(RTTNews) - The Thai stock market on Thursday snapped the six-day winning streak in which it had jumped almost 55 points or 3.7 percent. The Stock Exchange of Thailand now sits just beneath the 1,570-point plateau although it figures to reverse those losses on Friday.
The global forecast for the Asian markets is cautiously optimistic on hopes for an end to the U.S.-Iran war. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SET finished slightly lower on Thursday as losses from the food, property, resource and technology sectors were mitigated by support from the service and industrial stocks.
For the day, the index slipped 1.98 points or 0.13 percent to finish at 1,568.97 after trading between 1,552.85 and 1,571.56. Volume was 11.751 billion shares worth 62.570 billion baht.
Among the actives, Advanced Info rose 0.28 percent, while Thailand Airport advanced 0.92 percent, Asset World tanked 2.59 percent, Banpu declined 0.85 percent, Bangkok Bank slumped 1.15 percent, Bangkok Dusit Medical stumbled 1.09 percent, Bangkok Expressway was down 0.96 percent, CP All Public climbed 1.09 percent, Charoen Pokphand Foods skidded 1.04 percent, Energy Absolute plunged 3.39 percent, Gulf retreated 1.20 percent, Kasikornbank collected 0.25 percent, PTT Oil & Retail lost 0.80 percent, PTT shed 0.68 percent, PTT Exploration and Production fell 0.35 percent, SCG Packaging improved 0.84 percent, Siam Commercial Bank sank 0.74 percent, Siam Concrete dropped 0.87 percent, Thai Oil contracted 1.08 percent, True Corporation added 0.74 percent, TTB Bank tumbled 1.71 percent and Krung Thai Bank, Krung Thai Card, PTT Global Chemical, B. Grimm and BTS Group were unchanged.
The lead from Wall Street is upbeat as the major averages opened lower on Thursday but quickly moved to the upside to finish with varying degrees of gains to close at fresh record highs.
The Dow added 24.69 points or 0.05 percent to finish at 50,668.97, while the NASDAQ jumped 242.74 points or 0.91 percent to end at 26,917.47 and the S&P 500 gained 43.27 points or 0.58 percent to close at 7,563.63.
The turnaround on Wall Street came after a report from Axios said U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding.
Crude oil prices handed back most of their early gains on Thursday after reports of the understanding between the U.S. and Iran. After surging as much as $3.84 or 4.3 percent to a high of $92.52 a barrel, crude for July delivery ended up $0.32 or 0.4 percent at $89 a barrel.
In U.S. economic news, the Commerce Department said consumer prices in the U.S. increased slightly less than expected in April.
Closer to home, Thailand is scheduled to release April data for industrial production, current account, imports, exports and trade balance later today. In March, production was up 0.75 percent on year, while the current account surplus was $0.600 billion. Imports surged 37.2 percent on year and exports jumped 19.3 percent for a trade deficit of $0.10 billion.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
