Thai Bourse May See Renewed Consolidation
(RTTNews.com) - The Thai stock market on Friday snapped the two-day slide in which it had fallen more than 6 points or 0.4 percent. The Stock Exchange of Thailand now rests just beneath the 1,600-point plateau although it may hand back those gains on Monday.
The global forecast for the Asian markets suggests mild consolidation on profit taking and a drop in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The SET finished modestly higher on Friday as the financial shares and energy producers were mostly in the green.
For the day, the index added 9.41 points or 0.59 percent to finish at 1,597.04 after trading between 1,586.93 and 1,597.18. Volume was 12.091 billion shares worth 45.172 billion baht. There were 761 gainers and 509 decliners, with 408 stocks finishing unchanged.
Among the actives, advanced Info tumbled 2.87 percent, while Thailand Airport soared 3.79 percent, Bangkok Bank collected 0.49 percent, Bangkok Medical added 0.44 percent, Bangkok Expressway surged 3.06 percent, Kasikornbank gathered 0.83 percent, Krung Thai Bank climbed 1.01 percent, PTT perked 1.03 percent, PTT Exploration and Production advanced 0.83 percent, PTT Global Chemical dropped 1.05 percent, Siam Commercial Bank tumbled 1.84 percent, Siam Concrete rose 0.47 percent and Banpu and Charoen Pokphand Foods were unchanged.
The lead from Wall Street is slightly soft as stocks opened lower on Friday, staged a recovery in the afternoon but still finished barely in the red.
The Dow shed 5.97 points or 0.02 percent to 23,995.95, while the NASDAQ lost 14.59 points or 0.21 percent to 6,971.48 and the S&P 500 fell 0.38 points or 0.01 percent to 2,596.26. For the week, the Dow added 2.4 percent, the NASDAQ added 3.5 percent and the S&P rose 2.5 percent.
The early weakness on Wall Street was due to profit taking, with traders cashing in on gains from the five-day winning streak. Concerns about the ongoing government shutdown and skepticism about a potential trade deal between the U.S. and China also weighed.
In economic news, the Labor Department noted a slight drop in consumer prices in December, while core consumer priced ticked slightly higher.
Crude oil futures ended lower Friday, snapping a nine-day winning streak as profit taking and worries about the slowing Chinese economy weighed on the commodity. Crude oil futures ended down $1.00 or 1.9 percent at $51.59 a barrel.
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