Thai Shares Poised To Open To The Upside On Tuesday

(RTTNews) - The Thai stock market moved lower again on Monday, one session after halting the two-day slide in which it had stumbled almost 30 points or 2.2 percent. The Stock Exchange of Thailand now sits just beneath the 1,355-point plateau and it may find renewed support on Tuesday. The global forecast for the Asian markets is murky, with support from the oil companies likely offset by weakness from the technology shares. The European markets were down and the U.S. bourses were mostly higher and the Asian markets figure to split the difference. The SET finished sharply lower on Monday following losses from the food, consumer, property, service and technology sectors, while the financials offered support. For the day, the index dropped 13.65 points or 1.00 percent to finish at 1,354.34 after trading between 1,349.02 and 1,362.14. Volume was 9.462 billion shares worth 43.022 billion baht. There were 342 decliners and 146 gainers, with 178 stocks finishing unchanged. Among the actives, Advanced Info fell 0.35 percent, while Thailand Airport plummeted 3.00 percent, Asset World plunged 3.66 percent, Banpu surged 4.81 percent, Bangkok Bank jumped 1.64 percent, Bangkok Dusit Medical increased 0.84 percent, Bangkok Expressway lost 2.14 percent, B. Grimm declined 1.16 percent, BTS Group gained 1.69 percent, CP All Public tumbled 1.80 percent, Charoen Pokphand Foods retreated 1.36 percent, Energy Absolute cratered 10 percent, Gulf shed 0.85 percent, Kasikornbank strengthened 1.57 percent, Krung Thai Bank collected 1.38 percent, Krung Thai Card dropped 0.99 percent, PTT Exploration and Production spiked 2.01 percent, PTT Global Chemical sank 0.87 percent, SCG Packaging climbed 1.13 percent, Siam Commercial Bank improved 1.68 percent, Siam Concrete stumbled 1.62 percent, Thai Oil accelerated 2.00 percent, True Corporation slumped 1.79 percent, TTB Bank rallied 2.22 percent and PTT Oil & Retail and PTT were unchanged.

The lead from Wall Street is mixed to higher as the major averages opened on opposite sides of the unchanged line on Monday and finished in the same manner.

The Dow rallied 359.95 points or 0.86 percent to finish at 42,298.40, while the NASDAQ slumped 74.01 points or 0.39 percent to close at 19,087.62 and the S&P 500 rose 8.27 points or 0.14 percent to end at 5,835.31.

Weakness in the tech sector weighed on Wall Street early in the session, as AI darling and market leader Nvidia (NVDA) plunged by as much as 4.7 percent.

Ongoing concerns about the outlook for interest rates also generated negative sentiment following last Friday's stronger-than-expected monthly jobs report.

Selling pressure waned over the course of the trading session, however, leading some traders to pick up stocks at reduced levels as the S&P 500 rebounded from its lowest intraday level in over two months.

Oil prices rose sharply to a five-month high on Monday amid potential supply risks after the U.S. imposed sweeping sanctions on Russia's oil exports, while a stronger dollar also weighed. West Texas Intermediate Crude oil futures for February closed up $2.25 or nearly 3 percent at $78.82 a barrel.