Energy Stocks Likely To Fuel Thai Stock Gains

(RTTNews) - The Thai stock market has moved lower in two of three trading days since the end of the three-day winning streak in which it had advanced almost 20 points or 1.2 percent. The Stock Exchange of Thailand now rests just above the 1,600-point plateau and it's predicted to bounce higher again on Tuesday.

The global forecast for the Asian markets is a study in contrasts, with gains among oil stocks likely offset by weakness among the technology shares. The European and U.S. markets were mixed and the Asian bourses figure to follow suit.

The SET finished modestly lower on Monday as losses from the technology stocks were mitigated by support from the financials and energy companies.

For the day, the index slipped 8.80 points or 0.55 percent to finish at 1,600.37 after trading between 1,593.96 and 1,613.98. Volume was 16.664 billion shares worth 46.844 billion baht. There were 821 decliners and 629 gainers, with 510 stocks finishing unchanged.

Among the actives, Advanced Info and PTT Oil & Retail both perked 0.47 percent, while Thailand Airport gained 0.70 percent, Banpu rallied 2.78 percent, Bangkok Bank strengthened 1.65 percent, Bangkok Dusit Medical was up 0.85 percent, Bangkok Expressway rose 0.56 percent, B. Grimm plunged 2.47 percent, Charoen Pokphand Foods accelerated 2.36 percent, Gulf gathered 0.95 percent, Kasikornbank collected 0.38 percent, Krung Thai Bank added 0.61 percent, Krung Thai Card dropped 0.92 percent, PTT improved 0.79 percent, PTT Exploration and Production surged 5.98 percent, PTT Global Chemical climbed 1.09 percent, Siam Commercial Bank advanced 0.98 percent, Siam Concrete increased 0.63 percent, Thai Oil spiked 2.86 percent, True Corporation shed 0.60 percent, TTB Bank increased 0.70 percent and CP All Public, SCG Packaging, Asset World, Energy Absolute and BTS Group were unchanged.

The lead from Wall Street is incongruous as the Dow and S&P opened higher and finished the same way, while the NASDAQ opened in the red and remained there throughout the session.

The Dow surged 327.00 points or 0.98 percent to finish at 33,601.15, while the NASDAQ dropped 32.45 points or 0.27 percent to end at 12,189.45 and the S&P 500 added 15.20 points or 0.37 percent to close at 4,124.51.

The strength on Wall Street rose the back of the energy sector as crude oil prices surged, while technology stocks ebbed on fears over the outlook for interest rates.

Oil prices rose sharply on Monday, buoyed by the decision of OPEC+ oil producers to cut output by around 1.16 million barrels per day. West Texas Intermediate Crude oil futures for May ended higher by $4.75 or 6.3 percent at $80.42 a barrel.

In economic news, the Institute for Supply Management said manufacturing activity in the U.S. contracted at a slightly faster rate in March. Also, the Commerce Department unexpectedly showed a slight decrease in U.S. construction spending in February.