Rally May Stall For Thai Stock Market

(RTTNews) - The Thai stock market has moved higher in back-to-back sessions, collecting more than 6 points or 0.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,140-point plateau although it may be stuck in neutral on Thursday.

The global forecast for the overbought Asian markets is weak, with profit taking expected. The European and U.S. markets were mostly lower, and the Asian bourses are expected to follow that lead.

The SET finished slightly higher on Wednesday as gains from the industrial, service and technology sectors were offset by weakness from the food, finance and consumer stocks.

For the day, the index rose 2.42 points or 0.21 percent to finish at 1,141.58 after trading between 1,139.64 and 1,145.19. Volume was 7.042 billion shares worth 26.216 billion baht. There were 246 decliners and 181 gainers, with 226 stocks finishing unchanged.

Among the actives, Advanced Info strengthened 1.39 percent, while Thailand Airport rallied 2.36 percent, Asset World tanked 2.03 percent, Banpu sank 0.89 percent, Bangkok Bank collected 0.36 percent, Bangkok Dusit Medical gained 0.47 percent, B. Grimm surrendered 2.80 percent, BTS Group slumped 1.32 percent, CP All Public lost 0.53 percent, Charoen Pokphand Foods dropped 0.97 percent, Energy Absolute plunged 3.27 percent, Gulf shed 0.57 percent, Krung Thai Bank added 0.45 percent, Krung Thai Card improved 0.68 percent, PTT Oil & Retail advanced 0.85 percent, PTT increased 0.83 percent, PTT Global Chemical climbed 1.00 percent, SCG Packaging surged 5.56 percent, Siam Concrete soared 4.00 percent, Thai Oil jumped 1.80 percent, True Corporation stumbled 2.42 percent and TTB Bank, Kasikornbank, Siam Commercial Bank, PTT Exploration and Production and Bangkok Expressway were unchanged.

The lead from Wall Street is soft as the major averages spent most of the day in positive territory before a late swoon sent them all into the red.

The Dow dipped 1.10 points or 0.00 percent to finish at 42,865.77, while the NASDAQ dropped 99.11 points or 0.50 percent to close at 19,615.88 and the S&P 500 sank 16.57 points or 0.27 percent to end at 6,022.24.

The downturn on Wall Street reflected profit taking after the early advance lifted the major averages to their best intraday levels in over three months.

The early strength in the markets followed the release of a closely watched Labor Department report showing U.S. consumer prices increased by slightly less than expected in the month of May.

Buying interest was also generated after U.S. and Chinese officials announced an agreement in principle on a framework to ease trade disputes between the two economic superpowers.

Crude oil prices surged on Wednesday amid the trade talks between the U.S. and China, as well as a fresh stand-off between the U.S. and Iran over a nuclear deal. West Texas Intermediate crude for July delivery closed up by $3.32 or 5.11 percent to settle at $68.30 per barrel.