Renewed Support Tipped For Thai Stock Market

(RTTNews) - The Thai stock market on Friday ended the two-day winning streak in which it had jumped more than 25 points or 2 percent. The Stock Exchange of Thailand now sits just under the 1,275-point plateau although it's expected to move back to the upside again on Monday.

The global forecast for the European markets is cautiously optimistic on easing economic tensions between the United States and China. 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 sharply lower on Friday following losses from the food, finance, industrial, property, resource, service and technology sectors.

For the day, the index slumped 16.85 points or 1.30 percent to finish at 1,274.61 after trading between 1,274.10 and 1,289.73. Volume was 8.322 billion shares worth 36.760 billion baht. There were 401 decliners and 76 gainers, with 171 stocks finishing unchanged.

Among the actives, Banpu and Asset World both tumbled 1.83 percent, while Bangkok Bank fell 0.33 percent, Bangkok Dusit Medical lost 1.49 percent, Bangkok Expressway and Krung Thai Bank both skidded 0.99 percent, BTS Group crashed 2.76 percent, CP All Public weakened 1.05 percent, Charoen Pokphand Foods dropped 0.91 percent, Energy Absolute plunged 4.73 percent, Gulf shed 0.55 percent, Kasikornbank collected 0.29 percent, Krung Thai Card retreated 1.64 percent, PTT Oil & Retail sank 0.74 percent, PTT contracted 1.63 percent, PTT Exploration and Production surrendered 2.33 percent, PTT Global Chemical plummeted 5.65 percent, SCG Packaging tanked 2.87 percent, Siam Commercial Bank rose 0.39 percent, Siam Concrete declined 1.47 percent, Thai Oil cratered 3.57 percent, True Corporation stumbled 1.82 percent, TTB Bank slumped 1.09 percent and Advanced Info, B. Grimm and Thailand Airport were unchanged.

The lead from Wall Street is positive as the major averages opened lower on Friday and hugged the line before rallying midday to finish solidly in the green.

The Dow jumped 238.41 points or 0.52 percent to finish at 46,190.61, while the NASDAQ climbed 117.47 points or 0.52 percent to end at 22,679.97 and the S&P 500 added 34.94 points or 0.53 percent to close at 6,664.01.

The strength that emerged on Wall Street came as the concerns about bad loans that dragged the markets lower on Thursday seemed to evaporate as quickly as they materialized.

Stocks also benefited from easing concerns about the trade dispute between the U.S. and China following comments from President Donald Trump, who admitted that the high tariffs he threatened to impose on China are probably not sustainable.

Crude oil prices rose on Friday after Trump suddenly reversed his hardline stance on China, suggesting warmer trade relations could lead to an increase in energy demand. West Texas Intermediate crude for November delivery was up by $0.20 or 0.35 percent at $57.66 per barrel.