Mild Rebound Seen For Thai Stock Market

(RTTNews) - The Thai stock market has finished lower in two straight sessions, slumping more than 30 points or 2 percent along the way. The Stock Exchange of Thailand now sits just above the 1,560-point plateau although it may tick higher on Tuesday. The global forecast for the Asian markets is cautiously optimistic on bargain hunting, with support expected especially among the technology and oil sectors. The European markets were soft and the U.S. bourse were mostly higher and the Asian markets figure to follow the latter lead.

The SET finished sharply lower on Monday following losses from the food, finance, industrial, property, resource, service and technology sectors. For the day, the index stumbled 20.92 points or 1.32 percent to finish at 1,561.68 after trading between 1,558.97 and 1,576.58. Volume was 11.118 billion shares worth 68.963 billion baht. There were 371 decliners and 119 gainers, with 167 stocks finishing unchanged. Among the actives, Advanced Info lost 0.83 percent, while Thailand Airport dropped 1.29 percent, Asset World gained 0.83 percent, Banpu plunged 2.68 percent, Bangkok Bank tumbled 2.58 percent, Bangkok Dusit Medical and CP All Public both skidded 1.09 percent, Bangkok Expressway was down 0.96 percent, B. Grimm plummeted 4.67 percent, BTS Group crashed 1.94 percent, Charoen Pokphand Foods retreated 1.59 percent, Energy Absolute cratered 5.33 percent, Gulf tanked 3.73 percent, Kasikornbank fell 0.50 percent, Krung Thai Bank shed 0.71 percent, Krung Thai Card slumped 1.64 percent, PTT Oil & Retail contracted 1.60 percent, PTT slipped 0.68 percent, PTT Exploration and Production jumped 1.73 percent, SCG Packaging stumbled 1.92 percent, Siam Commercial Bank declined 1.42 percent, Thai Oil eased 0.54 percent, TTB Bank sank 0.86 percent and PTT Global Chemical, Siam Concrete and True Corporation were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened higher on Monday but faded as the day progressed, with the Dow slipping into the red.

The Dow shed 80.77 points or 0.16 percent to finish at 50,786.01, while the NASDAQ jumped 220.23 points or 0.86 percent to close at 25,929.66 and the S&P 500 added 21.99 points or 0.30 percent to end at 7,405.73.

The rebound on Wall Street comes amid bargain hunting following last Friday's plunge, which dragged the tech-heavy NASDAQ down to its lowest closing level in a month.

The upside may be limited by growing concerns about the outlook for interest rates, as last week's robust U.S. jobs report led traders to ramp up bets on a Federal Reserve rate hike this year.

Crude oil prices edged higher on Monday as delays in the reopening the Strait of Hormuz persists. West Texas Intermediate crude for July delivery was up $0.52 or 0.57 percent at $91.06 per barrel.