Markets

Thai Stocks Figure To Bounce Higher Again On Friday

(RTTNews) - The Thai stock market on Thursday snapped the three-day winning streak in which it had advanced almost 25 points or 1.7 percent. The Stock Exchange of Thailand now rests just above the 1,525-point plateau although it's likely to see renewed support on Friday.

The global forecast for the Asian markets is upbeat, with support expected from oil and technology stocks in particular. The European markets were mixed and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The SET finished sharply lower on Thursday following losses from the financial shares, cement companies and energy producers.

For the day, the index skidded 18.20 points or 1.18 percent to finish at 1,527.66 after trading between 1,526.91 and 1,547.38. Volume was 36.323 billion shares worth 81.298 billion baht. There were 1,255 decliners and 467 gainers, with 419 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 1.96 percent, while Thailand Airport retreated 1.74 percent, Bangkok Dusit Medical dropped 0.88 percent, Bangkok Expressway shed 0.64 percent, BTS Group skidded 1.17 percent, Charoen Pokphand Foods sank 0.94 percent, Gulf tanked 2.08 percent, Kasikornbank declined 0.95 percent, Krung Thai Bank surrendered 1.87 percent, PTT stumbled 1.43 percent, PTT Exploration and Production lost 1.42 percent, PTT Global Chemical weakened 1.72 percent, SCG Packaging dipped 0.37 percent, Siam Commercial Bank plummeted 2.33 percent, Siam Concrete plunged 1.90 percent, TTB Bank fell 1.02 percent and Bangkok Bank, Krung Thai Card and PTT Oil & Retail were unchanged.

The lead from Wall Street is solid as the major averages opened firmly in the green and stayed there throughout the session.

The Dow jumped 271.58 points or 0.78 percent to finish at 35,064.25, while the NASDAQ climbed 114.58 points or 0.78 percent to close at 14,895.12 and the S&P 500 perked 26.44 points or 0.60 percent to end at 4,429.10.

The strength on Wall Street followed the Labor Department report showing a modest decrease in first-time claims for U.S. unemployment benefits last week, sparking optimism ahead of the closely-watched monthly job report later today.

Also, the Commerce Department said the U.S. trade deficit widened more than expected in June, reaching a new record high.

Crude oil prices rebounded Thursday, regaining ground after moving sharply lower over the three previous sessions. After plummeting by 7.8 percent so far this week, crude for September delivery advanced $0.94 or 1.4 percent to $69.09 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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