Higher Open Called For Thai Stock Market

(RTTNews) - The Thai stock market has ticked higher in two straight sessions, collecting more than 8 points or 0.5 percent along the way. The Stock Exchange of Thailand now sits just above the 1,625-point plateau and it's got a positive lead for Tuesday's trade.

The global forecast for the Asian markets is cautiously optimistic, shaking off concerns over the health of the Chinese economy. The European and U.S. markets managed some mild upside and the Asian bourses figure to open in similar fashion. The SET finished slightly higher on Monday following gains from the financial shares and a mixed performance from the energy producers.

For the day, the index rose 2.99 points or 0.18 percent to finish at 1,625.25 after trading between 1,617.00 and 1,630.12. Volume was 17.406 billion shares worth 72.517 billion baht. There were 898 decliners and 832 gainers, with 503 stocks finishing unchanged. Among the actives, Advanced Info and Banpu both gained 0.75 percent, while Asset World advanced 0.94 percent, Bangkok Dusit Medical tumbled 1.77 percent, CP All Public sank 0.83 percent, Charoen Pokphand Foods dropped 0.94 percent, Energy Absolute rose 0.29 percent, Kasikornbank strengthened 1.68 percent, Krung Thai Bank jumped 1.85 percent, PTT Oil & Retail climbed 0.93 percent, PTT Exploration and Production plunged 2.22 percent, PTT Global Chemical rallied 2.16 percent, SCG Packaging added 0.43 percent, Siam Commercial Bank collected 0.95 percent, Siam Concrete lost 0.55 percent, Thai Oil soared 2.35 percent, True Corporation improved 1.22 percent and TTB Bank, Thailand Airport, Bangkok Bank, Bangkok Expressway, B. Grimm, BTS Group, Gulf, IRPC, Krung Thai Card and PTT were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Monday, broke into the green midway into the session and finished near daily highs.

The Dow jumped 151.39 points or 0.45 percent to finish at 33,912.44, while the NASDAQ advanced 80.87 points or 0.62 percent to close at 13,128.05 and the S&P 500 rose 16.99 points or 0.40 percent to end at 4,297.14.

The lower open on Wall Street came on lingering concerns about the global economy following the release of weak Chinese data and a surprise interest rate cut by China's central bank.

In U.S. economic news, the New York Federal Reserve reported an unexpected contraction in regional manufacturing activity in August. Also, the National Association of Home Builders noted continued deterioration in U.S. homebuilder confidence in August.

Crude oil prices tumbled Monday on worries about energy demand after data showed slower than expected growth of the Chinese economy in July. The lowering of the oil demand forecast for 2022 by OPEC also weighed on prices. West Texas Intermediate Crude oil futures for September dropped $2.68 or 2.9 percent at $89.41 a barrel.