Thai Shares Tipped To Bounce Higher On Monday
(RTTNews) - Ahead of Friday's holiday for Chulalongkorn, the Thai stock market had ended the two-day winning streak in which it had advanced almost 8 points or 0.6 percent. The Stock Exchange of Thailand now sits just shy of the 1,215-point plateau although it may see a mild rebound on Monday.
The global forecast for the Asian markets is mixed to slightly higher, with hopes for stimulus tempered by climbing coronavirus cases. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SET finished slightly lower on Thursday as losses from the financial shares were offset by support from the energy producers.
For the day, the index dipped 2.87 points or 0.24 percent to finish at 1,213.61 after trading between 1,204.73 and 1,223.48. Volume was 24.047 billion shares worth 66.255 billion baht. There were 850 decliners and 558 gainers, with 489 stocks finishing unchanged.
Among the actives, Advanced Info fell 0.29 percent, while Thailand Airport tumbled 1.82 percent, Asset World shed 0.66 percent, Bangkok Bank lost 0.79 percent, Bangkok Expressway spiked 1.83 percent, BTS Group jumped 1.65 percent, Charoen Pokphand Foods advanced 0.97 percent, Kasikornbank sank 0.66 percent, Krung Thai Bank skidded 1.72 percent, PTT Exploration and Production accelerated 1.88 percent, PTT Global Chemical rallied 1.25 percent, Siam Concrete plunged 1.76 percent, TMB Bank dropped 1.20 percent and Siam Commercial Bank, PTT and Bangkok Dusit Medical were unchanged.
The lead from Wall Street offers little guidance as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending mixed.
The Dow eased 28.09 points or 0.10 percent to finish at 28,335.57, while the NASDAQ gained 42.28 points or 0.37 percent to end at 11,548.28 and the S&P 500 rose 11.90 points or 0.34 percent to close at 3,465.39. For the week, the Dow shed 0.9 percent, the NASDAQ lost 1.1 percent and the S&P fell 0.5 percent.
The choppy trading on Friday came amid a lack of concrete news out of Washington regarding a new coronavirus stimulus bill. Traders have generally remained optimistic that a bill will eventually be passed, although they may be tired of waiting.
A steep drop by shares of Intel (INTC) weighed on the Dow, with the semiconductor giant plunging 10.6 percent after reporting Q3 earnings that beat estimates but on weaker than expected revenues for its Data Center Group. Credit card giant American Express (AXP) also tumbled after reporting Q3 earnings that missed expectations.
Crude oil prices drifted lower on Friday, weighed down by worries about energy demand due to the surge in coronavirus cases and lockdown measures in several countries. West Texas Intermediate Crude oil futures for December ended down by $0.79 or 1.9 percent at $39.85 a barrel.