The Thai stock market on Tuesday snapped the four-day winning streak in which it had advanced almost 70 points or 3 percent. The Stock Exchange of Thailand now sits just above the 1,400-point plateau although it's poised to rebound on Wednesday.
The global forecast for the Asian is strong on continued optimism for a coronavirus vaccine. The European and U.S. markets were up and the Asian markets are tipped to at least open in similar fashion.
The SET finished sharply lower on Tuesday with broadly based losses, especially from the financial shares and energy producers.
For the day, the index dropped 18.80 points or 1.32 percent to finish at 1,401.63 after trading between 1,401.29 and 1,432.56. Volume was 27.324 billion shares worth 102.837 billion baht. There were 1,271 decliners and 491 gainers, with 387 stocks finishing unchanged.
Among the actives, Advanced Info dropped 0.84 percent, while Thailand Airport skidded 1.47 percent, Asset World plunged 3.57 percent, Bangkok Bank sank 0.81 percent, Bangkok Dusit Medical tanked 2.17 percent, Bangkok Expressway retreated 1.06 percent, Charoen Pokphand Foods tumbled 3.33 percent, Gulf surrendered 3.38 percent, Kasikornbank declined 2.31 percent, Krung Thai Bank shed 0.89 percent, PTT lost 1.23 percent, PTT Exploration and Production fell 1.78 percent, PTT Global Chemical slid 0.88 percent, Siam Commercial Bank gave away 1.13 percent, Siam Concrete was down 0.81 percent, TMB Bank slipped 2.59 percent and BTS Group was unchanged.
The lead from Wall Street is broadly positive as stocks opened higher on Tuesday and picked up steam as the day progressed, ending in the green for the second straight day.
The Dow soared 454.97 points or 1.54 percent to finish at a record 30,046.24, while the NASDAQ jumped 156.15 points or 1.31 percent to end at 12,036.79 and the S&P 500 advanced 57.82 points or 1.62 percent to close at 3,635.41.
The spike on Wall Street came in reaction to confirmation about President-elect Joe Biden's transition to the White House, removing some of the uncertainty surrounding the election.
Recent encouraging updates on the coronavirus vaccine front continued to aid sentiment in the face of continued spikes in new cases across the country.
Also, the market appeared to be hoping that a new administration at White House will decide on a fiscal stimulus soon and begin efforts to put the economy back on track.
Crude oil prices rose sharply on Tuesday and lifted the most active futures contract to their highest close since March thank to easing concerns about energy demand on upbeat updates on potential coronavirus vaccine. West Texas Intermediate Crude oil futures for January spiked $1.85 or 4.3 percent at $44.91 a barrel.
Closer to home, Thailand will provide October figures for industrial production later today; in September, production was down 2.75 percent on year.
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