(RTTNews) – Thailand’s stock market has climbed in five consecutive sessions, harvesting nearly 30 points or 1.9% along the way. The Thailand Stock Exchange is now just below the 1,620 point plateau, although it could run out of steam on Wednesday.
The global outlook for Asian markets is negative on growth concerns, with energy and technology stocks expected to weigh. European and American markets were down and Asian stock exchanges are expected to follow suit.
The SET ended slightly higher on Tuesday following the mixed performance of financial stocks and energy producers.
For the day, the index gained 9.93 points or 0.62% to end at 1,618.80 after trading between 1,606.48 and 1,620.98. The volume was 18.467 billion shares worth 57.673 billion baht. There were 848 gains and 740 declines, with 615 stocks remaining unchanged.
Among assets, Advanced Info climbed 0.99%, while Thailand Airport fell 0.35%, Asset World jumped 1.98%, Banpu rose 0.79%, Bangkok Bank collected 0 .37%, Bangkok Dusit Medical was up 1.89%, Bangkok Expressway was up 1.12%, B. Grimm added 0.64%, Charoen Pokphand Foods was up 2.00%, Energy Absolute rose 0.30%, IRPC gained 0.59%, Krung Thai Bank rose 0.62%, Krung Thai Card rose 1.28%, PTT lost 0.68%, PTT Exploration and Production gained 0.97%, PTT Global Chemical jumped 1.64%, SCG Packaging rose 0.45%, Siam Commercial Bank lost 0.47%, Siam Concrete fell 0.54%, Thai Oil jumped 2.00%, True Corporation rose 0.81%, TTB Bank accelerated 0.84% and BTS Group, CP All Public, Gulf, Kasikornbank and PTT Oil & Retail were unchanged.
Wall Street’s lead is weak as major averages opened lower on Tuesday and remained in the red throughout the trading day.
The Dow Jones lost 58.13 points or 0.18% to end at 32,774.41, while the NASDAQ fell 150.53 points or 1.19% to end at 12,493.93 and the S&P 500 fell 17.59 points or 0.42% to close at 4,122.47.
Tech stocks contributed to Wall Street’s decline, with semiconductor stocks posting some of the worst performers after Micron Technology (MU) warned it could miss its previous forecast.
The weakness also came as traders eagerly awaited the release of a highly anticipated reading on US consumer price inflation later in the day.
Crude oil futures settled slightly lower on Tuesday on concerns about the outlook for energy demand. West Texas Intermediate crude oil futures for September ended down $0.26 or 0.3% at $90.50 a barrel.
Closer to home, Thailand’s central bank will wrap up its monetary policy meeting later today, then announce its interest rate decision; the bank is widely expected to raise its benchmark lending rate by 25 basis points, from 0.50% to 0.75%.
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