Mild Selling Pressure Tipped For Thai Stock Market

(RTTNews) - The Thai stock market ticked higher again on Monday, one session after ending the four-day winning streak in which it had surged almost 50 points or 4.6 percent. The Stock Exchange of Thailand now sits just beneath the 1,125-point plateau and it's likely to remain rangebound again on Tuesday.

The global forecast for the Asian markets is soft on renewed trade and tariff concerns. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The SET finished slightly higher on Monday as gains from the financial, service and technology sectors were offset by weakness from the food, property and resource stocks.

For the day, the index rose 3.06 points or 0.27 percent to finish at the daily high of 1,123.00 after trading as low as 1,107.46. Volume was 8.951 billion shares worth 31.447 billion baht. There were 252 decliners and 191 gainers, with 193 stocks finishing unchanged.

Among the actives, Advanced Info spiked 2.87 percent, while Thailand Airport improved 0.83 percent, Banpu lost 0.48 percent, Bangkok Bank rallied 1.41 percent, Bangkok Dusit Medical dropped 0.99 percent, Bangkok Expressway slumped 1.69 percent, B. Grimm tumbled 1.80 percent, BTS Group contracted 1.72 percent, CP All Public expanded 1.68 percent, Charoen Pokphand Foods shed 0.46 percent, Gulf retreated 1.22 percent, Kasikornbank collected 0.32 percent, Krung Thai Bank jumped 1.84 percent, Krung Thai Card added 0.40 percent, PTT Exploration and Production declined 1.38 percent, PTT Global Chemical accelerated 1.94 percent, SCG Packaging plunged 2.87 percent, Siam Concrete rose 0.29 percent, Thai Oil strengthened 1.80 percent, True Corporation surged 4.63 percent, TTB Bank lost 0.53 percent and Siam Commercial Bank, Asset World, Energy Absolute, PTT Oil & Retail and PTT were unchanged.

The lead from Wall Street is negative as the major averages opened under water and trended steadily lower as the day progressed, ending near session lows.

The Dow tumbled 422.17 points or 0.94 percent to finish at 44,406.36, while the NASDAQ sank 188.59 points or 0.92 percent to end at 20,412.52 and the S&P 500 dropped 49.37 points or 0.79 percent to close at 6,229.98.

The early weakness on Wall Street partly reflect profit taking following the strong upward move seen over the past few sessions.

Further selling pressure was generated in afternoon trading after President Donald Trump shared screen shots on Truth Social of letter sent to various world leaders about new tariffs set to be imposed on August 1st.

Imports from Japan, South Korea, Malaysia and Kazakhstan are now set to face 25 percent tariffs, according to the letters Trump posted.

Crude oil prices edged higher Monday, shrugging off oversupply concerns triggered by OPEC's decision to accelerate its production increase starting in August. West Texas Intermediate crude for August delivery rose $0.93 to settle at $67.93 per barrel.