Thai Stock Market May Add To Its Winnings On Tuesday

(RTTNews) - Ahead of Monday's holiday for the queen's birthday, the Thai stock market had ended the three-day slide in which it had fallen almost 20 points or 1.3 percent. The Stock Exchange of Thailand now sits just above the 1,530-point plateau and it's likely to open higher again on Tuesday as it catches up on missed sentiment.

The global forecast for the Asian markets is soft, with profit taking anticipated. The European and U.S. markets finished under water and the Asian bourses are tipped to follow suit.

The SET finished modestly higher on Friday following gains from the technology, food, financial, energy and industrial shares.

For the day, the index added 9.80 points or 0.64 percent to finish at 1,531.20 after trading between 1,524.52 and 1,534.49. Volume was 16.222 billion shares worth 42.527 billion baht.

Among the actives, Advanced Info gained 0.95 percent, while Asset World advanced 1.24 percent, Banpu gathered 1.22 percent, Bangkok Bank collected 0.61 percent, Bangkok Dusit Medical gained 0.88 percent, B. Grimm rose 1.40 percent, BTS Group increased 1.42 percent, Charoen Pokphand Foods spiked 2.50 percent, Energy Absolute perked 0.82 percent, Kasikornbank jumped 1.94 percent, Krung Thai Bank rallied 2.09 percent, Krung Thai Card improved 1.49 percent, PTT Oil & Retail was up 0.50 percent, PTT advanced 0.83 percent, PTT Exploration and Production surged 2.52 percent, PTT Global Chemical accelerated 2.88 percent, SCG Packaging increased 1.92 percent, Siam Commercial Bank strengthened 1.44 percent, Siam Concrete added 0.62 percent, Thai Oil jumped 1.71 percent, TTB Bank soared 3.09 percent and True Corporation, Gulf, CP All Public, Thailand Airport and Bangkok Expressway were unchanged.

The lead from Wall Street ends up negative as the major averages opened higher on Monday, but a late slump sent them all into the red the close.

The Dow tumbled 199.90 points or 0.59 percent to finish at 33,562.86, while the NASDAQ slipped 11.34 points or 0.09 percent to close at 13,229.43 and the S&P 500 fell 8.58 points or 0.20 percent to end at 4,273.79.

The choppy trading on Wall Street came as some traders looked to take a break after the passage of legislation raising the U.S. debt ceiling and the release of the closely watched monthly jobs report.

Trading activity may remain somewhat subdued this week as traders look ahead to next week's Federal Reserve meeting; the Fed is widely expected to pause its recent series of interest rate hikes.

In economic news, the Institute for Supply Management said service sector activity in the U.S. saw only modest growth last month, with the index of activity in the sector falling by more than expected. Also, the Commerce Department said new orders for U.S. manufactured goods increased less than expected in April.

Crude oil prices settled higher Monday after Saudi Arabia, the world's largest crude exporter, pledged to cut its production by another 1 million barrels per day in July. West Texas Intermediate Crude oil futures ended higher by $0.41 or 0.6 percent at $72.15 a barrel, off the intra-day high of $75.06.