Thai Shares May See Downward Correction On Tuesday

(RTTNews) - The Thai stock market has moved higher in back-to-back sessions, accelerating almost 35 points or 3 percent in that span. The Stock Exchange of Thailand now sits just above the 1,140-point plateau although it may open under water on Tuesday. The global forecast for the Asian markets offers little clarity as traders figure to wait and see what transpires over trade and tariff talks. The European markets were down and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The SET finished sharply higher on Monday following gains from the food, consumer, finance, industrial, property, resource, service and technology sectors. For the day, the index rallied 22.18 points or 1.98 percent to finish at the daily high of 1,143.31 after moving as low as 1,121.64. Volume was 8.076 billion shares worth 33.684 billion baht. There were 356 gainers and 111 decliners, with 178 stocks finishing unchanged. Among the actives, Advanced Info increased 0.70 percent, while Thailand Airport surged 5.51 percent, Asset World soared 3.21 percent, Banpu accelerated 1.90 percent, Bangkok Bank rose 0.35 percent, Bangkok Dusit Medical jumped 3.00 percent, Bangkok Expressway was up 3.92 percent, B. Grimm advanced 2.83 percent, BTS Group gained 2.91 percent, CP All Public perked 0.56 percent, Charoen Pokphand Foods rallied 2.31 percent, Energy Absolute surged 3.42 percent, Gulf skyrocketed 4.38 percent, Kasikornbank collected 0.63 percent, Krung Thai Bank added 0.46 percent, PTT Oil & Retail accelerated 1.75 percent, PTT increased 1.64 percent, PTT Exploration and Production rallied 2.75 percent, PTT Global Chemical spiked 2.39 percent, SCG Packaging jumped 1.84 percent, Siam Commercial Bank improved 0.85 percent, Siam Concrete strengthened 1.99 percent, Thai Oil gathered 2.61 percent, True Corporation expanded 1.83 percent, TTB Bank gained 0.53 percent and Krung Thai Card was unchanged.

The lead from Wall Street is uninspired as the major averages opened lower on Monday and gradually ticked up into positive territory, finishing with mild gains.

The Dow added 88.14 points or 0.20 percent to finish at 44,459.65, while the NASDAQ gained 54.80 points or 0.27 percent to close at 20,640.33 and the S&P 500 rose 8.81 points or 0.14 percent to end at 6,268.56.

The choppy trading on Wall Street followed President Donald Trump's threats to impose 30 percent tariffs on imports from the European Union and Mexico beginning Aug. 1. The EU responded that it will suspend the implementation of its trade countermeasures against the U.S. until early August to allow more time for a negotiated settlement.

Traders may be reluctant to make significant moves ahead of the release of some key economic data in the coming days, including reports on consumer and producer prices, retail sales and industrial production.

Earnings season also picks up steam this week, with Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS), Johnson & Jonson (JNJ) and Netflix (NFLX) among the big name companies due to report their quarterly results.

Crude oil prices slumped on Monday on continuing concerns over OPEC's decision to increase output again next month. West Texas Intermediate crude for August delivery dropped $1.24 or 1.85 percent to $65.79 per barrel.