Thai Stock Market Due For Support On Monday

(RTTNews) - The Thai stock market has moved lower in two straight sessions, sliding more than 5 points or 0.3 percent along the way. The Stock Exchange of Thailand now sits just above the 1,530-point plateau although it's expected to find traction on Monday.

The global forecast for the Asian markets is upbeat thanks to an apparent resolution to the U.S. debt ceiling crisis forged over the weekend. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The SET finished slightly lower on Friday as losses from the food, finance, technology and energy sectors were mitigated by support from the packaging

For the day, the index fell 4.58 points or 0.30 percent to finish at 1,530.84 after trading between 1,527.59 and 1,536.08. Volume was 10.662 billion shares worth 38.790 billion baht.

Among the actives, Thailand Airport dipped 0.36 percent, while Asset World dropped 0.97 percent, Banpu fell 0.61 percent, Bangkok Dusit Medical slid 0.89 percent, CP All Public improved 0.80 percent, Charoen Pokphand Foods shed 0.49 percent, Energy Absolute slumped 0.76 percent, Gulf climbed 1.04 percent, Kasikornbank declined 1.49 percent, Krung Thai Bank skidded 1.04 percent, Krung Thai Card collected 0.47 percent, PTT Oil & Retail advanced 0.97 percent, PTT was down 0.80 percent, PTT Exploration and Production plummeted 3.70 percent, PTT Global Chemical retreated 1.38 percent, SCG Packaging gained 0.63 percent, Siam Commercial Bank lost 0.49 percent, Siam Concrete added 0.61 percent, Thai Oil tumbled 1.63 percent, True Corporation sank 0.75 percent and TTB Bank, Bangkok Bank, Advanced Info, B. Grimm, Bangkok Expressway and BTS Group were unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Friday and remained solidly in the green throughout the session.

The Dow surged 328.64 points or 1.00 percent to finish at 33,093.34, while the NASDAQ spiked 277.59 points or 2.19 percent to end at 12,975.69 and the S&P 500 jumped 54.17 points or 1.30 percent to close at 4,205.45. For the week, the Dow slumped 1.0 percent, the NASDAQ rallied 2.5 percent and the S&P rose 0.3 percent.

Stocks benefitted from renewed optimism about raising the U.S. debt ceiling amid reports lawmakers are closing in on an agreement.

Those hopes came to fruition over the weekend when President Joe Biden and House Speaker Kevin McCarthy, R-Calif., reached an agreement in principle. It will raise the debt ceiling for two years and keep non-defense spending roughly flat for fiscal 2024.

Optimism about a debt ceiling deal overshadowed a Commerce Department report showing a reacceleration in the annual rate of consumer price growth in the month of April.

Crude oil prices climbed higher on Friday after Russia played down the prospect of additional output cuts by OPEC. West Texas Intermediate crude oil futures for July ended higher by $0.84 or 1.2 percent at $72.67 a barrel. WTI crude futures gained about 1.6 percent last week.