Thai Stock Market May Erase Thursday's Losses

(RTTNews) - The Thai stock market on Thursday ended the two-day winning streak in which it had risen more than 6 points or 0.6 percent. The Stock Exchange of Thailand now rests just beneath the 1,130-point plateau and it's expected to open higher on Friday.

The global forecast for the Asian markets is murky amidst conflicting economic data, trade updates and geopolitical events. The European markets were down and the U.S. bourses were slightly higher and the Asian markets figure to follow the latter lead.

The SET finished sharply lower on Thursday following losses from the food, finance, property, service and technology sectors.

For the day, the index dropped 12.96 points or 1.14 percent to finish at 1,128.62 after trading between 1,126.92 and 1,143.45. Volume was 7.216 billion shares worth 32.483 billion baht. There were 330 decliners and 117 gainers, with 201 stocks finishing unchanged.

Among the actives, Advanced Info slumped 2.05 percent, while Thailand Airport weakened 1.54 percent, Asset World declined 2.07 percent, Banpu dropped 1.35 percent, Bangkok Bank tumbled 1.77 percent, Bangkok Dusit Medical dipped 0.47 percent, Bangkok Expressway rallied 1.94 percent, B. Grimm lost 0.96 percent, BTS Group plummeted 3.11 percent, CP All Public slid 0.53 percent, Energy Absolute gained 0.68 percent, Kasikornbank tanked 2.24 percent, Krung Thai Bank stumbled 3.13 percent, Krung Thai Card surrendered 2.03 percent, PTT Oil & Retail plunged 2.52 percent, PTT Exploration and Production surged 4.48 percent, PTT Global Chemical jumped 1.98 percent, SCG Packaging skidded 1.17 percent, Siam Commercial Bank retreated 1.66 percent, Siam Concrete surged 3.25 percent, Thai Oil jumped 1.77 percent, True Corporation shed 0.83 percent, TTB Bank fell 0.51 percent and Charoen Pokphand Foods, Gulf and PTT were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened lower on Thursday before finally ticking up into the green to finish slightly higher.

The Dow climbed 101.85 points or 0.24 percent to finish at 42,967.62, while the NASDAQ added 46.61 points or 0.24 percent to close at 19,662.48 and the S&P 500 rose 23.02 points or 0.38 percent to end at 6,045.26.

The turnaround on Wall Street comes as traders digest the latest U.S. inflation data, with a report from the Labor Department showing producer prices crept up by less than expected in May.

Stocks moved lower earlier in the day due in part to lingering uncertainty about trade amid a lack of details about the U.S.-China trade deal announced on Wednesday.

Crude oil futures showed a modest move back to the downside during trading on Thursday, with profit taking limited by rising tensions between the U.S. and Iran over the latter's nuclear developments. West Texas Intermediate crude for July delivery eased $0.11 to $68.04 per barrel.