Thai Stock Market Due For Support On Monday

(RTTNews) - The Thai stock market has moved lower in four straight sessions, slipping almost 20 points or 1.4 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,365-point plateau although it may find traction on Monday.

The global forecast for the Asian markets is cautiously optimistic, with technology shares expected to lead the way higher. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SET finished modestly lower on Friday following losses from the technology, industrial and consumer sectors.

For the day, the index shed 3.36 points or 0.25 percent to finish at 1,364.48 after trading between 1,359.22 and 1,365.97. Volume was 13.237 billion shares worth 35.858 billion baht. There were 225 gainers and 222 decliners, with 210 stocks finishing unchanged.

Among the actives, Thailand Airport fell 0.38 percent, while Asset World spiked 2.11 percent, Banpu sank 0.86 percent, Bangkok Expressway gained 0.62 percent, B. Grimm tumbled 1.60 percent, BTS Group slumped 0.84 percent, CP All Public lost 0.43 percent, Charoen Pokphand Foods dropped 0.86 percent, Energy Absolute added 0.42 percent, Gulf stumbled 1.21 percent, Kasikornbank collected 0.37 percent, Krung Thai Bank climbed 1.18 percent, Krung Thai Card shed 0.58 percent, PTT perked 0.75 percent, PTT Global Chemical strengthened 1.35 percent, SCG Packaging retreated 1.48 percent, Siam Concrete declined 1.21 percent, True Corporation plummeted 3.61 percent, TTB Bank plunged 2.30 percent and Bangkok Bank, Siam Commercial Bank, Advanced Info, PTT Oil & Retail, PTT Exploration and Production, Thai Oil and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is upbeat but inconsistent as the major averages opened higher on Friday; the S&P and NASDAQ remained firmly higher all day, while the Dow struggled to stay above water.

The Dow rose 4.33 points or 0.01 percent to finish at 39,069.59, while the NASDAQ jumped 184.76 points or 1.10 percent to close at a record high of 16,920.79 and the S&P 500 gained 36.88 points or 0.70 percent to end at 5,304.72.

For the week, the NASDAQ jumped 1.4 percent, the S&P 500 was nearly unchanged and the Dow tumbled 2.3 percent.

The rebound on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the downturn seen on Thursday, which saw the Dow post its worst daily drop since March 2023.

In economic news, the Commerce Department noted an unexpected increase in durable goods orders in April. Also, the University of Michigan said in a report that consumer sentiment in the U.S. deteriorated less than estimated in May.

Crude oil prices moved higher Friday, snapping a four-day losing streak despite concerns about the outlook for demand. West Texas Intermediate crude oil futures for July ended higher by $0.85 at $77.72 a barrel; for the week, WTI crude futures slumped 3 percent.