Markets

Thai Stock Market Set To Stop The Bleeding On Wednesday

(RTTNews) - The Thai stock market has moved lower in two straight sessions, sliding more than 20 points 1.6 percent along the way. The Stock Exchange of Thailand now sits just above the 1,265-point plateau although it's looking at a green light for Wednesday's trade.

The global forecast for the Asian markets is positive, with bargain hunting expected after days of heavy selling while optimism for additional stimulus added to the positive sentiment. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished modestly lower on Tuesday following losses from the financial shares and the energy producers.

For the day, the index shed 7.53 points or 0.59 percent to finish at 1,267.63 after trading between 1,262.41 and 1,275.27. Volume was 16.374 billion shares worth 42.536 billion baht. There were 1,044 decliners and 463 gainers, with 381 stocks finishing unchanged.

Among the actives, Advanced Info dropped 0.85 percent, while Thailand Airport shed 0.84 percent, Asset World skidded 1.54 percent, Bangkok Bank tanked 2.99 percent, Bangkok Expressway sank 1.13 percent, BTS Group retreated 0.99 percent, Kasikornbank plunged 3.16 percent, Krung Thai Bank tumbled 2.16 percent, PTT declined 2.14 percent, PTT Exploration and Production lost 0.88 percent, PTT Global Chemical fell 2.41 percent, Siam Commercial Bank plummeted 3.37 percent, Siam Concrete dipped 0.30 percent, TMB Bank was down 2.22 percent and Bangkok Dusit Medical and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is firm as stocks shook off a sluggish start on Tuesday to finish solidly in the green, halting a three-day slide.

The Dow climbed 140.48 points or 0.52 percent to finish at 27,288.18, while the NASDAQ spiked 184.84 points or 1.71 percent to end at 10,963.64 and the S&P 500 jumped 34.51 points or 1.05 percent to close at 3,315.57.

The strength on Wall Street came after Federal Reserve Chair Jerome Powell said the central bank remains "committed to using our tools to do what we can, for as long as it takes, to ensure that the recovery will be as strong as possible."

Although worries about rising coronavirus cases persisted and reports of fresh lockdown restrictions in some countries raised concerns about growth, bargain hunting and short-covering after Monday's sharp setback pushed stock prices higher.

In economic news, the National Association of Realtors reported that existing home sales in the U.S. climbed to their highest level in nearly fourteen years in August.

Crude oil futures saw a technical rebound on Tuesday, although it was limited by worries about the outlook for energy demand amidst new coronavirus cases in Europe. West Texas Intermediate Crude oil futures for November ended higher by $0.26 or 0.7 percent at $39.80 a barrel.

Closer to home, the central bank in Thailand also will conclude its monetary policy meeting later today and then announce its decision on interest rates; the bank is widely expected to keep its benchmark lending rate steady at 0.50 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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