Rebound Called For Thai Stock Market

(RTTNews) – The Thai stock market headed south again on Thursday, one day after it had ended the two-day slide in which it had stumbled more than 90 points or 8.4 percent. The Stock Exchange of Thailand now rests just beneath the 1,045-point plateau although it figures to bounce higher again on Friday.

The global forecast for the Asian markets is positive following a rebound in crude oil prices and optimism over stimulus from banks and governments. The European and U.S. markets were broadly higher and the Asian bourses are tipped to open in similar fashion.

The SET finished slightly lower on Thursday following losses from the energy producers and a mixed picture from the financial sector.

For the day, the index eased 3.96 points or 0.38 percent to finish at 1,044.19 after trading between 1,010.60 and 1,048.80. Volume was 7.744 billion shares worth 61.601 billion baht. There were 584 gainers and 580 decliners, with 376 stocks finishing unchanged.

Among the actives, Advanced Info soared 5.56 percent, while Thailand Airport tumbled 4.08 percent, Asset World plummeted 8.24 percent, Banpu jumped 2.00 percent, Bangkok Bank plunged 4.81 percent, Bangkok Dusit Medical retreated 4.21 percent, Bangkok Expressway added 0.75 percent, BTS Group gained 0.57 percent, Charoen Pokphand Foods spiked 3.30 percent, Kasikornbank lost 0.86 percent, PTT skidded 2.83 percent, PTT Exploration and Production sank 3.51 percent, PTT Global Chemical fell 0.41 percent, Siam Concrete advanced 0.73 percent, TMB Bank climbed 1.35 percent and Krung Thai Bank and Siam Commercial Bank were unchanged.

The lead from Wall Street suggests upside punctuated by continued volatility as stocks opened lower on Thursday before surging as the day progressed. Many of the gains evaporated, but the markets still ended in the green.

The Dow climbed 188.27 points or 0.95 percent to finish at 20.087.19, while the NASDAQ jumped 160.73 points or 2.30 percent to 7,150.58 and the S&P 500 added 11.29 points or 0.47 percent to 2,409.39.

The early weakness on Wall Street was chased away by bargain hunting following recent heavy losses.

Worries about outlook of energy demand subsided thanks to massive relief packages announced by global central banks and governments.

The Bank of England cut the bank rate again, to a record low on Thursday, and expanded its bond buying scheme and the targeted funding measure for small and medium businesses, extending further support to the UK economy amid the spread of the coronavirus, or Covid-19.

Crude oil prices skyrocketed Thursday, earning the front month futures contracts their biggest single-day gains in percentage terms. West Texas Intermediate Crude oil futures for April ended up $4.85 or 23.8 percent at $25.22 a barrel.

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