Thai Stock Market May Halt Losing Streak On Friday

(RTTNews) - The Thai stock market has finished lower in four straight sessions, giving up almost 10 points or 0.6 percent in that span. The Stock Exchange of Thailand now sits just above the 1,585-point plateau although it may find support on Friday.

The global forecast for the Asian markets is upbeat as both sides appear to signal an end to the U.S.-Iran conflict. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The SET finished slightly lower again on Thursday following losses from the food, resource, service and technology sectors.

For the day, the index slipped 2.01 points or 0.13 percent to finish at 1,585.06 after trading between 1,583.24 and 1,596.44. Volume was 10.744 billion shares worth 68.106 billion baht. There were 246 decliners and 208 gainers, with 203 stocks finishing unchanged.

Among the actives, Thailand Airport fell 0.42 percent, while Bangkok Bank climbed 1.15 percent, Bangkok Dusit Medical declined 1.61 percent, Bangkok Expressway contracted 0.85 percent, B. Grimm skidded 1.15 percent, BTS Group weakened 0.93 percent, CP All Public gained 0.54 percent, Charoen Pokphand Foods vaulted 1.59 percent, Gulf slumped 1.17 percent, Kasikornbank collected 0.49 percent, Krung Thai Bank spiked 2.10 percent, Krung Thai Card increased 0.73 percent, PTT Oil & Retail sank 0.81 percent, PTT added 0.71 percent, PTT Exploration and Production perked 0.37 percent, SCG Packaging advanced 0.99 percent, Siam Concrete rose 0.40 percent, Thai Oil dropped 1.11 percent, True Corporation retreated 1.43 percent, TTB Bank improved 0.83 percent and Siam Commercial Bank, PTT Global Chemical, Asset World, Advanced Info, Banpu and Energy Absolute were unchanged.

The lead from Wall Street is firm as the major averages opened higher and remained in the green throughout the trading day.

The Dow added 72.15 points or 0.14 percent to finish at 51,56.70, while the NASDAQ rallied 496.28 points or 1.91 percent to close at 26,517.93 and the S&P 500 jumped 80.48 points or 1.08 percent to end at 7,500.58.

For the holiday shortened week, the NASDAQ shot up by 2.4 percent, the S&P 500 advanced by 0.9 percent and the Dow climbed by 0.7 percent. The markets are closed on Friday for the Juneteenth holiday.

The rebound on Wall Street reflected a positive reaction to news the U.S. and Iran have officially signed a preliminary agreement to end the Middle East war.

Intel (INTC) fueled a rally by semiconductor stocks on reports that Apple (AAPL) has agreed to work with the company to design and build its chips in the U.S.

In U.S. economic news, a report released by the Labor Department showed a modest pullback in first-time claims for U.S. unemployment benefits last week.

Crude oil prices edged lower on Thursday after the reopening of the Strait of Hormuz and the resumption of the free flow of oil from the gulf. West Texas Intermediate crude for July delivery was down $0.53 or 0.69 percent at $76.26 per barrel.