Thai Stock Market Due For Consolidation On Tuesday

(RTTNews) - Ahead of Monday's holiday for Coronation Day, the Thai stock market had moved higher in five straight sessions, gathering more than 50 points or 4.2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,200-point plateau although it's expected to open in the red on Tuesday.

The global forecast for the Asian markets is soft on tariff concerns and sinking oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The SET finished slightly higher on Friday as gains from the consumer, industrial, and technology sectors were offset by weakness from the food, finance and resource companies.

For the day, the index perked 1.72 points or 0.14 percent to finish at 1,198.98 after trading between 1,196.33 and 1,214.75. Volume was 8.698 billion shares worth 45,633 billion baht. There were 269 gainers and 232 decliners, with 169 stocks finishing unchanged.

Among the actives, Thailand Airport gained 0.65 percent, while Asset World rallied 2.73 percent, Banpu climbed 1.40 percent, Bangkok Bank shed 0.36 percent, Bangkok Expressway increased 0.85 percent, BTS Group declined 1.78 percent, CP All Public sank 0.49 percent, Charoen Pokphand Foods dropped 0.94 percent, Energy Absolute skyrocketed 19.27 percent, Gulf slumped 2.04 percent, Kasikornbank fell 0.31 percent, Krung Thai Bank lost 0.46 percent, Krung Thai Card stumbled 1.61 percent, PTT improved 0.81 percent, PTT Exploration and Production surrendered 2.01 percent, PTT Global Chemical retreated 1.73 percent, SCG Packaging spiked 2.84 percent, Siam Commercial Bank slipped 0.42 percent, Siam Concrete rose 0.31 percent, Thai Oil tumbled 2.80 percent, True Corporation strengthened 1.65 percent and TTB Bank, Advanced Info, B. Grimm, PTT Oil & Retail and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is negative as the major averages opened lower on Monday, rallied midday but turned lower into the finish to end in the red.

The Dow shed 98.60 points or 0.24 percent to finish at 41,218.83, while the NASDAQ dropped 133.49 points or 0.74 percent to close at 17,844.24 and the S&P 500 sank 36.29 points or 0.64 percent to end at 5,650.38.

The early pullback on Wall Street came as some traders looked to cash in on the recent strength in the markets, which had lifted the major averages to their best levels in a month.

Renewed trade concerns also weighed on stocks after President Donald Trump announced plans to impose a 100 percent tariff on movies produced in foreign countries.

However, early selling pressure waned following the release of a report from the Institute for Supply Management showing an unexpected increase in U.S. service sector activity in April.

Crude oil futures moved sharply lower on Monday to a four-year low after several members of OPEC+ agreed to increase oil production for a second month. West Texas Intermediate crude for June delivery tumbled $1.16 or 2 percent to $57.13 a barrel.