Thai Stock Market May Extend Tuesday's Gains

(RTTNews) - The Thai stock market has moved higher in two of three trading days since the end of the three-day slide in which it had tumbled almost 45 points or 3.3 percent. The Stock Exchange of Thailand now rests just above the 1,330-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is upbeat on rising oil prices and hopes for stimulus in the United States. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly higher on Tuesday following gains from the financial shares and a mixed performance from the energy producers.

For the day, the index added 9.58 points or 0.72 percent to finish at 1,330.81 after trading between 1,328.13 and 1,338.08. Volume was 18.666 billion shares worth 55.135 billion baht. There were 848 gainers and 573 decliners, with 344 stocks finishing unchanged.

Among the actives, Advanced Info added 0.82 percent, while Thailand Airport spiked 3.02 percent, Asset World soared 4.17 percent, Bangkok Bank jumped 1.52 percent, Bangkok Dusit Medical dropped 0.92 percent, Bangkok Expressway climbed 1.14 percent, Charoen Pokphand Foods advanced 0.76 percent, Kasikornbank collected 0.91 percent, Krung Thai Bank gathered 1.53 percent, PTT tumbled 1.30 percent, PTT Exploration and Production rose 0.56 percent, PTT Global Chemical perked 1.07 percent, Siam Commercial Bank gained 1.13 percent, Siam Concrete lost 0.80 percent, TMB Bank was up 1.06 percent and BTS Group was unchanged.

The lead from Wall Street is positive as stocks showed a lack of direction Tuesday but managed to end the day mostly higher following a late move to the upside.

The Dow added 164.07 points or 0.62 percent to finish at 26,828.47, while the NASDAQ gained 38.37 points or 0.35 percent to end at 10,941.17 and the S&P 500 rose 11.90 points or 0.36 percent to close at 3,306.51.

The late-day strength on Wall Street reflected a positive reaction to comments from Senate Majority Leader Mitch McConnell, R-Ken.

McConnell told reports he is prepared to support a coronavirus relief bill agreement between Democrats and the White House even is he has some problems with certain parts of it.

The amount of the federal unemployment benefit remains a key sticking point, as Republicans want to slash the benefit to $200 per week and Democrats want to keep it at $600 per week.

In economic news, the Commerce Department noted another substantial increase in new orders for manufactured goods in June.

Crude oil futures settled notably higher Tuesday, with traders picking up positions ahead of inventory data on hopes of a drop in stockpiles. West Texas Intermediate Crude oil futures for September settled at $41.70 a barrel, gaining $0.69 or 1.7 percent for the session.

Closer to home, Thailand will provide July data for consumer prices later today; in June, overall inflation sank 1.57 percent on year and core CPI eased0.05 percent.

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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