Markets

Thai Stock Market May See Continued Support

(RTTNews) - The Thai stock market on Monday halted the three-day slide in which it had stumbled almost 25 points or 1.7 percent. The Stock Exchange of Thailand now rests just beneath the 1,610-point plateau and it may add to its winnings on Tuesday.

The global forecast for the Asian markets suggests little movement among a lack of definitive catalysts. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The SET finished modestly higher on Monday following mixed performances from the financial shares and energy producers.

For the day, the index added 5.77 points or 0.36 percent to finish at 1,608.00 after trading between 1,596.80 and 1,609.99. Volume was 17.545 billion shares worth 42.907 billion baht. There were 844 gainers and 720 decliners, with 468 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.43 percent, while Thailand Airport advanced 0.94 percent, Asset World soared 4.50 percent, Bangkok Bank collected 0.29 percent, Bangkok Dusit Medical added 0.42 percent, BTS Group gained 0.71 percent, Charoen Pokphand Foods tumbled 1.90 percent, Kasikornbank skidded 1.68 percent, PTT lost 0.56 percent, PTT Exploration and Production perked 0.83 percent, PTT Global Chemical accelerated 1.91 percent, Siam Commercial Bank fell 0.43 percent, Siam Concrete rose 1.06 percent and TMB Bank, Krung Thai Bank, Banpu and Bangkok Expressway were unchanged.

The lead from Wall Street suggests mild upside as stocks shrugged off early weakness Monday and managed to end slightly in the green at fresh record closing highs.

The Dow added 31.26 points or 0.11 percent to 28,036.15, while the NASDAQ gained 9.11 points or 0.11 percent to 8,549.94 and the S&P 500 rose 1.55 points or 0.05 percent to 3,122.01.

Stocks initially moved to the downside after a tweet from CNBC's Beijing Bureau Chief Eunice Yoon suggested Chinese officials have grown pessimistic about the chances for a trade deal.

However, traders have shown a predilection for taking upbeat reports about the trade talks at face value while shrugging off the negative news. The prevailing optimism about an eventual trade deal has led to a steady upward trend on Wall Street.

In economic news, the National Association of Home Builders said homebuilder confidence ebbed in November.

Crude oil prices drifted lower on Monday due to excess supply in the market and on uncertainty over a potential trade deal between the U.S. and China. West Texas Intermediate crude oil futures for December ended down $0.67 or 1.2 percent at $57.05 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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