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Thai stock market poised for rebound

Thai stock market poised for rebound

BANGKOK: The Thai stock market on Friday halted the modest two-day winning streak in which it had added more than 10 points or 0.6 percent. The Stock Exchange of Thailand now rests just above the 1,575-point plateau although it’s expected to bounce higher again on Monday. The global forecast for the Asian markets is firm, thanks to the extended rebound in crude oil prices and renewed optimism about the outlook for interest rates. The European markets were down on Friday and the U.S. markets were up – and the Asian bourses figure to follow the latter lead. The SET finished slightly lower on Friday following losses from the financial shares and energy producers. Among the actives, Advanced Info jumped 1.34 percent, while Thailand Airport shed 0.51 percent, Banpu gained 0.63 percent, PTT, Bangkok Bank and Krung Thai Bank all lost 0.53 percent, Bangkok Expressway fell 0.66 percent, Kasikornbank dipped 0.49 percent, Charoen Pokphand Foods climbed 1.23 percent, Siam Commercial Bank dropped 0.95 percent, Siam Concrete advanced 1.19 percent and Bangkok Medical and PTT Exploration and Production were unchanged.

The lead from Wall Street is positive as stocks moved higher on Friday, extending their recent upward trend. The Dow rose 84.65 points or 0.4 percent to 21,637.74, while the NASDAQ advanced 38.03 points or 0.6 percent to 6,312.47 and the S&P gained 11.44 points or 0.5 percent to 2,459.27. For the week, the NASDAQ surged 2.6 percent, while the Dow jumped 1 percent and the S&P climbed 1.4 percent. The strength followed several key economic reports, with the data suggesting that the Federal Reserve will not hurry to raise interest rates.

The Commerce Department said retail sales fell for the second straight month in June, while the Labor Department said consumer prices were unchanged in June. Also, the Federal Reserve said industrial production increased more than expected in June. The rally in crude oil prices continued Friday on a weaker dollar and the outlook for interest rates. August West Texas Intermediate crude rose 46 cents or 1 percent to $46.54 a barrel on the New York Mercantile Exchange for the session. Prices surged 5.2 percent last week.