Thai Stock Market May Extend Monday's Gains

(RTTNews) - The Thai stock market on Monday halted the two-day slide in which it had given up more than 25 points or 2.2 percent. The Stock Exchange of Thailand now sits just beneath the 1,090-point plateau and it's tipped to open in the green again on Tuesday.

The global forecast for the Asian markets is mixed to higher on trade deal optimism. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished modestly higher on Monday following gains from the food, consumer, industrial, property and technology sectors.

For the day, the index gained 7.14 points or 0.66 percent to finish at 1,089.56 after trading between 1,080.92 and 1,094.77. Volume was 7.904 billion shares worth 47.225 billion baht. There were 300 gainers and 162 decliners, with 193 stocks finishing unchanged.

Among the actives, Advanced Info rallied 2.96 percent, while Thailand Airport sank 0.82 percent, Asset World spiked 2.29 percent, Banpu slumped 1.47 percent, Bangkok Bank skidded 1.07 percent, Bangkok Dusit Medical gained 1.96 percent, Bangkok Expressway was up 1.27 percent, B. Grimm tumbled 1.89 percent, CP All Public climbed 1.15 percent, Charoen Pokphand Foods surged 4.55 percent, Energy Absolute tanked 2.36 percent, Gulf stumbled 1.90 percent, Kasikornbank fell 0.32 percent, Krung Thai Bank dropped 0.93 percent, Krung Thai Card retreated 1.64 percent, PTT Oil & Retail soared 4.63 percent, PTT Exploration and Production improved 1.86 percent, PTT Global Chemical jumped 2.05 percent, SCG Packaging accelerated 3.03 percent, Siam Concrete advanced 0.90 percent, Thai Oil increased 0.93 percent, True Corporation strengthened 1.83 percent and TTB Bank, Siam Commercial Bank, PTT and BTS Group were unchanged.

The lead from Wall Street is positive as the major averages opened higher and remained in the green throughout the session, ending near daily highs.

The Dow jumped 275.50 points or 0.63 percent to finish at 44,094.77, while the NASDAQ climbed 96.28 points or 0.47 percent to close at 20,369.73 and the S&P 500 gained 31,88 points or 0.52 percent to end at 6,204.95.

The continued strength on Wall Street came amid ongoing optimism about trade deals ahead of the impending deadline for U.S. reciprocal tariffs early next month.

Positive sentiment was also generated in reaction to news Canada has rescinded its digital services tax on American tech firms, which were initially set to begin being collected on Monday.

Crude oil prices closed lower on Monday amid a backdrop of easing Middle Eastern tensions and concerns of excess supply as OPEC plans to scale up production. West Texas Intermediate crude for August delivery closed down by $0.41 to settle at $65.11 per barrel.