Thai Bourse May Reverse Wednesday's Losses
(RTTNews) - The Thai stock market on Wednesday wrote a finish to the three-day winning streak in which it had spiked more than 110 points or 10 percent. The Stock Exchange of Thailand now rests just above the 1,205-point plateau although it's expected to bounce higher again on Thursday.
The global forecast for the Asian markets is firm on optimism regarding both the coronavirus and the crude oil price war. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets are tipped to follow the latter lead.
The SET finished modestly lower on Wednesday as losses from the energy producers were mitigated by support from the financial shares.
For the day, the index dipped 9.18 points or 0.76 percent to finish at 1,205.77 after trading between 1,192.98 and 1,213.55. Volume was 15.123 billion shares worth 92.816 billion baht. There were 662 decliners and 611 gainers, with 311 stocks finishing unchanged.
Among the actives, Advanced Info tumbled 3.85 percent, while Thailand Airport shed 1.30 percent, Asset World jumped 2.48 percent, Banpu skidded 3.20 percent, Bangkok Bank soared 4.48 percent, Bangkok Dusit Medical dropped 0.99 percent, Bangkok Expressway retreated 1.82 percent, BTS Group declined 2.48 percent, Charoen Pokphand Foods sank 0.96 percent, Kasikornbank surged 4.44 percent, Krung Thai Bank plunged 5.00 percent, PTT tanked 5.88 percent, PTT Exploration and Production lost 4.61 percent, PTT Global Chemical plummeted 5.92 percent, Siam Commercial Bank collected 4.07 percent, TMB Bank accelerated 2.35 percent and Siam Concrete was unchanged.
The lead from Wall Street is broadly positive as stocks fluctuated early in Wednesday's trade before surging in the afternoon.
The Dow soared 779.71 points or 3.44 percent to finish at 23,433.57, while the NASDAQ spiked 203.64 points or 2.58 percent to 8,090.90 and the S&P 500 surged 90.57 points or 3.41 percent to end at 2,749.98.
Stocks continued to benefit from optimism that some of the countries hit hardest by the Covid-19 pandemic are flattening the infection curve as the number of new cases has decreased in recent days after reaching a peak last Friday.
Further buying interest was generated in reaction to news Senator Bernie Sanders, I-Vt., dropped out of the race for the Democratic presidential nomination - which soothed investors concerned about the self-described Democratic Socialist enacting his more progressive policies.
Crude oil prices rose sharply on Wednesday, rebounding from losses in previous sessions ahead of today's crucial production meeting between OPEC and its allies. West Texas Intermediate Crude oil futures for May ended up $1.46 or 6.2 percent at $25.09 a barrel.
