Thai Stock Market Draws Flat Lead

(RTTNews) - The Thai stock market on Monday snapped the three-day winning streak in which it had advanced more than 40 points or 2.4 percent. The Stock Exchange of Thailand now rests just shy of the 1,655-point plateau and it's likely to be fairly rangebound again on Tuesday.

The global forecast for the Asian markets suggests little movement, with solid economic data from European offset by concerns over the trade war between the United States and China. The European markets were up and the U.S. markets were off on holiday - and the Asian bourses are called flat with a touch of upside.

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

For the day, the index eased 0.81 points or 0.05 percent to finish at 1,654.11 after trading between 1,646.59 and 1,658.66. Volume was 19.025 billion shares worth 52.702 billion baht. There were 763 decliners and 719 gainers, with 436 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 1.72 percent, while Thailand Airport added 0.69 percent, Banpu climbed 0.79 percent, Bangkok Bank shed 0.29 percent, BTS Group lost 0.74 percent, Charoen Pokphand Foods skidded 1.69 percent, Krung Thai Bank dropped 1.16 percent, PTT sank 1.69 percent, PTT Exploration and Production plunged 2.01 percent, PTT Global Chemical retreated 1.41 percent, Siam Commercial Bank contracted 1.21 percent, Siam Concrete declined 1.44 percent and TMB Bank, Bangkok Medical, Bangkok Expressway and Kasikornbank all were unchanged.

There is no lead from Wall Street, which was closed Monday for the Labor Day holiday - although the European markets were up for the third straight session.

The markets got a boost from the eurozone manufacturing index, which showed that the pace of regional decline slowed from the previous month.

But concerns over the ongoing trade war between the U.S. and China continued to weigh on investors.

The U.S. has imposed new tariffs on certain Chinese products worth $125 billion. In retaliation, China imposed measures targeting $75 billion worth of U.S. goods, including 5 percent duty on crude oil imported from the U.S.

Closer to home, Thailand will see August numbers for consumer and producer prices later today. In July, overall inflation was up 0.06 percent on month and 1.0 on year, while core CPI eased 0.03 percent on month and rose 0.4 percent on year. Producer prices fell 0.1 percent on month and 1.2 percent on year.

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


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