Thai Stock Market May Stop The Bleeding On Monday

(RTTNews) - The Thai stock market has moved lower in back-to-back sessions, slumping more than 25 points or 2.2 percent along the way. The Stock Exchange of Thailand now sits just above the 1,080-point plateau although it's expected to find support on Monday.

The global forecast for the Asian markets is positive on optimism over a possible resolution to tariff talks. The European and U.S. markets finished higher and the Asian bourses are expected to follow that lead.

The SET finished sharply lower on Friday following losses from the food, consumer, finance, industrial, property, resource, service and technology sectors.

For the day, the index plunged 24.31 points or 2.20 percent to finish at 1,082.42 after trading between 1,078.57 and 1,104.68. Volume was 9.515 billion shares worth 38.598 billion baht. There were 337 decliners and 125 gainers, with 188 stocks finishing unchanged.

Among the actives, Advanced Info crashed 4.26 percent, while Thailand Airport slipped 2.40 percent, Asset World cratered 3.31 percent, Banpu contracted 2.39 percent, Bangkok Bank retreated 1.40 percent, Bangkok Dusit Medical dipped 0.97 percent, Bangkok Expressway gave up 6.53 percent, B. Grimm lost 4.50 percent, BTS Group eased 3.23 percent, CP All Public slid 2.25 percent, Charoen Pokphand Foods dropped 0.90 percent, Energy Absolute gained 0.79 percent, Gulf tanked 4.82 percent, Kasikornbank slumped 0.96 percent, Krung Thai Bank shed 0.46 percent, Krung Thai Card plummeted 4.31 percent, PTT Oil & Retail sank 2.70 percent, PTT shed 2.44 percent, PTT Exploration and Production was down 4.02 percent, PTT Global Chemical surrendered 2.50 percent, SCG Packaging plunged 4.07 percent, Siam Commercial Bank declined 1.26 percent, Siam Concrete skidded 1.19 percent, Thai Oil fell 2.73 percent, True Corporation weakened 1.80 percent and TTB Bank stumbled 1.56 percent

The lead from Wall Street is upbeat as the major averages spent most of Friday in the green, shaking off a late slump to finish solidly in positive territory.

The Dow jumped 432.47 points or 1.00 percent to finish at 43,819.27, while the NASDAQ gained 105.56 points or 0.52 percent to end at 20,273.46 and the S&P 500 added 32.05 points or 0.52 percent to end at 6,173.07. For the week, the NASDAQ surged 4.3 percent, the Dow jumped 3.8 percent and the S&P 500 shot up 3.4 percent.

Optimism about new trade deals contributed to the early rally on Wall Street after President Donald Trump indicated the U.S. had signed an agreement with China.

However, stocks pulled back sharply in afternoon trading after Trump said he is ending trade talks with Canada due to the country imposing a digital services tax on U.S. technology companies.

In economic news, the Commerce Department released a closely watched report that included the Federal Reserve's preferred readings on consumer price inflation - which said overall inflation rose in line with expectations.

Crude oil posted gains on Friday in the wake of the U.S. confirming readiness to sign trade deals with China and multiple other trading partners, plus indications of strong summer demand. West Texas Intermediate crude for August delivery rose $0.28 to settle at $65.52 per barrel.

Closer to home, Thailand will release May numbers for industrial production, current account, imports, exports and trade balance later today. In April, production was up 2.17 percent on year, while the current account deficit was $1.50 billion, imports were up an annual 17.3 percent and exports rose 9.9 percent for a trade deficit of $1.40 billion.