Thai Bourse May See Profit Taking On Tuesday
(RTTNews) - The Thai stock market has moved higher in four straight sessions, improving almost 35 points or 2.8 percent in that span. The Stock Exchange of Thailand now rests just above the 1,320-point plateau although it may run out of steam on Tuesday.
The global forecast for the Asian markets is flat to higher on uncertainty over the outlook for interest rates. 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 modestly higher on Monday following gains from the food, consumer, finance, industrial, property, resource, service and technology sectors.
For the day, the index added 10.51 points or 0.80 percent to finish at the daily high of 1,322.50 after trading as low as 1,311.05. Volume was 10.073 billion shares worth 31.377 billion baht. There were 311 gainers and 178 decliners, with 166 stocks finishing unchanged.
Among the actives, Advanced Info rallied 1.43 percent, while Thailand Airport increased 1.33 percent, Asset World sank 0.55 percent, Bangkok Dusit Medical dropped 0.93 percent, Bangkok Expressway sank 0.65 percent, B. Grimm improved 1.42 percent, BTS Group was up 0.45 percent, CP All Public spiked 1.80 percent, Charoen Pokphand Foods soared 3.39 percent, Energy Absolute plummeted 3.65 percent, Gulf climbed 1.23 percent, Kasikornbank rose 0.39 percent, Krung Thai Bank and TTB Bank both collected 0.57 percent, PTT Oil & Retail jumped 1.86 percent, PTT Exploration and Production gained 0.66 percent, PTT Global Chemical strengthened 1.63 percent, SCG Packaging tumbled 1.56 percent, Siam Concrete accelerated 2.20 percent, Thai Oil lost 0.45 percent, True Corporation added 0.56 percent and Bangkok Bank, Siam Commercial Bank, Krung Thai Card, Banpu and PTT were unchanged.
The lead from Wall Street offers little clarity as the major averages opened higher on Monday but quickly faded and spent the rest of the day bouncing back and forth across the line before ending mixed and little changed.
The Dow shed 31.08 points or 0.08 percent to finish at 39,344.79, while the NASDAQ added 50.98 points or 0.28 percent to close at a record 18,403.74 and the S&P rose 5.66 points or 0.10 percent to end at 5,572.85 - also a record.
The inconsistency on Wall Street reflected uncertainty about the outlook for interest rates ahead of several key economic events this week, including reports on consumer and producer prices.
Traders are also likely to pay close attention to Federal Reserve Chair Jerome Powell's congressional testimony this week, looking for clues about the interest rate outlook.
Oil prices fell on Monday after Hurricane Beryl forced the shutdown of some oil export facilities near Houston. West Texas Intermediate Crude oil futures for August ended down $0.83 or 1 percent at $82.33 a barrel.