Thai Bourse May Run Out Of Steam On Wednesday
(RTTNews) - The Thai stock market has moved higher in four straight trading days, gathering more than 25 points or 1.7 percent along the way. The Stock Exchange of Thailand remains just above the 1,585-point plateau although it may spin its wheels on Wednesday.
The global forecast for the Asian markets is murky ahead of the trade deal between the United States and China that is expected to be signed later this week. The European markets were barely higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.
The SET finished barely higher on Tuesday following a mixed performance from the energy producers and weakness from the financial sector.
For the day, the index rose 0.74 points or 0.05 percent to finish at 1,586.90 after trading between 1,579.83 and 1,592.84. Volume was 19.128 billion shares worth 60.302 billion baht. There were 849 decliners and 718 gainers, with 483 stocks finishing unchanged.
Among the actives, Thailand Airport climbed 1.00 percent, while Banpu soared 3.48 percent, Bangkok Bank shed 0.33 percent, Bangkok Expressway advanced 0.88 percent, Grimm Power surged 4.17 percent, BTS Group sank 0.74 percent, Charoen Pokphand Foods dropped 0.85 percent, Kasikornbank tumbled 2.21 percent, Krung Thai Bank lost 0.61 percent, PTT surrendered 1.08 percent, PTT Exploration and Production added 0.38 percent, PTT Global Chemical retreated 1.76 percent, Siam Commercial Bank lost 0.87 percent, Siam Concrete fell 0.27 percent, TMB Bank was down 0.63 percent and Advanced Info, Asset World and Bangkok Dusit Medical were unchanged.
The lead from Wall Street offers little clarity as the markets showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before eventually closing mixed.
The Dow added 32.62 points or 0.11 percent to finish at 28,939.67, while the NASDAQ lost 22.60 points or 0.24 percent to 9,251.33 and the S&P 500 fell 4.98 points or 0.15 percent to 3,283.15.
The choppy trading on Wall Street came as traders seemed reluctant to make big moves following quarterly results from several big-name financial companies as JPMorgan Chase (JPM) and Citigroup (C) beat the street while Wells Fargo (WFC) missed badly.
Stocks saw some volatility in afternoon trading on reports that tariffs on billions of dollars of Chinese goods are likely to remain in place until after the U.S. elections in November.
In U.S. economic news, the Labor Department said consumer prices in the U.S. increased by slightly less than anticipated in December.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.