Thai Stock Market Tipped To End Losing Streak

(RTTNews) – The Thai stock market has finished lower in back-to-back sessions, skidding more than 25 points or 1.9 percent along the way. The Stock Exchange of Thailand now rests just above the 1,320-point plateau and it may stop the bleeding on Tuesday.

The global forecast for the Asian markets suggests mild upside, particularly from the oil and technology stocks. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SET finished modestly lower on Monday as losses from the financials were mitigated by support from the energy producers.

For the day, the index fell 6.14 points or 0.46 percent to finish at 1,320.91 after trading between 1,315.89 and 1,331.80. Volume was 18.760 billion shares worth 47.812 billion baht. There were 1,126 decliners and 399 gainers, with 327 stocks finishing unchanged.

Among the actives, Thailand Airport added 0.46 percent, while Asset World climbed 1.03 percent, Bangkok Bank tumbled 1.41 percent, Bangkok Dusit Medical tanked 2.39 percent, Bangkok Expressway retreated 1.63 percent, BTS Group declined 1.89 percent, Charoen Pokphand Foods advanced 0.76 percent, Kasikornbank sank 1.40 percent, Krung Thai Bank dropped 1.01 percent, PTT perked 0.66 percent, PTT Global Chemical spiked 1.52 percent, Siam Concrete climbed 1.10 percent, TMB Bank plunged 3.00 percent and Siam Commercial Bank, Advanced Info and PTT Exploration and Production were unchanged.

The lead from Wall Street is split, with the NASDAQ and S&P remaining in the green all day on Monday, while the Dow spent the session in the red.

The Dow sank 86.11 points or 0.31 percent to finish at 27,844.91, while the NASDAQ spiked 110.42 points or 1.00 percent to end at 11,129.73 and the S&P 500 rose 9.14 points or 0.27 percent to close at 3,381.99.

The weakness from the Dow came from selling pressure on Boeing, financials and oil companies. The NASDAQ, as usual, got a lift from the technology stocks – particularly Tesla, with surged 11.20 percent on the day.

Meanwhile, with the U.S. Presidential election campaign heating up, President Donald Trump and Democratic nominee Joe Biden have aggressively ramped up their efforts to reach out to as many prospective voters as they can before polling on November 3.

The Democratic national convention in the United States began Monday, where Biden will formally become the candidate to challenge Trump in the November election.

In economic news, the New York Federal Reserve on Monday reported a much bigger than expected decrease by its index of regional manufacturing activity in August, while the National Association of Home Builders said homebuilder confidence matched a record high in August.

Oil prices shrugged off early weakness Monday to jump higher, recovering from news of output increase and demand drop. West Texas Intermediate crude futures jumped 57 cents, or 1.34 percent at $42.76 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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