Thai Bourse Tipped To End Losing Streak
(RTTNews.com) - The Thai stock market has moved lower in back-to-back trading days, surrendering almost 20 points or 1 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,710-point plateau although it may rebound on Friday.
The global forecast for the Asian markets is cautiously optimistic thanks to encouraging economic news and a bump in crude oil prices. The European and U.S. markets were mostly higher and the Asian bourses figure to follow suit.
The SET finished modestly lower on Thursday following mixed performances from the financial shares and the energy producers.
For the day, the index slid 8.48 points or 0.49 percent to finish at 1,709.86 after trading between 1,699.66 and 1,715.65. Volume was 12.043 billion shares worth 59.741 billion baht. There were 970 decliners and 355 gainers, with 393 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.26 percent, while Thailand Airport lost 0.37 percent, Bangkok Bank collected 0.76 percent, Bangkok Medical tumbled 1.96 percent, Bangkok Expressway fell 0.64 percent, Charoen Pokphand Foods skidded 1.94 percent, Krung Thai Bank dropped 1.67 percent, PTT Exploration and Production added 0.74 percent, PTT Global Chemical plunged 3.18 percent, Siam Concrete plummeted 2.25 percent and PTT, Banpu and Kasikornbank were unchanged.
The lead from Wall Street is conflicted as the major averages were mixed on Thursday as the tech-heavy NASDAQ climbed to a new record closing high, while the Dow fell for the third straight day.
The Dow fell 25.89 points or 0.10 percent to 25,175.31, while the NASDAQ added 65.34 points or 0.85 percent to 7,761.04 and the S&P added 6.86 points or 0.25 percent to 2,782.49.
The support for the markets followed the release of a Commerce Department report showing a bigger than expected jump in retail sales in May. Also, the Labor Department noted a mild drop in initial jobless claims in the week ended June 9th.
Traders were also digesting the European Central Bank's monetary policy statement that revealed plans to wind down its massive bond-buying program. The ECB also left interest rates unchanged and said it expects rates to remain at their present levels for at least a year.
Crude oil futures inched higher Thursday, settling at a two-week high despite rumors that OPEC will ramp up production. The dollar strengthened a bit on the news, putting a cap on oil's advance.
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