Rebound Predicted For Thai Stock Market

(RTTNews) - The Thai stock market on Tuesday snapped the two-day winning streak in which it had gained more than 5 points or 0.5 percent. The Stock Exchange of Thailand now rests just above the 1,160-point plateau, although it's likely to open to the upside on Wednesday.

The global forecast for the Asian markets is upbeat on easing tariff and trade war concerns. The European markets were mixed and the U.S. bourses were sharply higher and the Asian markets figure to split the difference.

The SET finished sharply lower on Tuesday following losses from the food, consumer, finance, industrial, property, resource, service and technology sectors.

For the day, the index stumbled 15.01 points or 1.27 percent to finish at 1,163.42 after trading between 1,159.61 and 1,176.34. Volume was 8.571 billion shares worth 34.845 billion baht. There were 314 decliners and 162 gainers, with 180 stocks finishing unchanged.

Among the actives, Advanced Info fell 0.68 percent, while Thailand Airport lost 2.94 percent, Asset World surrendered 1.50 percent, Banpu cratered 1.67 percent, Bangkok Bank retreated 1.36 percent, Bangkok Dusit Medical slid 0.46 percent, Bangkok Expressway contracted 1.83 percent, B. Grimm crashed 5.94 percent, BTS Group gave up 3.06 percent, CP All Public shed 0.52 percent, Charoen Pokphand Foods dropped 0.98 percent, Energy Absolute and PTT Exploration and Production both skidded 1.24 percent, Gulf shed 1.60 percent, Kasikornbank declined 1.53 percent, Krung Thai Bank tumbled 1.75 percent, PTT Oil & Retail plummeted 3.17 percent, PTT Global Chemical slumped 1.49 percent, SCG Packaging tanked 2.35 percent, Siam Commercial Bank weakened 1.23 percent, Siam Concrete plunged 3.17 percent, Thai Oil sank 0.78 percent, True Corporation surged 3.51 percent, TTB Bank stumbled 1.54 percent and Krung Thai Card and PTT were unchanged.

The lead from Wall Street is broadly positive as the major averages opened in the green and continued to accelerate as the day progressed.

The Dow spiked 740.58 points or 1.78 percent to finish at 42,343.65, while the NASDAQ surged 461.96 points or 2.47 percent to close at 19,199.16 and the S&P 500 jumped 118.72 points or 2.05 percent to end at 5,921.54.

The rally on Wall Street came after President Donald Trump announced he is delaying a threatened 50 percent tariff on imports from the European Union.

The move by Trump came as analysts previously suggested the threatened tariff on the EU was just a negotiating tactic and not where the eventual rate will wind up.

Positive sentiment was also generated in reaction to a report released by the Conference Board showing a substantial improvement by U.S. consumer confidence in the month of May.

Crude oil prices slumped on Tuesday on continuing concerns that OPEC may boost output at its meeting later today. West Texas Intermediate crude for June delivery dropped 0.65 or 1 percent to $64.09 per barrel.