Thai Stock Market May Challenge 1,300-Point Mark

The Thai stock market on Wednesday snapped a two-day slide during which it had tumbled almost 50 points, or 3.9 percent. The Stock Exchange of Thailand (SET) now sits just above the 1,285-point plateau and is expected to see a steady start again on Thursday.

The global forecast for Asian markets remains murky amid rising tensions between the world’s two largest economies. European markets were mostly lower, while U.S. bourses were mostly higher. As a result, Asian markets are expected to split the difference.

The SET finished sharply higher on Wednesday, following gains from the food, finance, resource, service, and technology sectors. For the day, the index jumped 20.31 points, or 1.60 percent, to close at 1,286.69 after trading between 1,274.21 and 1,289.09. Trading volume was 8.320 billion shares worth 46.484 billion baht.

There were 313 gainers and 155 decliners, with 180 stocks finishing unchanged. Among the most active stocks:

– Advanced Info gained 0.68%
– Thailand Airport jumped 2.52%
– Asset World advanced 0.96%
– Banpu slumped 1.37%
– Bangkok Bank soared 3.33%
– Bangkok Dusit Medical lost 0.50%
– Bangkok Expressway rose 0.99%
– B. Grimm rallied 2.70%
– BTS Group sank 0.70%
– CP All Public expanded 1.07%
– Charoen Pokphand Foods shed 0.45%
– Energy Absolute surged 4.27%
– Gulf improved 1.14%
– Kasikornbank collected 2.40%
– Krung Thai Bank accelerated 2.88%
– Krung Thai Card strengthened 1.67%
– PTT Oil & Retail skyrocketed 5.38%
– PTT increased 0.81%
– PTT Exploration and Production gathered 0.47%
– Siam Commercial Bank climbed 1.17%
– Siam Concrete tumbled 1.94%
– Thai Oil spiked 3.70%
– TTB Bank added 0.55%
– PTT Global Chemical, SCG Packaging, and True Corporation remained unchanged

The lead from Wall Street is cautiously optimistic as the major averages opened higher on Wednesday but slumped midday and finished mixed. The Dow dipped 17.15 points, or 0.04 percent, to close at 46,253.31. Meanwhile, the NASDAQ jumped 148.38 points, or 0.66 percent, to end at 22,670.08, and the S&P 500 added 26.75 points, or 0.40 percent, to close at 6,671.06.

Continued volatility on Wall Street came as traders weighed upbeat earnings news against concerns about U.S.-China trade tensions and lingering worries about valuations.

In U.S. economic news, the Federal Reserve Bank of New York reported a significant turnaround in New York manufacturing activity in October. Additionally, the Federal Reserve’s Beige Book indicated that economic activity in the U.S. has shown little change since early September.

Crude oil prices fell on Wednesday following the rapid escalation of friction between the U.S. and China, while oversupply concerns also loomed. West Texas Intermediate (WTI) crude for November delivery was down $0.33, or 0.56 percent, at $58.37 per barrel.

*The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.*
https://www.nasdaq.com/articles/thai-stock-market-may-challenge-1300-point-mark

Leave a Reply

Your email address will not be published. Required fields are marked *