Thai Stock Market May Open Under Pressure On Tuesday

(RTTNews) - The Thai stock market has moved higher in consecutive trading days, gathering almost 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,315-point plateau although it's likely to head south on Tuesday.

The global forecast for the Asian markets is mixed, with continued profit taking among technology stocks likely to cap any upside. The European markets were up and the U.S. bourses were mostly lower and the Asian markets figure to follow the latter lead.

The SET finished modestly higher on Monday following gains from the food, finance, industrial, property, resource and technology sectors.

For the day, the index gained 10.32 points or 0.79 percent to finish at 1,316.73 after trading between 1,300.36 and 1,317.63. Volume was 12.486 billion shares worth 38.421 billion baht. There were 310 gainers and 172 decliners, with 178 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.48 percent, while Thailand Airport plunged 2.90 percent, Banpu dropped 0.99 percent, Bangkok Dusit Medical gathered 2.19 percent, B. Grimm jumped 1.40 percent, BTS Group skyrocketed 3.93 percent, CP All Public surged 2.29 percent, Charoen Pokphand Foods accelerated 2.70 percent, Energy Absolute slumped 1.10 percent, Kasikornbank rallied 1.60 percent, Krung Thai Bank climbed 1.18 percent, Krung Thai Card strengthened 1.20 percent, PTT Oil & Retail added 0.62 percent, PTT spiked 1.56 percent, PTT Exploration and Production gained 0.66 percent, SCG Packaging improved 1.49 percent, Siam Commercial Bank collected 0.47 percent, Siam Concrete increased 1.35 percent, Thai Oil advanced 0.96 percent, True Corporation sank 0.59 percent, TTB Bank soared 2.38 percent and Bangkok Bank, PTT Global Chemical, Asset World, Gulf and Bangkok Expressway were unchanged.

The lead from Wall Street continues to be a dichotomy as the major averages opened mixed and finished the same way, with only the Dow finishing in the green.

The Dow rallied 260.88 points or 0.67 percent to finish at 39,411.21, while the NASDAQ tumbled 192.54 points or 1.09 percent to close at 17,496.82 and the S&P 500 fell 16.75 points or 0.31 percent to end at 5,447.87.

The weakness on Wall Street came as technology stocks dragged the markets lower, with Nvidia Corporation, Dell Technologies and QualComm all plummeting on profit taking.

Traders also were looking ahead to Friday's Commerce Department's report on personal income and spending in May, which includes readings on inflation said to be preferred by the Federal Reserve.

Oil prices gained Monday on optimism about the outlook for demand and likely supply disruptions due to tensions in the Middle East. West Texas Intermediate Crude oil futures for August rose $0.90 or 1.1 percent at $81.63 a barrel.