Thai Stock Market May Test Resistance At 1,600 Points

(RTTNews) - The Thai stock market has moved higher in back-to-back sessions, jumping almost 40 points or 2.9 percent along the way. The Stock Exchange of Thailand now rests just above the 1,580-point plateau and it may extend its gains on Tuesday.

The global forecast for the Asian markets is positive, with strong support expected from the oil and technology stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The SET finished sharply higher on Monday with gains across the board - especially from the financial shares and the energy producers.

For the day, the index spiked 28.89 points or 1.86 percent to finish at 1,582.07. Volume was 34.178 billion shares worth 114.581 billion baht.

The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the session.

The Dow advanced 215.63 points or 0.61 percent to finish at 35,335.71, while the NASDAQ spiked 227.99 points or 1.55 percent to close at 14,942.65 and the S&P 500 climbed 37.86 points or 0.85 percent to end at 4,479.53.

Investors continued to track updates on the coronavirus front and also looked ahead to the upcoming Jackson Hole Symposium, due later this week. Fed Chairman Powell is expected to provide more details about the timeline of tapering of the central bank's bond-buying program and the outlook for the economy.

In economic news, U.S. existing home sales jumped more than expected in July, helping to ease concerns that the economic recovery is faltering.

Crude oil futures settled sharply higher Monday, snapping a seven-day losing streak and posting their biggest single-session gain in five months. West Texas Intermediate Crude oil futures for October jumped $3.50 or 5.6 percent at $65.64 a barrel after sinking 9 percent last week.

Closer to home, Thailand will provide July numbers for imports, exports and trade balance later today. Imports are expected to spike 43 percent on year, slowing from 53.75 percent in June. Exports are called higher by an annual 19.7 percent, down from 43.82 percent in the previous month. The trade surplus is pegged at $0.94 billion, down from $0.95 billion a month earlier.

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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