Thai Shares Due For Support On Wednesday

(RTTNews) - The Thai stock market has moved lower in four straight sessions, slipping more than 30 points or 2.4 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,290-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets suggests little movement ahead of Friday's U.S. employment data. 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 Tuesday following losses from the financial, industrial, property, resource, service and technology sectors.

For the day, the index sank 10.77 points or 0.83 percent to finish at 1,288.58 after trading between 1,286.83 and 1,297.85. Volume was 10.371 billion shares worth 38.247 billion baht. There were 391 decliners and 110 gainers, with 159 stocks finishing unchanged.

Among the actives, Advanced Info slid 0.47 percent, while Thailand Airport surrendered 1.76 percent, Banpu tanked 2.42 percent, Bangkok Bank fell 0.38 percent, B. Grimm gained 0.47 percent, BTS Group plunged 2.73 percent, CP All Public slumped 0.45 percent, Charoen Pokphand Foods surged 3.96 percent, Energy Absolute plummeted 5.56 percent, Gulf stumbled 1.24 percent, Kasikornbank sank 0.80 percent, Krung Thai Bank and TTB Bank both shed 0.58 percent, Krung Thai Card tumbled 1.83 percent, PTT Oil & Retail declined 1.25 percent, PTT Global Chemical retreated 1.61 percent, SCG Packaging lost 0.75 percent, Thai Oil advanced 0.93 percent, True Corporation added 0.57 percent and Siam Commercial Bank, Siam Concrete, Asset World, PTT, PTT Exploration and Production, Bangkok Dusit Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as the major averages opened lower on Tuesday and hugged the line for much of the day before a late surge sent them firmly into the green by the close.

The Dow jumped 162.33 points or 0.41 percent to finish at 39,331.85, while the NASDAQ rallied 149.46 points or 0.84 percent to close at 18,028.76 and the S&P 500 gained 33.92 points or 0.62 percent to end at 5,509.01.

The soft start on Wall Street followed comments from Fed Chair Jerome Powell, who expressed satisfaction with the progress on inflation but said he wants to see more before being confident enough to start cutting interest rates.

Stocks moved higher after bond yields drifted down as investors look ahead to key employment data later in the week.

Oil prices fell on Tuesday amid easing fears about supply disruptions caused by Hurricane Beryl. West Texas Intermediate Crude oil futures for August ended down $0.57 or about 0.7 percent at $82.81 a barrel.