Thai Stock Market Likely To Remain Rangebound – Markets Insider

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(RTTNews) – The Thai stock market has ticked higher in back-to-back sessions, adding 5 points or 0.3 percent along the way. The Stock Exchange of Thailand remains just above the 1,580-point plateau and it is expected to hold steady in that neighborhood again on Monday.

The global forecast for the Asian markets remains fairly flat amid a lack of strong catalysts, although a mild bump in crude oil prices may offer a hint of stability. The European markets were down and the U.S. markets were mixed and little changed – and the Asian markets figure to follow the latter lead.

The SET finished slightly higher on Friday as gains from the energy producers were offset by weakness from the financial shares.

For the day, the index added 1.45 points or 0.09 percent to finish at 1,582.36 after trading between 1,581.28 and 1,585.41. Volume was 9.453 billion shares worth 39.211 billion baht. There were 600 decliners and 421 gainers, with 509 stocks finishing unchanged.

Among the actives, Advanced Info added 0.28 percent, while Thailand Airport shed 0.54 percent, Banpu lost 0.57 percent, Bangkok Medical fell 0.53 percent, Bangkok Expressway surged 3.50 percent, Kasikornbank skidded 1.80 percent, Krung Thai Bank advanced 1.08 percent, PTT gained 0.53 percent, PTT Global Chemical jumped 1.09 percent and Bangkok Bank, PTT Exploration and Production, Siam Commercial Bank and Siam Concrete all were unchanged.

The lead from Wall Street remains unclear as stocks turned in another lackluster performance on Friday. The major averages eventually closed on opposite sides of the unchanged line for the third straight day.

The Dow slipped 2.53 points or 0.1 percent to 21,394.76, while the NASDAQ climbed 28.56 points or 0.5 percent to 6,265.25 and the S&P rose 3.80 points or 0.2 percent to 2,438.30. For the week, the NASDAQ surged 1.8 percent, the Dow added 0.1 percent and the S&P gained 0.2 percent.

Traders remained reluctant to make significant moves amid uncertainty about the near-term outlook for the markets.

In economic news, the Commerce Department reported a mild rebound in new home sales in May.

Crude oil futures trimmed steep recent losses with a modest daily gain Friday, as another rise in the U.S. rig count prevented a sustained rally. U.S. West Texas Intermediate crude (WTI) rose 27 cents or 0.63 percent to $43.01 a barrel.

Closer to home, Thailand will release May figures for imports, exports and trade balance later today. In April, imports were worth $15.09 billion and exports were at $16.54 billion for a trade surplus of $1.45 billion.

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