Higher Open Called For Thai Stock Market

(RTTNews) - The Thai stock market has finished lower in eight straight sessions, slumping more than 80 points or 7 percent along the way. The Stock Exchange of Thailand now sits just above the 1,060-point plateau and it's overdue for support on Tuesday. The global forecast for the Asian markets in positive on an improved outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished modestly lower on Monday following losses from the food, consumer, finance, industrial, property, resource and technology sectors. For the day, the index fell 4.85 points or 0.45 percent to finish at 1,062.78 after trading between 1,053.79 and 1,067.88. Volume was 7.885 billion shares worth 32.506 billion baht. There were 431 decliners and 95 gainers, with 127 stocks finishing unchanged. Among the actives, Advanced Info rallied 1.86 percent, while Thailand Airport soared 2.65 percent, Asset World surrendered 3.03 percent, Banpu retreated 1.90 percent, Bangkok Expressway rose 0.43 percent, B. Grimm climbed 1.63 percent, BTS Group was down 1.74 percent, CP All Public strengthened1.76 percent, Charoen Pokphand Foods jumped 1.82 percent, Energy Absolute and Krung Thai Card both cratered 15.11 percent, Gulf gained 0.65 percent, Kasikornbank collected 0.33 percent, PTT Oil & Retail declined 2.86 percent, PTT Exploration and Production advanced 0.91 percent, PTT Global Chemical plunged 3.14 percent, SCG Packaging tumbled 1.91 percent, Siam Commercial Bank shed 0.43 percent, Siam Concrete fell 0.32 percent, Thai Oil slumped 1.87 percent, TTB Bank stumbled 2.12 percent and Bangkok Bank, Krung Thai Bank, True Corporation, PTT and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is upbeat as the major averages shook off early weakness, using a late-day surge to finish solidly in the green.

For the day, the Dow jumped 374.96 points or 0.89 percent to finish at 42,581.78, while the NASDAQ rallied 183.56 points or 0.94 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 0.96 percent to end at 6,025.17.

The late rally came as Federal Reserve Vice Chair Michelle Bowman indicated support for a rate cut as early as July, citing concerns about the job market and potential easing of inflationary pressures related to tariffs. Additionally, reports of potential tariff reductions between the U.S. and China helped ease market anxieties.

The major averages had opened lower and hugged the unchanged line for much of the day as investors waited for Iran's response to the weekend U.S. air strikes on its nuclear sites.

In economic news, the National Association of Realtors said that existing home sales rose 0.8 percent on month in May and saw a 6.2 percent increase in unsold inventory. On a yearly basis, existing home sales fell 0.7 percent.

Crude oil prices were on a roller coaster ride on Monday, moving sharply higher earlier in the day in response to the U.S. bombing attack in Iran. But as it looks like Iran won't try to block the straight of Hormuz, prices plummeted later in the day. West Texas Intermediate crude for August delivery plunged $5.00 of 6.77 percent to $68.84 per barrel.