October 24, 2020

Market and Financial News Aggregator

Thai Stock Market Likely To End Losing Streak

2 min read

The Thai stock market has finished lower in three straight sessions, sinking more than 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,295-point plateau although it’s expected to stop the bleeding on Thursday.

The global forecast for the Asian markets is upbeat, with bargain hunting on the menu – especially among the technology and oil stocks, which were hammered in recent days. The European and U.S. markets were sharply higher and the Asian bourses are tipped to follow suit.

The SET finished barely lower on Wednesday following mixed performances from the financial shares and energy producers.

For the day, the index eased 0.40 points or 0.03 percent to finish at 1,293.40 after trading between 1,276.38 and 1,295.55. Volume was 17.747 billion shares worth 47.500 billion baht. There were 973 decliners and 482 gainers, with 462 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.55 percent, while Thailand Airport fell 0.43 percent, Asset World tanked 3.00 percent, Bangkok Bank jumped 1.42 percent, Bangkok Dusit Medical tumbled 1.92 percent, BTS Group dropped 0.99 percent, Kasikornbank spiked 1.53 percent, PTT advanced 0.71 percent, PTT Exploration and Production retreated 2.63 percent, Siam Commercial Bank sank 1.04 percent, Siam Concrete lost 0.82 percent, TMB Bank declined 1.09 percent and PTT Global Chemical. Krung Thai Bank, Bangkok Expressway and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is solid as stocks opened sharply higher on Wednesday and stayed that way throughout the trading day.

The Dow spiked 439.58 points or 1.60 percent to finish at 27,940.47, while the NASDAQ jumped 293.87 points or 2.71 percent to end at 11,141.56 and the S&P 500 climbed 67.12 points or 2.01 percent to close at 3,398.96.

The rebound on Wall Street came as some traders picked up stocks at reduced levels following the recent sell-off. Technology stocks showed a substantial rebound – especially Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).

Gold stocks moved sharply higher, along with chemical, housing and retail stocks.

Crude oil prices surged higher on Wednesday, rebounding sharply from heavy selling a session earlier. Up from a three-month low, West Texas Intermediate Crude Oil futures for October ended up $1.29 or 3.5 percent at $38.05 a barrel.

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Market Analysis

2020-09-09 22:32:43

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