Thai Stock Market: Resistance Predicted At 1,600 Points

(RTTNews) – The Thai stock market has moved higher in back-to-back trading days, gathering more than 40 points or 2.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,590-point plateau although it’s tipped to open in the red on Tuesday.

The global forecast for the Asian markets suggests mild consolidation amid concerns over growth and sinking oil prices. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow that lead.

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

For the day, the index advanced 16.83 points or 1.07 percent to finish at 1,593.24 after trading between 1,581.23 and 1,596.66. Volume was 20.090 billion shares worth 82256 billion baht. There were 1,170 gainers and 679 decliners, with 357 stocks finishing unchanged.

Among the actives, Advanced Info added 0.50 percent, while Thailand Airport improved 1.07 percent, Asset World climbed 1.00 percent, Banpu sank 0.75 percent, Bangkok Bank fell 0.38 percent, Bangkok Dusit Medical advanced 0.93 percent, Bangkok Expressway gained 0.57 percent, B. Grimm soared 3.29 percent, BTS Group strengthened 1.16 percent, CP All Public tanked 2.45 percent, Energy Absolute increased 1.25 percent, IRPC rallied 2.45 percent, Kasikornbank lost 0.68 percent, Krung Thai Bank shed 0.63 percent, Krung Thai Card gathered 0.87 percent, PTT Oil & Retail surged 4.95 percent, PTT perked 1.44 percent, PTT Exploration and Production tumbled 1.85 percent, PTT Global Chemical rallied 2.26 percent, SCG Packaging spiked 0.98 percent, Siam Commercial Bank declined 1.48 percent, Siam Concrete slumped 1.88 percent, Thai Oil was up 0.49 percent, True Corporation gained 0.84 percent, TTB Bank dropped 0.83 percent and Charoen Pokphand Foods and Gulf were unchanged.

The lead from Wall Street ends up mildly negative as the major averages opened lower on Monday and bounced back and forth across the unchanged line before finally ending slightly in the red.

The Dow shed 45.95 points or 0.14 percent to finish at 32,799.18, while the NASDAQ fell 21.71 points or 018 percent to close at 12,368.98 and the S&P 500 dipped 11.67 points or 0.28 percent to end at 4,118.62.

Worries about slowing growth weighed on sentiment, but fairly encouraging corporate earnings updates helped limit market’s downside.

In addition, investors are looking ahead to the crucial non-farm payroll data due later in the week.

In economic news, the S&P Global US Manufacturing PMI was revised slightly lower in July, while the Commerce Department said U.S. construction spending fell more than expected in June. Also, the Institute for Supply Management’s Manufacturing PMI was down slightly in July but not as much as feared.

Crude oil prices fell sharply on Monday amid concerns about outlook for energy demand and ahead of this week’s OPEC+ meeting. West Texas Intermediate Crude oil futures for September ended lower by $4.73 or 4.8 percent at $93.89 a barrel.

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