Thai Stock Market Expected To Open In The Green

(RTTNews) - The Thai stock market has moved lower in two straight sessions, slipping more than 15 points or 1 percent along the way. The Stock Exchange of Thailand now rests just shy of the 1,420-point plateau although it's likely to find traction on Tuesday.

The global forecast for the Asian markets is upbeat on bargain hunting and falling bond yields. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished modestly lower on Monday following losses from the food, finance, industrial, resource and service sectors.

For the day, the index lost 9.51 points or 0.67 percent to finish at 1,418.45 after trading between 1,413.86 and 1,428.06. Volume was 17.965 billion shares worth 42.169 billion baht. There were 315 decliners and 172 gainers, with 169 stocks finishing unchanged.

Among the actives, Thailand Airport lost 0.79 percent, while Asset World fell 0.48 percent, Banpu sank 0.75 percent, Bangkok Bank shed 0.64 percent, Bangkok Expressway was down 0.62 percent, B. Grimm plummeted 2.78 percent, BTS Group dipped 0.68 percent, CP All Public slid 0.45 percent, Charoen Pokphand Foods tanked 2.07 percent, Energy Absolute stumbled 1.11 percent, Gulf and Krung Thai Card both skidded 1.12 percent, Kasikornbank surrendered 2.94 percent, Krung Thai Bank collected 0.53 percent, PTT Oil & Retail weakened 1.03 percent, PTT gained 0.71 percent, PTT Exploration and Production slumped 1.32 percent, PTT Global Chemical tumbled 2.68 percent, Siam Commercial Bank retreated 1.41 percent, Siam Concrete dropped 1.00 percent, Thai Oil declined 2.33 percent, TTB Bank plunged 2.40 percent and SCG Packaging, Advanced Info, True Corporation and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is firm as the major averages opened mixed on Monday but trended steadily upward as the day progressed and finished solidly in the green.

The Dow climbed 216.90 points or 0.58 percent to finish at 37,683.01, while the NASDAQ surged 319.70 points or 2.20 percent to end at 14,843.77 and the S&P 500 rallied 66.30 points or 1.41 percent to close at 4,763.54.

A drop in bond yields, and optimism about the outlook for stocks despite recent uncertainty about the likelihood of near-term interest rate cuts helped push stock prices up.

The Dow was weighed down by Boeing shares, which fell 8 percent after the Federal Aviation Administration ordered airlines to ground dozens of the company's 737 Max 9 aircraft after a door plug blew out in the middle of an Alaska Airlines flight on Friday.

Oil prices fell sharply on Monday as Saudi Arabia's decision to cut prices offset concerns about an escalation in the Middle East conflict. West Texas Intermediate Crude futures for February ended down $3.04 or 4.4 percent at $70.77 a barrel.

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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