Thai stock market lower after two-day rise

Published On: August 7, 2020Categories: Stocks & Shares1.9 min read

The SET ended lower, with the index falling 4.13 points or 0.31 percent to finish at 1,333.22

The Thai stock market on Thursday snapped the two-day winning streak in which it had collected more than 15 points or 1.2 percent. The Stock Exchange of Thailand (SET) now rests just beneath the 1,335-point plateau although it’s predicted to rebound on Friday.

The global forecast for the Asian markets is upbeat, thanks to support from technology stocks and decent economic data. The European markets were down and the U.S. bourses were up and the Asian markets are expected to follow the latter lead.

The SET finished slightly lower on Thursday as the financial shares and energy producers ended mostly in the red.

For the day, the index fell 4.13 points or 0.31 percent to finish at 1,333.22 after trading between 1,333.18 and 1,346.49. Volume was 20.136 billion shares worth 55.061 billion baht. There were 901 decliners and 438 gainers, with 433 stocks finishing unchanged.

Among the actives, Advanced Info spiked 2.70 percent, while Thailand Airport added 0.51 percent, Bangkok Bank tumbled 1.96 percent, Bangkok Dusit Medical retreated 1.85 percent, Bangkok Expressway shed 0.56 percent, Charoen Pokphand Foods lost 0.75 percent, Kasikornbank collected 0.30 percent, Krung Thai Bank fell 0.51 percent, PTT sank 0.64 percent, PTT Exploration and Production skidded 1.33 percent, PTT Global Chemical surged 4.59 percent and Siam Commercial Bank, Siam Concrete, TMB Bank, Asset World and BTS Group all were unchanged.

The lead from Wall Street is firm as stocks showed a lack of direction in Thursday’s early trade before showing a strong move to the upside in the afternoon, sending the NASDAQ to another fresh record closing high.

The Dow added 185.46 points or 0.68 percent to finish at 27,386.98, while the NASDAQ jumped 109.67 points or 1.00 percent to end at 11,108.07 and the S&P 500 rose 21.39 points or 0.64 percent to close at 3,349.16.

The strength that emerged on Wall Street reflected substantial gains by big-name tech companies like Facebook (FB), Apple (AAPL), Google parent Alphabet (GOOGL), Netflix (NFLX) and Microsoft (MSFT).

Positive sentiment was generated by a Labor Department report showing first-time claims for U.S. unemployment benefits pulled back more than expected last week. The Labor Department is scheduled to release its more closely watched report on July’s employment situation later today.

Traders also kept an eye on developments in Washington, as Democrats and Republicans continued to negotiate over a new coronavirus relief bill, with both sides suggesting an agreement will eventually be reached.

Crude oil futures snapped a four-day winning streak and ended lower on Thursday as traders weighed crude demand and supply levels amid the ongoing coronavirus pandemic. West Texas Intermediate Crude oil futures for September fell $0.24 or 0.6 percent at $41.95 a barrel.

About the Author: Jonathan Adams

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