Markets

Thai Stock Market Expected To Remain Rangebound

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day slide in which it had fallen more than 20 points or 1.7 percent. The Stock Exchange of Thailand remains just beneath the 1,360-point plateau and it's looking at another narrow trading range again on Tuesday.

The global forecast for the Asian markets is upbeat on tech shares, stimulus hopes and optimism for a coronavirus vaccine. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The SET finished barely lower on Monday as the financial shares and energy producers ended mostly in the red.

For the day, the index eased 1.29 points or 0.09 percent to finish at 1,358.29 after trading between 1,352.03 and 1,365.71. Volume was 15.472 billion shares worth 52.303 billion baht. There were 789 decliners and 559 gainers, with 391 stocks finishing unchanged.

Among the actives, Advanced Info advanced 0.79 percent, while Asset World jumped 1.50 percent, Bangkok Bank tanked 2.74 percent, Bangkok Dusit Medical and Thailand Airport both shed 0.45 percent, Bangkok Expressway tumbled 2.69 percent, BTS Group retreated 1.82 percent, Charoen Pokphand Foods climbed 1.47 percent, Kasikornbank plunged 3.60 percent, Krung Thai Bank dropped 0.95 percent, PTT lost 0.65 percent, PTT Exploration and Production fell 0.27 percent, PTT Global Chemical gained 1.06 percent, Siam Commercial Bank plummeted 3.37 percent, Siam Concrete rallied 1.30 percent and TMB Bank soared 1.96 percent.

The lead from Wall Street is generally positive as stocks ended in the green, although the Dow spent much of the day in the red until breaking through late in the day.

The Dow added 8.92 points or 0.03 percent to finish at 26,680.87, while the NASDAQ surged 263.90 points or 2.51 percent to end at 10,767.09 and the S&P 500 gained 27.11 points or 0.84 percent to close at 3,251.84.

The spike by the NASDAQ came as traders got back into big-name tech stocks after the index slumped last week - with support from the likes of Amazon (AMZN), software giant Microsoft (MSFT), Google parent Alphabet (GOOGL) and tech giant Apple (AAPL).

The strength on Wall Street also came following positive results from trials of experimental COVID-19 vaccines by Oxford University and AstraZeneca (AZN) and Pfizer (PFE) and BioNTech (BNTX).

The positive news on the vaccine front came as some states continue to see spikes in coronavirus cases, with Florida reporting 12,523 new cases on Saturday, reflecting the fifth consecutive day the state reported more than new 10,000 infections.

Crude oil prices moved higher on Monday as worries about the energy demand outlook faded slightly on optimism for a potential coronavirus vaccine. West Texas Intermediate Crude oil futures for August ended higher by $0.22 or 0.5 percent at $40.81 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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