Rebound Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market has finished lower in two of three trading days since the end of the three-day winning streak in which it had spiked more than 50 points or 4.1 percent. The Stock Exchange of Thailand now sits just above the 1,210-point plateau although it's expected to bounce higher again on Friday.

The global forecast for the Asian markets is cautiously optimistic on the improving outlook for trade deals. The European and U.S. markets were mixed and little changed and the Asian markets are likely to follow that lead, with some profit taking in order.

The SET finished modestly lower on Thursday following losses from the food, industrial, property and technology sectors.

For the day, the index shed 7.13 points or 0.58 percent to finish at 1,212.49 after trading between 1,206.19 and 1,227.71. Volume was 10.193 billion shares worth 46.887 billion baht. There were 331 decliners and 127 gainers, with 191 stocks finishing unchanged.

Among the actives, Advanced Info skidded 1.01 percent, while Thailand Airport gained 0.65 percent, Asset World surrendered 1.90 percent, Banpu dropped 0.86 percent, Bangkok Bank rose 0.34 percent, B. Grimm contracted 2.63 percent, BTS Group lost 1.12 percent, CP All Public crashed 2.60 percent, Charoen Pokphand Foods fell 0.44 percent, Energy Absolute retreated 1.38 percent, Gulf rallied 2.21 percent, Kasikornbank collected 0.63 percent, Krung Thai Bank shed 0.46 percent, Krung Thai Card tumbled 1.75 percent, PTT Oil & Retail plunged 2.26 percent, PTT sank 0.78 percent, PTT Exploration and Production slumped 0.85 percent, PTT Global Chemical tanked 2.30 percent, SCG Packaging stumbled 2.20 percent, Siam Commercial Bank advanced 0.82 percent, Siam Concrete rose 0.26 percent, Thai Oil soared 3.13 percent, TTB Bank lost 0.52 percent and True Corporation, Bangkok Dusit Medical and Bangkok Expressway were unchanged.

The lead from Wall Street suggests mild upside as the major averages opened mixed on Thursday and closed in the same fashion.

The Dow stumbled 316.38 points or 0.70 percent to finish at 44,693.91, while the NASDAQ gained 37.94 points or 0.18 percent to close at 21,057.96 and the S&P 500 rose 4.44 points or 0.07 percent to end at 6,363.35.

The strength on Wall Street came on optimism that the U.S. could sign up more deals with its remaining trading partners before President Donald Trump's Aug. 1 deadline.

As UK, China, Vietnam, and Indonesia have come to an agreement with the U.S. already, Canada, India, South Korea, and the EU are ramping up their efforts. U.S. Secretary of the Treasury Scott Bessent reportedly said that the talks were "going better than they had been," and that progress was being made.

In economic news, the Commerce Department said that new home sales in the U.S. rebounded less than expected in June. Also, the Labor Department said U.S. initial jobless claims unexpectedly fell last week.

Crude oil rose on Thursday after the U.S. Energy Information Administration said crude stockpiles declined more than expected last week. West Texas Intermediate crude for September was up $0.87 or 1.33 percent to $66.12 per barrel.