Market Commentary and Intraday News
Thai Shares May Halt Slide On Monday
277 days ago
(RTTNews) - The Thai stock market has closed lower now in back-to-back sessions, although it has given up just over 2 points or 0.2 percent in that span. The Stock Exchange of Thailand remained just below the 1,225-point plateau, and now investors may be tempted to go out hunting for bargains when the market opens on Monday.
The global forecast for the Asian markets is flat with a hint of upside thanks to better than expected consumer sentiment data from the United States, as well as some upbeat corporate earnings news as the season winds down. The European and U.S. markets finished with mild upside, and the Asian bourses are expected to open in similar fashion.
The SET finished flat on Friday, bumped into the red by weakness from the energy producers and the financial shares.
For the day, the index eased 0.49 points or 0.04 percent to finish at 1,223.91 after trading between 3.519 billion shares worth 26.923 billion baht. There were 298 gainers and 226 decliners, with 178 stocks finishing unchanged.
Among the actives, energy giant PTT was down 0.59 percent, while PTT Exploration and Production was unchanged, Siam Commercial Bank plunged 2.22 percent, Kasikornbank fell 1.44 percent and Bangkok Bank shed 1.75 percent.
The lead from Wall Street is cautiously optimistic as stocks ended Friday's trading with modest gains, extending a recent advance. A choppy session ended with some momentum going into the close. Better-than-expected economic news solidified market sentiment and allowed the major averages to continue their recent upward drift.
Stocks bounced around through much of the session, with the major averages spending some time in negative territory. The NASDAQ was able to gain ground following the mid-morning. The Dow and S&P 500 held closer to the unchanged mark. Shares received some additional buying interest headed into the close. This allowed the major averages to post modest gains on the session.
Investors were cheered by some positive data on consumer sentiment. Consumer attitudes have improved in August, according to a closely watched survey, rising to their highest level in three months. The Thomson Reuters/University of Michigan consumer sentiment index advanced to 73.6 for the month, up from a reading of 72.3 in July. The result topped the figure predicted by economists.
In corporate news, retailer Gap (GPS) revealed earnings for the second quarter that rose 29 percent from last year and topped the amount analysts had predicted. The company also raised its forecast.
Ann Inc. (ANN) was another retailer that posted gains on the session. The owner of the Ann Taylor chain of women's clothing stores beat expectations with its quarterly profit and issued a strong outlook. Shares of Ann climbed $5.75, or 20.4 percent, to close at $33.89.
The major U.S. averages were slightly higher on Friday as the Dow gained 25.09 points, or 0.19 percent, to finish at 13,275.20. The NASDAQ rose 14.20 points, or 0.46 percent, to end at 3,076.59. The S&P 500, which posted its sixth consecutive week of gains, gained 2.65, or 0.19 percent to close at 1,418.16.
In economic news, Thailand will on Monday release Q2 figures for gross domestic product. GDP was up 11.0 percent on quarter and 0.3 percent on year in the previous three months.
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