Thai Stock Market Due For Profit Taking

(RTTNews) - The Thai stock market has moved higher in three straight sessions, collecting more than 35 points or 2.3 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,565-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets suggests mild consolidation ahead of key inflation data later in the day. The European markets were mixed and the U.S. bourses were slightly lower and the Asian markets figure to open in similar fashion.

The SET finished slightly higher on Tuesday following gains from the financial, resource, service and technology sectors.

For the day, the index rose 2.41 points or 0.15 percent to finish at 1,564.66 after trading between 1,554.68 and 1,569.74. Volume was 12.531 billion shares worth 52.797 billion baht.

Among the actives, Advanced Info lost 0.46 percent, while Thailand Airport lost 0.68 percent, Asset World tanked 2.65 percent, Banpu plunged 3.37 percent, Bangkok Bank collected 0.62 percent, Bangkok Expressway climbed 1.12 percent, B. Grimm sank 0.62 percent, BTS Group increased 0.65 percent, CP All Public strengthened 1.54 percent, Charoen Pokphand Foods shed 0.49 percent, Energy Absolute slumped 1.46 percent, Kasikornbank soared 3.09 percent, Krung Thai Bank added 0.54 percent, Krung Thai Card increased 0.46 percent, PTT Oil & Retail dropped 0.89 percent, PTT jumped 1.61 percent, PTT Exploration and Production perked 0.34 percent, PTT Global Chemical gained 0.59 percent, SCG Packaging retreated 1.64 percent, Siam Commercial Bank advanced 0.95 percent, Siam Concrete fell 0.30 percent, True Corporation tumbled 1.81 percent and TTB Bank, Bangkok Dusit Medical, Gulf and Thai Oil were unchanged.

The lead from Wall Street is soft as the major averages opened lower on Tuesday and spent most of the session in the red, finishing with modest losses.

The Dow shed 56.88 points or 0.17 percent to finish at 33,561.81, while the NASDAQ dropped 77.37 points or 0.63 percent to close at 12,179.55 and the S&P 500 sank 18.95 points or 0.46 percent to end at 4,119.17.

The weakness on Wall Street came as traders continued to move money out of relatively risky assets like stocks ahead of the release of key inflation data later today.

The reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates.

The weakness on Wall Street may also have reflected concerns about the debt ceiling ahead of a meeting between President Joe Biden and House Speaker Kevin McCarthy, R-Calif. that could result in default if not addressed.

Crude oil prices shook off early weakness to finish higher amid expectations of higher seasonal demand and on the U.S. government's plans to refill the emergency oil reserve. West Texas Intermediate Crude oil futures for June settled at $73.71 a barrel, gaining $0.55 or 0.8 percent.