Thai Stock Market Due For Profit Taking On Thursday
(RTTNews) – The Thai stock market has climbed higher in five straight sessions, advancing almost 60 points or 3.7 percent along the way. The Stock Exchange of Thailand now sits just above the 1,545-point plateau although investors may lock in gains on Thursday.
The global forecast for the Asian markets is murky, with upside limited by political uncertainty and falling oil prices. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow that lead.
The SET finished modestly higher on Wednesday following gains from the financial shares and energy producers.
For the day, the index added 7.46 points or 0.48 percent to finish at 1,547.31 after trading between 1,542.42 and 1,561.66. Volume was 28.543 billion shares worth 106.700 billion baht. There were 765 decliners and 732 gainers, with 408 stocks finishing unchanged.
Among the actives, Advanced Info added 0.55 percent, while Asset World rallied 2.10 percent, Bangkok Asset Management shed 0.47 percent, Bangkok Bank climbed 1.61 percent, Bangkok Dusit Medical advanced 0.95 percent, BTS Group lost 0.51 percent, Kasikornbank jumped 1.67 percent, Krung Thai Bank collected 0.80 percent, PTT perked 1.71 percent, PTT Exploration and Production surged 5.14 percent, Siam Commercial Bank gathered 1.92 percent, Siam Concrete gained 1.05 percent, TMB Bank spiked 1.71 percent and PTT Global Chemical, Gulf, Charoen Pokphand Foods, Thailand Airport and Bangkok Expressway were unchanged.
The lead from Wall Street offers little clarity as stocks bounced back and forth across the unchanged line on Wednesday, finally ending mixed.
The Dow eased 8.22 points or 0.03 percent to finish at 31,060.47, while the NASDAQ added 56.52 points or 0.43 percent to end at 13,128.95 and the S&P 500 rose 8.65 points or 0.23 percent to close at 3,809.84.
The higher close by the NASDAQ and the S&P came as treasuries rebounded following recent weakness, leading to a drop in bond yields and contributed to significant strength among interest rate sensitive stocks like utilities and properties.
Buying interest was subdued as political uncertainty kept some traders on the sidelines as House Democrats impeached President Donald Trump for a second time over allegations that he incited last week’s violent attack on the U.S. Capitol building.
In economic news, the Labor Department said U.S. consumer prices increased in line with estimates last month. Also, the Federal Reserve released its Beige Book, which said economic activity has increased modestly.
Crude oil futures fell on Wednesday as concerns about the outlook for energy demand amid the continued rise in coronavirus cases and tighter restrictions on movements hurt oil prices. West Texas Intermediate Crude oil futures for February sank $0.30 or 0.6 percent at $52.91 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Dow Jones – Thai Stock Market Due For Profit Taking On Thursday