Thai Stock Market Due For Profit Taking On Friday

2024-08-31 1510
(fxcue news) - The Thai stock market has moved higher in three straight sessions, collecting more than 50 points or 3.8 percent along the way. The Stock Exchange of Thailand now sits just above the 1,400-point plateau although investors may lock in gains on Friday. The global forecast for the Asian markets suggests little movement ahead of key U.S. jobs data later today. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead. The SET finished sharply higher on Thursday following gains from the food, finance, industrial, property, resource, service and technology sectors. For the day, the index rallied 38.79 points or 2.84 percent to finish at 1,404.28 after trading between 1,371.49 and 1,406.49. Volume was 14.112 billion shares worth 81.764 billion baht. There were 435 gainers and 102 decliners, with 135 stocks finishing unchanged. Among the actives, Advanced Info skyrocketed 7.66 percent, while Thailand Airport was up 2.88 percent, Asset World jumped 3.47 percent, Banpu surged 6.36 percent, Bangkok Bank spiked 2.15 percent, Bangkok Dusit Medical rose 2.70 percent, Bangkok Expressway added 1.96 percent, B. Grimm rallied 3.72 percent, BTS Group collected 1.82 percent, CP All Public strengthened 4.96 percent, Energy Absolute dropped 0.80 percent, Gulf spiked 4.90 percent, Kasikornbank rallied 2.45 percent, Krung Thai Bank improved 2.12 percent, Krung Thai Card soared 4.14 percent, PTT Oil & Retail accelerated 5.88 percent, PTT climbed 2.27 percent, PTT Exploration and Production improved 1.81 percent, PTT Global Chemical surged 6.86 percent, SCG Packaging skyrocketed 8.00 percent, Siam Commercial Bank collected 0.47 percent, Siam Concrete accelerated 4.82 percent, Thai Oil gained 2.35 percent, True Corporation advanced 2.88 percent, TTB Bank climbed 1.08 percent and Charoen Pokphand Foods was unchanged. The lead from Wall Street remains conflicted as the major averages opened mixed on Thursday and hugged the line for most of the day, finally ending little changed. The Dow shed 219.22 points or 0.54 percent to finish at 40,755.75, while the NASDAQ added 43.36 points or 0.25 percent to close at 17,127.66 and the S&P 500 sank 16.66 points or 0.30 percent to end at 5,503.41. The mixed performance on Wall Street followed the release of mixed readings on employment ahead of the release of the Labor Department's closely watched monthly jobs report later today. Economists expect employment to add 160,000 jobs in August after rising by 114,000 jobs in July. The unemployment rate is expected to ease to 4.2 percent in August from 4.3 percent in July, which was its highest level since October 2021. Before the start of trading, payroll processor ADP released a report showing private sector employment in the U.S. increased by much less than expected in the month of August. Crude oil futures settled lower on Thursday due to concerns about the outlook for demand, although the downside was limited by reports that OPEC has postponed plans to boost production next month. West Texas Intermediate Crude oil futures for October ended down by $0.05 at $69.15 a barrel, the lowest settlement in about nine months.
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