Thai Stock Market May Open Under Pressure On Monday

RTTNews | il y a 102
Thai Stock Market May Open Under Pressure On Monday

(RTTNews) - The Thai stock market on Friday snapped the two-day winning streak in which it had gathered almost 15 points or 1.1 percent. The Stock Exchange of Thailand now sits just above the 1,270-point plateau and it's likely to open to the downside again on Monday.

The global forecast for the Asian markets is flat to lower, with energy stocks likely to lead the way lower. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.

The SET finished modestly lower on Friday as losses from the financial, property, service and technology sectors were mitigated by support from the food, consumer, industrial and resource companies.

For the day, the index sank 12.01 points or 0.94 percent to finish at 1,272.10 after trading between 1,269.81 and 1,287.66. Volume was 8.064 billion shares worth 50.148 billion baht. There were 247 gainers and 229 decliner, with 187 stocks finishing unchanged.

Among the actives, Advanced Info retreated 1.64 percent, while Thailand Airport crashed 13.76 percent, Asset World rallied 1.33 percent, Banpu sank 0.88 percent, Bangkok Bank fell 0.33 percent, Bangkok Dusit Medical slumped 0.88 percent, Bangkok Expressway declined 0.77 percent, B. Grimm surged 4.00 percent, BTS Group plummeted 4.10 percent, Charoen Pokphand Foods advanced 0.97 percent, Energy Absolute skyrocketed 6.45 percent, Kasikornbank dropped 0.97 percent, Krung Thai Bank tanked 2.15 percent, Krung Thai Card collected 0.49 percent, PTT Oil & Retail strengthened 1.64 percent, PTT spiked 2.48 percent, PTT Exploration and Production lost 0.40 percent, PTT Global Chemical climbed 1.04 percent, Siam Commercial Bank plunged 3.21 percent, Siam Concrete added 0.69 percent, Thai Oil improved 1.23 percent, True Corporation soared 2.40 percent, TTB Bank shed 0.51 percent and SCG Packaging, Gulf and CP All Public were unchanged.

The lead from Wall Street is weak as the major averages opened higher on Friday but couldn't hold the gains, finishing mixed and little changed.

The Dow dropped 165.32 points or 0.37 percent to finish at 44,546.08, while the NASDAQ added 81.17 points or 0.41 percent to close at 20,026.77 and the S&P 500 dipped 0.44 points or 0.01 percent to end at 6,114.63.

For the week, the NASDAQ surged 2.6 percent, the S&P 500 jumped 1.5 percent and the Dow advanced 0.6 percent.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following Thursday's rally, which saw the S&P 500 jump near its record highs despite data showing a bigger than expected increase by producer prices.

Traders were also digesting a mixed batch of U.S. economic data, including a Commerce Department report showing retail sales slumped much more than expected in January. A separate report from the Federal Reserve showed industrial production rose by more than expected last month.

Oil prices drifted lower on Friday as supply concerns eased amid hopes of a peace deal between Russia and Ukraine and possibility of removal of sanctions on Russia. West Texas Intermediate Crude oil futures fell $0.55 or 0.77 percent at $70.74 a barrel. WTI futures gained 1.0 percent for the week.

Closer to home, Thailand will provide Q4 figures for Q4 gross domestic product later today. GDP is expected to rise 0.7 percent on quarter and 3.9 percent on year after expanding 1.2 percent on quarter and 3.0 percent on year in the three months prior.

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