News Column

Quiet Start Tipped For Thai Stock Market

August 27, 2014

BEIJING (dpa-AFX) - The Thai stock market bounced right back to the upside again on Wednesday, one day after it had ended the five-day winning streak in which it had gathered more than 20 points or 1.3 percent. The Stock Exchange of Thailand settled just below the 1,565-point plateau, and now the market is looking at a flat lead for Thursday.

The global forecast for the Asian markets is fairly directionless amid a lack of economic data, plus unremarkable earnings news. Even the geopolitical scene was quiet, so the European and U.S. markets finished mixed but barely changed - and the Asian markets figure to follow suit.

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

For the day, the index added 4.41 points or 0.28 percent to finish at 1,564.58 after trading between 1,559.30 and 1,570.86. Volume was 8.423 billion shares worth 44.848 billion baht. There were 421 decliners and 343 gainers, with 224 stocks finishing unchanged.

Among the actives, coal miner Banpu climbed 1.56 percent, while Bangkok Bank jumped 1.48 percent, Kasikornbank surged 1.80 percent, energy giant PTT and PTT Exploration and Production both tumbled 0.90 percent, PTT Global Chemical plunged 1.89 percent, Siam Commercial Bank collected 0.79 percent and Siam Concrete advanced 1.38 percent.

The lead from Wall Street provides little guidance as the major averages bounced around the unchanged mark for most of Wednesday's session.

The S&P 500 barely extended its record high after posting its first close above 2,000 on Tuesday, adding a fraction to 2,000.12. The Dow Jones Industrial Average rose 15.31 points, or less than 0.1 percent, to 17,122.01, and the NASDAQ declined 1.02 points to 4,569.62.

Traders yawned at a mixed bag of corporate earnings on a day without any first-tier economic data from the U.S.

Apple (AAPL) gained 1.2 percent following reports that the company will launch its biggest-yet iPad early in 2015. Also, Facebook (FB) was downgraded to neutral from buy at Janney Capital. Shares were up fractionally.

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Source: dpa-AFX International Compact

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