Business

Rebound expected for the Thai stock market

(RTTNews) – The Thai stock market ended down on consecutive trading days, losing almost 60 points or 4.3% during this period. The Thailand Stock Exchange is now just above the 1,335-point plateau, although it is expected to open Tuesday in the green.

Global forecasts for Asian markets are optimistic about hopes for recovery after weeks of intense sales. European markets were mixed and US markets were up sharply and Asian markets are inclined to follow this latest example.

The SET ended Monday slightly down following the mixed performance of financial stocks and energy producers.

For the day, the index dropped 4.80 points or 0.36% to finish at 1335.72 after moving between 1317.45 and 1358.52. The volume was 21.005 billion shares worth 74.368 billion baht. There were 1,024 declines and 506 winners, with 415 stocks ending unchanged.

Among assets, Advanced Info slipped 1.25%, while Thailand Airport accelerated 2.51%, Asset World jumped 6.56%, Banpu sank 1.41%, Bangkok Bank jumped 1.90%, Bangkok Dusit Medical added 0.45%, BTS Group fell 0.92%, Charoen Pokphand Foods lost 0.93%, Kasikornbank jumped 2.52%, Krung Thai Bank fell 1.43%, PTT gained 0.64%, PTT Exploration and Production rose 0.94%, PTT Global Chemical plunged 2.42%, Siam Commercial Bank lost 2.01% , Siam Concrete lost 0.65%, TMB Bank climbed 4.59% and the Bangkok Expressway remained unchanged.

Wall Street’s lead is broadly positive, as stocks rebounded Monday after the worst session since the 2008 financial crisis.

The Dow Jones jumped 1,293.96 points or 5.09% to finish at 26,703.32, while the NASDAQ climbed 384.80 points or 4.49% to 8,952.17 and the S&P 500 jumped 136.01 points or 4.60% to 3,090.23.

The rebound on Wall Street was due to the hunt for bargains, traders picking up stocks at reduced levels following the sale of the last sessions. Traders also seem optimistic about the actions taken by central banks around the world to counter the impact of the coronavirus on the global economy.

In economic news, the Institute for Supply Management reported a slight expansion in manufacturing activity in February. A separate Commerce Department report found that construction spending in the United States increased much more than expected in January.

Crude oil prices rebounded strongly on Monday, with traders betting on the hope that OPEC and its allies will significantly reduce crude production. West Texas Intermediate crude oil futures for April ended up $ 1.99 or 4.5% to $ 46.75 a barrel.

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

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