Stock Market – Rebound Expected For Thai Stock Market
(RTTNews) – The Thai stock market on Monday emphatically ended the two-day winning streak in which it had surged more than 70 points or 5 percent. The Stock Exchange of Thailand now sits just above the 1,450-point plateau although it may post a mild recovery on Tuesday.
The global forecast for the Asian markets is optimistic thanks to Brexit and stimulus news, although profit taking may set in as the day progresses. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.
The SET finished sharply lower on Monday with profit taking across the board, especially among the financial shares and energy producers.
For the day, the index tumbled 33.64 points or 2.26 percent to finish at 1,452.67 after trading between 1,452.48 and 1,512.99. Volume was 24.908 billion shares worth 103.634 billion baht. There were 1,183 decliners and 501 gainers, with 322 stocks finishing unchanged.
Among the actives, Advanced Info dropped 1.12 percent, while Thailand Airport skidded 1.60 percent, Asset World plunged 3.35 percent, Bangkok Bank tumbled 2.88 percent, Bangkok Dusit Medical retreated 1.93 percent, Bangkok Expressway fell 0.59 percent, BTS Group declined 1.56 percent, Charoen Pokphand Foods surrendered 1.85 percent, Global Power Synergy skyrocketed 15.87 percent, Gulf jumped 1.45 percent, IRPC plummeted 3.16 percent, Kasikornbank tanked 3.88 percent, Krung Thai Bank lost 1.77 percent, PTT sank 2.38 percent, PTT Exploration and Production slid 1.55 percent, PTT Global Chemical slipped 2.93 percent, Siam Commercial Bank gave away 2.57 percent, Siam Concrete was down 1.58 percent and TMB Bank cratered 3.51 percent.
The lead from Wall Street is solid as stocks opened higher on Monday and remained in the green throughout the session, sending the major averages to fresh record closing highs.
The Dow jumped 204.10 points or 0.68 percent to finish at 30,403.97, while the NASDAQ climbed 94.69 points or 0.74 percent to end at 12,899.42 and the S&P 500 gained 32.30 points or 0.87 percent to close at 3,735.36.
The strength on Wall Street came in reaction to news that President Donald Trump finally signed a $2.3 trillion government spending bill that includes approximately $900 billion in coronavirus relief funds.
Trading activity remained subdued, however, with many traders still away from their desks ahead of the New Year’s Day holiday on Friday.
Crude oil prices drifted lower on Monday as rising coronavirus cases and tighter restrictions on travel in several places raised concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for February ended down $0.61 or 1.3 percent at $47.62 a barrel.
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Tag: Stock Market