financial shares and the energy producers.

For the day, the index eased 0.47 points or 0.03 percent to finish at 1,666.68 after trading between 1,663.33 and 1,669.55. Volume was 9.390 billion shares worth 37.096 billion baht. There were 635 decliners and 608 gainers, with 474 stocks finishing unchanged.

Among the actives, Advanced Info added 0.27 percent, while Banpu gained 0.61 percent, Bangkok Medical advanced 0.98 percent, Bangkok Expressway surged 3.81 percent, Kasikornbank slid 0.26 percent, Krung Thai Bank shed 0.53 percent, PTT dropped 1.02 percent, PTT Exploration and Production skidded 1.48 percent, PTT Global Chemical fell 0.36 percent, Siam Commercial Bank sank 0.38 percent, Siam Concrete climbed 0.88 percent, TMB Bank tumbled 1.49 percent and Charoen Pokphand Foods, BTS Group, Thailand Airport and Bangkok Bank were unchanged.

The lead from Wall Street is cautiously optimistic as tocks turned in a lackluster performance on Monday, although the NASDAQ and the S&P 500 both reached new record closing highs.

The Dow added 11.06 points or 0.04 percent to 26,554.39, while the NASDAQ gained 15.46 points or 0.19 percent to 8,161.85 and the S&P 500 rose 3.15 points or 0.11 percent to 2,943.03.

Traders were reluctant to make large moves ahead of Wednesday's monetary policy decision from the Federal Reserve. The Fed is expected to leave interest rates unchanged, though the accompanying statement and Fed Chairman Jerome Powell's subsequent press conference will still draw interest.

In economic news, the Commerce Department reported a smaller than expected uptick in U.S. personal income in March, although the report also showed a significant increase in personal spending during the month.

Crude oil prices bounced higher Friday after early weakness following reports that a Russian oil supply to customers in Europe was deliberately tainted, artificially inflating the price. West Texas Intermediate advanced $0.77 or 1.23 percent to $63.26 per barrel, shrugging off an early move to the downside.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.