Thai Stock Market Due For Profit Taking

(RTTNews) – The Thai stock market has climbed higher in back-to-back trading days, advancing more than 35 points or 2.3 percent along the way. The Stock Exchange of Thailand now sits just above the 1,620-point plateau although investors may lock in gains on Thursday.

The global forecast for the Asian markets suggests consolidation on profit taking, with oil and retail stocks leading the way lower. The European and U.S. markets were down and the Asian markets are tipped to follow that lead.

The SET finished modestly higher on Wednesday following mixed performances from the financial shares and the energy producers.

For the day, the index added 5.84 points or 0.36 percent to finish at 1,620.33 after trading between 1,607.31 and 1,622.17. Volume was 22.157 billion shares worth 73.889 billion baht. There were 1,042 gainers and 712 decliners, with 539 stocks finishing unchanged.

Among the actives, Advanced Info improved 0.46 percent, while Thailand Airport advanced 0.74 percent, Bangkok Bank collected 0.40 percent, BTS Group soared 2.78 percent, CP All Public rose 0.39 percent, Energy Absolute gained 0.88 percent, Gulf gathered 0.53 percent, IRPC climbed 1.23 percent, Kasikornbank fell 0.35 percent, Krung Thai Bank spiked 2.08 percent, Krung Thai Card strengthened 1.69 percent, PTT Oil & Retail jumped 1.92 percent, PTT shed 0.68 percent, PTT Exploration and Production added 0.63 percent, PTT Global Chemical rallied 1.62 percent, Siam Commercial Bank jumped 1.85 percent, True Corporation was up 0.89 percent and TTB Bank, Bangkok Dusit Medical and Banpu were unchanged.

The lead from Wall Street is brutally negative as the major averages opened lower on Wednesday and saw the losses accelerate as the day progressed, ending deep in the red.

The Dow plummeted 1,164.52 points or 3.57 percent to finish at 31,490.07, while the NASDAQ plunged 566.37 points or 4.73 percent to close at 11,418.15 and the S&P 500 tumbled 165.17 points or 4.04 percent to end at 3,923.68.

Retail stocks led the markets lower, with the Dow Jones U.S. Retail Index plunging 7.7 percent to its lowest closing level in almost two years. Target (TGT) posted a particularly steep loss after the discount retailer reported quarterly earnings that missed expectations.

Substantial weakness was also visible among transportation stocks, as reflected by the 7.4 percent drop by the Dow Jones Transportation Average. Housing stocks also saw significant weakness on the day, dragging the Philadelphia Housing Sector Index down by 4.6 percent.

In economic news, the Commerce Department noted a modest decrease in new residential construction and building permits in April.

Crude oil futures settled lower on Wednesday despite data showing a drop in crude inventories last week. A stronger dollar amid rising prospects of sharper interest rate hikes by the Federal Reserve also contributed to the decline. West Texas Intermediate Crude oil futures for ended lower by $2.81 or about 2.5% at $109.59 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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