The Thai stock market has tracked higher in two straight sessions, collecting almost 15 points or 1 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,525-point plateau although it figures to spin its wheels on Wednesday.
The global forecast for the Asian markets is slightly soft, with profit taking expected after recent gains. The European and U.S. bourses were slightly lower and the Asian markets figure to follow that lead.
The SET finished barely higher on Tuesday following mixed performances from the financial shares and the energy producers.
For the day, the index rose 0.39 points or 0.03 percent to finish at 1,523.11 after trading between 1,522.41 and 1,531.29. Volume was 21.839 billion shares worth 87.874 billion baht, There were 882 decliners and 622 gainers, with 517 stocks finishing unchanged.
Among the actives, Advanced Info rose 0.29 percent, while Thailand Airport advanced 0.80 percent, Asset World climbed 1.27 percent, Bangkok Asset Management plunged 3.48 percent, Bangkok Expressway added 0.62 percent, Charoen Pokphand Foods gathered 0.93 percent, Kasikornbank collected 0.35 percent, Krung Thai Bank dropped 0.81 percent, PTT Exploration and Production sank 0.87 percent, PTT Global Chemical soared 3.52 percent, Siam Commercial Bank retreated 0.96 percent and Siam Concrete, TMB Bank, Bangkok Bank, Bangkok Dusit Medical, BTS Group, Gulf and PTT all were unchanged.
The lead from Wall Street suggests mild consolidation as the major averages were unable to hold early gains, ultimately finishing mixed and little changed.
The Dow added 64.35 points or 0.20 percent to finish at 31,522.75, while the NASDAQ sank 47.97 points or 0.34 percent to end at 14,047.50 and the S&P 500 eased 2.24 points or 0.06 percent to close at 3,932.59.
The early strength on Wall Street largely reflected recent upward momentum on optimism for President Joe Biden’s proposed $1.9 trillion relief package.
Recent signs indicating the coronavirus crisis is easing following a recent surge has also generated buying interest as countries around the world continue to ramp up vaccine rollouts.
Buying interest waned over the course of the morning, however, leading some traders to cash in on the recent strength in the markets.
In U.S. economic news, the Federal Reserve Bank of New York released a report showing New York manufacturing activity grew at its fastest pace in five months in February.
Crude oil prices surged higher Tuesday after oil wells and refineries in Texas were shut down due to cold, while rising tensions in the Middle East also contributed to oil’s advance. West Texas Intermediate Crude oil futures for March ended up $0.58 or 1 percent at $60.05 a barrel.
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