Little Movement Expected For Thai Stock Market

2024-08-28 4057
(fxcue news) - The Thai stock market on Tuesday wrote a finish to the five-day winning streak in which it had picked up more than 40 points or 3 percent. The Stock Exchange of Thailand now sits just shy of the 1,365-point plateau and it's likely to hold steady in that neighborhood again on Wednesday. The global forecast for the Asian markets suggests little movement ahead of key corporate and inflation data. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to also hug the unchanged line. The SET finished barely lower on Tuesday as losses from the finance, property and services sectors were offset by gains from the food, resource and technology stocks. For the day, the index eased 0.50 points or 0.04 percent to finish at 1,364.31 after trading between 1,360.74 and 1,368.55. Volume was 9.256 billion shares worth 43.499 billion baht. There were 247 gainers and 237 decliners, with 180 stocks finishing unchanged. Among the actives, Advanced Info fell 0.40 percent, while Thailand Airport declined 0.82 percent , Asset World lost 0.54 percent, Banpu slumped 0.92 percent, Bangkok Bank sank 0.70 percent, Bangkok Dusit Medical advanced 0.91 percent, Bangkok Expressway stumbled 1.26 percent, B. Grimm gained 0.48 percent, BTS Group was down 0.91 percent, CP All Public slid 0.42 percent, Charoen Pokphand Foods accelerated 2.04 percent, Energy Absolute and PTT Exploration and Production both improved 0.69 percent, Gulf and SCG Packaging both climbed 1.00 percent, Kasikornbank shed 0.69 percent, Krung Thai Bank skidded 1.07 percent, Krung Thai Card collected 0.59 percent, Prime Road Power skyrocketed 17.39 percent, PTT Oil & Retail jumped 1.96 percent, PTT retreated 0.72 percent, PTT Global Chemical tumbled 1.94 percent, Siam Commercial Bank dropped 0.93 percent, Siam Concrete added 0.45 percent, Thai Oil spiked 1.90 percent and True Corporation and TTB Bank were unchanged. The lead from Wall Street is flat to positive as the major averages straddled the unchanged line throughout Tuesday's trade before finally finishing barely higher. The Dow rose 10.00 points or 0.02 percent to finish at a record 41,250.50, while the NASDAQ added 29.05 points or 0.16 percent to close at 17,754.82 and the S&P 500 perked 8.96 points or 0.16 percent to end at 5,625.80. The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of earnings news from Nvidia (NVDA), with the AI darling due to release its fiscal second quarter results later today. Traders were also looking ahead to the release of Commerce Department's report on personal income and spending in the month of July, which includes readings on inflation said to be preferred by the Federal Reserve, on Friday. While the data is not likely to affect optimism the Fed will lower rates next month, it could impact expectations for how quickly the central bank cuts rates. Oil prices fell on Tuesday after three successive days of strong gains, consolidating ahead of supply data due out later today. West Texas Intermediate Crude futures for October slumped $1.89 or 2.5 percent at $75.53 a barrel.
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