Market Commentary and Intraday News
Thai Shares May Fall On Profit Taking
261 days ago
(RTTNews) - The Thai stock market has moved higher now in consecutive trading days, gathering more than 20 points or 1.6 percent along the way. The Stock Exchange of Thailand settled just above the 1,235-point plateau, and now investors figure to lock in gains when the market opens on Tuesday.
The global forecast for the Asian markets is mixed with a hint of weakness after ratings agency Moody's downgraded the outlook for the European Union to negative from stable. A decline in Germany's manufacturing activity also may weigh on investors. The European markets were higher on Monday, while the U.S. bourses were closed for the Labor Day holiday - and the Asian markets are expected to open lower.
The SET finished modestly higher on Monday following support from the energy producers and the financial shares.
For the day, the index added 8.00 points or 0.65 percent to finish at 1,235.48 after trading between 1,229.15 and 1,239.19. Volume was 3.513 billion shares worth 24.500 billion baht. There were 330 gainers and 218 decliners, with 150 stocks finishing unchanged.
Among the gainers, energy giant PTT was up 2.12 percent, while Bangkok Bank climbed 2.93 percent, Siam Commercial Bank collected 0.67 percent and Kasikornbank jumped 2.07 percent.
There is no lead from Wall Street, which was closed for the Labor Day holiday, while the news from Europe is mixed - with caution also growing ahead of Friday's all-important nonfarm payroll data from the United States.
Adding to the pessimistic outlook, ratings agency Moody's on Monday downgraded the European Union's outlook to negative from stable, citing a weakened outlook for the region's largest economies and deterioration in credit-worthiness of certain members. The EU's AAA rating was unaffected.
On the economic front, Germany's manufacturing activity declined more than initially estimated for August, final data from Markit Economics showed on Monday. The final Markit/BME Purchasing Managers' Index came in at 44.7 in August, down from the flash reading of 45.1, but rose from 43 in July.
In a separate report, the Eurozone's manufacturing sector continued to contract in August, but a slower pace than in July, survey results confirmed. However, the improvement was slightly weaker than estimated in the flash report. In the U.K., the Markit/Chartered Institute of Purchasing & Supply Purchasing Managers Index rose more than expected to 49.5 from 45.2 in July. Economists had forecast the index to rise to 46.3.
The major European markets were firmly higher on Monday as the DAX in Germany picked up 0.63 percent, while the CAC 40 in France surged 1.19 percent, London's FTSE collected 0.82 percent and the Swiss market added 0.78 percent.
For comments and feedback: contact firstname.lastname@example.org
Copyright(c) 2012 RTTNews.com. All Rights Reserved