The Thai stock market on Monday ended the three-day slide in which it had slipped more than 45 points or 3 percent. The Stock Exchange of Thailand now sits just beneath the 1,480-point plateau and it's tipped to open in the green again on Tuesday.
The global forecast for the Asian is broadly positive as they recover from heavy selling last week. The European and U.S. bourses were firmly higher and the Asian markets are expected to follow that lead.
The SET finished modestly higher om Monday following gains from the financial shares and energy producers.
For the day, the index added 11.07 points or 0.75 percent to finish at 1,478.05 after trading between 1,456.45 and 1,481.66. Volume was 27.674 billion shares worth 77.818 billion baht. There were 823 decliners and 716 gainers, with 440 stocks finishing unchanged.
Among the actives, Thailand Airport rallied 2.10 percent, while Asset World skidded 1.30 percent, Bangkok Asset Management added 0.49 percent, Bangkok Bank collected 0.44 percent, Bangkok Dusit Medical gained 0.48 percent, Bangkok Expressway shed 0.61 percent, Charoen Pokphand Foods jumped 1.83 percent, Gulf lost 0.75 percent, Kasikornbank spiked 3.94 percent, Krung Thai Bank climbed 1.74 percent, PTT surged 3.97 percent, PTT Exploration and Production accelerated 2.90 percent, PTT Global Chemical soared 2.97 percent, Siam Commercial Bank gathered 1.59 percent, Siam Concrete dropped 1.06 percent, SCG Packaging advanced 1.62 percent, TMB Bank perked 1.82 percent and Advanced Info and BTS Group were unchanged.
The lead from Wall Street is upbeat as stocks opened higher on Monday and stayed firmly in the green throughout the session, cutting into last week's heavy losses.
The Dow climbed 229.29 points or 0.76 percent to finish at 30,211.91, while the NASDAQ spiked 332.70 points or 2.55 percent to end at 13,403.39 and the S&P 500 gained 59.62 points or 1.61 percent to close at 3,773.86.
The rebound on Wall Street came as traders looked to pick up stocks at somewhat reduced levels after the markets saw their biggest weekly decline since October.
Traders continued to keep an eye on heavily-shorted stocks like GameStop (GME) and AMC Entertainment, which have seen considerable volatility amid speculative trading by retail investors. Share of GameStop plunged by 30.8 percent on the day, while shares of AMC edged up by 0.3 percent after seeing early strength.
In economic news, the Institute for Supply Management said the pace of growth in U.S. manufacturing activity slowed more than expected in January. Also, the Commerce Department said U.S. construction spending increased by slightly more than expected in December.
Crude oil futures ended sharply higher Monday on optimism about improved vaccination rollout and OPEC production cuts. West Texas Intermediate Crude oil futures for March rose $1.35 or 2.6 percent at $53.55 a barrel.
For comments and feedback contact: editorial@rttnews.com
