Thai Market May Remain Stuck In Neutral

Bangkok Stock Exchange

The Thai stock market on Thursday halted the three-day winning streak in which it had advanced almost 20 points or 1.1 percent. The Stock Exchange of Thailand now rests just beneath the 1,735-point plateau and it may see continued if mild selling pressure again on Friday.

The global forecast for the Asian markets is mixed to lower, with profit taking likely – especially among the technology stocks. The European markets were slightly lower and the U.S. bourses were mixed – and the Asian shares figure to split the difference.

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

For the day, the index sank 5.65 points or 0.32 percent to finish at 1,733.05 after trading between 1,733.01 and 1,746.50. Volume was 11.526 billion shares worth 50.969 billion baht. There were 701 decliners and 516 gainers, with 459 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 1.53 percent, while Thailand Airport dropped 1.08 percent, Banpu shed 0.46 percent, Bangkok Bank collected 0.26 percent, Bangkok Medical and Charoen Pokphand Foods both skidded 0.99 percent, Kasikornbank plunged 1.72 percent, Krung Thai Bank lost 0.56 percent, PTT fell 0.48 percent, PTT Exploration and Production retreated 1.41 percent PTT Global Chemical spiked 1.70 percent, Siam Commercial Bank declined 0.71 percent and Siam Concrete and Bangkok Expressway were unchanged.

The lead from Wall Street is inconclusive as stocks were mixed on Thursday, with the Dow rising to its best closing level in three months, but the NASDAQ and the S&P 500 moved lower.

The Dow climbed 95.02 points or 0.38 percent to 25,241.41, but the NASDAQ slid 54.17 points or 0.70 percent to 7,635.07 and the S&P 500 fell 1.98 points or 0.07 percent to 2,770.37.

The advance by the Dow was fueled by a sharp jump from McDonald’s (MCD), while the pullback by the NASDAQ was due to profit taking after the tech-heavy index hit new record highs in recent sessions.

In economic news, the Labor Department noted a modest decrease in initial jobless claims in the week ended June 2nd.

Crude oil futures rose Thursday, trimming recent losses after sliding to its lowest in two months.

Robust U.S. production, a stronger dollar and expectations that OPEC will end its supply quota have weighed on oil prices of late.

But with bargain hunting in effect, WTI light sweet oil was up $1 at $65.78 a barrel. – RTTNews

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