Markets

Thai Stock Market May Find Traction On Wednesday

(RTTNews) - The Thai stock market has finished lower in back-to-back trading days, sliding more than 20 points or 1.7 percent along the way. The Stock Exchange of Thailand remains just above the 1,340-point plateau although it's tipped to halt its slide on Wednesday.

The global forecast for the Asian markets is mixed to higher, with rising coronavirus concerns offset by optimism for further stimulus. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished slightly lower on Tuesday following mixed performances from the financial shares and the energy producers.

For the day, the index eased 1.30 points or 0.10 percent to finish at 1,341.07 after trading between 1,326.65 and 1,342.30. Volume was 18.129 billion shares worth 63.991 billion baht. There were 963 decliners and 389 gainers, with 392 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.27 percent, while Thailand Airport lost 0.46 percent, Asset World added 0.50 percent, Bangkok Dusit Medical sank 0.45 percent, Bangkok Expressway tumbled 2.15 percent, BTS Group retreated 1.80 percent, Charoen Pokphand Foods declined 0.74 percent, Kasikornbank jumped 1.67 percent, Krung Thai Bank collected 0.97 percent, PTT perked 1.33 percent, PTT Exploration and Production advanced 0.82 percent, Siam Commercial Bank gained 1.04 percent, Siam Concrete gathered 0.79 percent, TMB Bank dropped 0.99 percent and Bangkok Bank and PTT Global Chemical were unchanged.

The lead from Wall Street is broadly positive as stocks rebounded on Tuesday from the sharp pullback in the previous session.

The Dow surged 556.79 points or 2.13 percent to finish at 26,642.59, while the NASDAQ jumped 97.73 points or 0.94 percent to end at 10,488.58 and the S&P 500 rose 42.30 points or 1.34 percent to close at 3,197.52.

The spike by the Dow was partly attributed to traders transitioning out of big-name tech stocks and into more cyclical stocks like Caterpillar (CAT), which led the blue chip index higher with a 4.8 percent jump.

Strong gains by energy giants Chevron (CVX) and Exxon Mobil (XOM) also contributed to the advance by the Dow, reflecting strength in the broader energy sector.

Investors shrugged off a surge in new coronavirus cases, even though several U.S. states are likely to resort to another lockdown. Already, California Governor Gavin Newscom has ordered the reintroduction of coronavirus-related restrictions, aiming to contain the spread of the pandemic.

Crude oil futures were higher on Tuesday, with traders weighing global crude supply and demand positions ahead of today's OPEC meeting. West Texas Intermediate Crude oil futures for August ended up $0.19 or 0.5 percent at $40.29 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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