Thai Shares Due To Open In The Red On Wednesday

(RTTNews) - The Thai stock market has moved higher in three straight sessions, accelerating more than 50 points or 4.5 percent in that span. The Stock Exchange of Thailand now sits just above the 1,160-point plateau although it may open under water on Wednesday.

The global forecast for the Asian markets is soft, with weakness expected from the oil, finance and property stocks, while the technology companies may offer support. The European markets were down and the U.S. bourses were also mostly soft and the Asian market figure to open in the red.

The SET finished sharply higher on Tuesday following gains from the food, consumer, property, resource, service and technology sectors.

For the day, the index jumped 17.70 points or 1.55 percent to finish at 1,161.01 after trading between 1,139.64 and 1,162.72. Volume was 11.004 billion shares worth 48.024 billion baht. There were 381 gainers and 108 decliners, with 157 stocks finishing unchanged.

Among the actives, Advanced Info climbed 1.04 percent, while Thailand Airport skyrocketed 6.72 percent, Asset World soared 5.70 percent, Banpu strengthened 1.40 percent, Bangkok Bank retreated 1.38 percent, Bangkok Dusit Medical expanded 1.46 percent, B. Grimm accelerated 3.67 percent, BTS Group collected 0.56 percent, CP All Public added 2.79 percent, Charoen Pokphand Foods rallied 2.26 percent, Energy Absolute improved 2.48 percent, Gulf gained 2.99 percent, Kasikornbank declined 1.26 percent, Krung Thai Bank tumbled 1.84 percent, Krung Thai Card surged 4.81 percent, PTT Oil & Retail increased 1.72 percent, PTT advanced 0.81 percent, PTT Exploration and Production slumped 1.34 percent, SCG Packaging spiked 3.01 percent, Siam Commercial Bank sank 0.84 percent, Siam Concrete fell 0.28 percent, True Corporation jumped 1.80 percent, TTB Bank skidded 1.06 percent and PTT Global Chemical, Thai Oil and Bangkok Expressway were unchanged.

The lead from Wall Street is weak as the major averages opened mixed on Tuesday and trended generally lower, remaining mixed at the close.

The Dow tumbled 436.36 points or 0.98 percent to finish at 44,023.29, while the NASDAQ gained 37.47 points or 0.18 percent to close at a record 20,677.80 and the S&P 500 sank 24,80 points or 0.40 percent to end at 6,243.76.

The uptick by the NASDAQ came amid strength in the semiconductor stocks, as reflected by the 1.3 percent gain posted by the Philadelphia Semiconductor Index. The index ended the session at its best closing level in a year.

Nvidia (NVDA) helped lead the sector higher, with the AI darling surging by 4.0 percent to a record closing high after indicating it will "soon" resume H20 AI chip sales to China.

On the other hand, housing stocks moved sharply lower on the day, resulting in a 3.3 percent plunge by the Philadelphia Housing Sector Index. Oil service stocks also slumped amid a decrease by the price of crude oil, dragging the Philadelphia Oil Service Index down by 3.1 percent.

Crude oil price fell modestly on Tuesday as the previously predicted supply-side pressure from Russia due to President Donald Trump's sanctions waned with his 50-day ultimatum. West Texas Intermediate crude for August delivery closed down by $0.46 at $66.52 per barrel.