Precise Investors

Sunday, August 7, 2022
Stocks & Shares

Thai stock market predicted to rebound

stock market

The stock market finished modestly lower on Wednesday as weakness from the energy producers and cement companies was mitigated by support from the financial sector

The Thai stock market has finished lower in two of three sessions since the end of the three-day winning streak in which it had collected almost 45 points or 3.2 percent. The Stock Exchange of Thailand (SET) now rests just above the 1,360-point plateau although it figures to bounce higher again on Thursday.

The global forecast for the Asian markets is cautiously optimistic, with optimism for economic recovery tempered by renewed coronavirus fears. The European markets were down and the U.S. markets were up and the Asian markets figure to split the difference.

The SET finished modestly lower on Wednesday as weakness from the energy producers and cement companies was mitigated by support from the financial sector.

For the day, the index sank 10.76 points or 0.78 percent to finish at 1,362.46 after trading between 1,361.24 and 1,379.71. Volume was 18.107 billion shares worth 66.274 billion baht. There were 848 decliners and 510 gainers, with 347 stocks finishing unchanged.

Among the actives, Advanced Info added 0.87 percent, while Thailand Airport plunged 3.36 percent, Asset World shed 0.49 percent, Bangkok Bank jumped 1.87 percent, Bangkok Expressway lost 0.53 percent, BTS Group dropped 0.88 percent, Kasikornbank spiked 2.20 percent, Krung Thai Bank collected 0.97 percent, PTT retreated 1.86 percent, PTT Exploration and Production tanked 2.88 percent, PTT Global Chemical plunged 2.54 percent, Siam Commercial Bank climbed 1.39 percent, Siam Concrete fell 0.26 percent, TMB Bank sank 0.94 percent and Bangkok Dusit Medical and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is positive as stocks fluctuated early Wednesday before moving firmly to the upside as the day progressed.

The Dow gained 177.10 points or 0.68 percent to finish at 26,067.28, while the NASDAQ spiked 148.61 points or 1.44 percent to end at 10,492.50 and the S&P 500 collected 24.62 points or 0.78 percent to close at 3,169.94.

The choppy trading seen for much of the session came amid relatively light volume, with a lack of major U.S. economic news keeping traders on the sidelines.

The NASDAQ continued to benefit from strong gains by tech giants like Apple (AAPL), which surged 2.3 percent after Deutsche Bank raised its price target on the company’s stock. Gains by Amazon (AMZN), Netflix (NFLX) and Facebook (FB) also helped lift the tech-heavy index to a new record closing high.

Crude oil prices rose Wednesday as a slightly higher demand forecast for next year by the Energy Information Administration helped offset a sharp jump in crude inventories last week. West Texas Intermediate Crude oil futures for August ended up $0.28 or 0.7 percent at $40.90 a barrel.


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