Thai Stock Market Due For Consolidation On Thursday

(RTTNews) - The Thai stock market has moved higher in four straight sessions, gathering more than 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,320-point plateau although it's likely to run out of steam on Thursday.

The global forecast for the Asian markets is mixed and flat ahead of key economic data in the coming days. The European markets were slightly lower and the U.S. bourses saw mild gains and the Asian markets figure to split the difference.

The SET finished barely higher on Wednesday as gains from the resource and technology sectors were offset by weakness among the consumer, finance, industrial and property stocks.

For the day, the index rose 0.01 point or 0.00 percent to finish at 1,319.15 after trading between 1,315.50 and 1,324.48. Volume was 8.435 billion shares worth 35.526 billion baht.

Among the actives, Advanced Info gained 0.48 percent, while Thailand Airport climbed 1.29 percent, Asset World plunged 2.76 percent, Bangkok Bank collected 0.38 percent, Bangkok Expressway declined 1.29 percent, B. Grimm rose 0.46 percent, BTS Group stumbled 1.69 percent, CP All Public dipped 0.44 percent, Charoen Pokphand Foods added 0.43 percent, Energy Absolute tumbled 1.71 percent, Gulf soared 2.50 percent, Kasikornbank sank 0.78 percent, Krung Thai Bank shed 0.58 percent, Krung Thai Card skidded 1.18 percent, PTT Oil & Retail slumped 0.61 percent, PTT improved 0.77 percent, SCG Packaging dropped 0.73 percent, Siam Commercial Bank lost 0.47 percent, Siam Concrete slid 0.44 percent, Thai Oil rallied 1.41 percent, True Corporation surged 3.55 percent, TTB Bank fell 0.57 percent and PTT Global Chemical, Banpu, PTT Exploration and Production and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages opened lower on Wednesday and spent most of the day hugging the line before a late push nudged them into the green.

The Dow rose 15.64 points or 0.04 percent to finish at 39,127.80, while the NASDAQ gained 87.50 points or 0.49 percent to close at 17,805.16 and the S&P 500 added 8.50 points or 0.16 percent to end at 5,477.90.

The uncertainty on Wall Street came as investors braced for the release of key U.S. inflation data later this week for clues on the outlook for interest rates.

Bank stocks were in focus ahead of the central bank's annual stress test, while shares of energy firms struggled a bit due to sluggish oil prices.

In economic news, the Commerce Department said new home sales in the U.S. saw a substantial decrease in the month of May, while building permits also slumped.

Crude oil futures fell on Wednesday after data showed a notable increase in crude inventories in the U.S. last week but recovered and eventually ended the day's session slightly higher. West Texas Intermediate Crude oil futures for August rose $0.07 at $80.90 a barrel.