Thailand’s stock market could reverse Monday’s losses
(RTTNews) – Thailand’s stock market ended a four-day winning streak on Monday in which it climbed nearly 25 points or 1.4%. The Stock Exchange of Thailand is now just above the plateau of 1,675 points, although it should reopen in the green on Tuesday.
The global forecast for Asian markets is cautiously optimistic, with bargain hunting likely after exaggerated selling a day earlier. European markets were down and US stock markets were up and Asian markets should follow the latter lead.
The SET ended slightly lower on Monday following losses in financial stocks and energy producers.
For the day, the index fell 15.26 points or 0.90% to end at 1,675.33 after trading between 1,672.99 and 1,683.06. The volume was 20.903 billion shares worth 71.362 billion baht. There were 1,337 declines and 475 gains, with 391 stocks remaining unchanged.
Among assets, Banpu fell 2.52%, while Bangkok Dusit Medical fell 0.93%, CP All Public fell 1.51%, Kasikornbank fell 1.63%, PTT lost 0 .67% and PTT Exploration and Production slipped 1.03%.
Wall Street’s lead ends up being positive as major averages spent the most on Monday in negative territory before a subsequent rally pushed them solidly into the green.
The Dow Jones jumped 238.06 points or 0.70% to end at 34,049.46, while the NASDAQ jumped 165.56 points or 1.29% to end at 13,004.85 and the S&P 500 gained 24.34 points or 0.57% to close at 4,296.12.
Wall Street’s late rebound came as Treasuries retreated as the day progressed. The ten-year yield continued to give ground after ending last Thursday’s trading at its highest closing level since December 2018.
NASDAQ benefited from a rise in shares of Twitter (TWTR), which jumped 5.7% after the social media giant agreed to a deal to buy billionaire Elon Musk valued at around $44 billion.
The soft start is the result of lingering worries about the interest rate outlook ahead of the Federal Reserve’s monetary policy meeting next week, as well as worries about global economic growth amid a surge in cases. of Covid-19 in China.
Crude oil prices fell sharply on Monday as a spike in Covid cases in China raised concerns about energy demand. A strong US dollar amid growing prospects of a series of sharp interest rate hikes by the Federal Reserve also weighed on crude oil prices. West Texas Intermediate crude oil futures for June ended down $3.53 or 3.5% at $98.54 a barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.