Continued Consolidation Called For Thai Bourse

(RTTNews) - The Thai stock market on Thursday snapped the three-day winning streak in which it had advanced more than 15 points or 0.9 percent. The Stock Exchange of Thailand now rests just beneath the 1,660-point plateau and it may dip lower again on Friday.

The global forecast for the Asian markets is wait and see ahead of the start on earnings season; a tumble in crude oil prices provides a negative bias as the European and U.S. markets were mixed and roughly flat.

The SET finished slightly lower on Thursday following losses from the financial shares and energy producers.

For the day, the index dipped 3.04 points or 0.18 percent to finish at 1,659.09 after trading between 1,656.33 and 1,662.53. Volume was 9.339 billion shares worth 40.713 billion baht. There were 673 decliners and 510 gainers, with 537 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.26 percent, while Thailand Airport lost 0.37 percent, Bangkok Bank sank 0.48 percent, Bangkok Medical advanced 0.40 percent, Bangkok Expressway dropped 0.99 percent, Charoen Pokphand Foods climbed 1.00 percent, Kasikornbank skidded 1.30 percent, PTT Exploration and Production tumbled 1.13 percent, PTT Global Chemical added 0.35 percent, Siam Concrete plunged 2.598 percent, TMB Bank retreated 0.95 percent and Siam Commercial Bank, PTT, Krung Thai Bank, Banpu and BTS Group all were unchanged.

The lead from Wall Street offers little clarity as stocks fluctuated on Thursday before ending mixed and little changed.

The Dow shed 14.11 points or 0.05 percent to end at 26,143.05, while the NASDAQ fell 16.88 points or 0.21 percent to 7,947.36 and the S&P 500 added 0.11 points to finish at 2,888.32.

Traders seemed reluctant to make significant moves ahead of the upcoming earnings season, as analysts expect results to be disappointing. Financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC) are due to report results later today, marking the unofficial start of the reporting season.

Lingering uncertainty about the global economic outlook and a potential U.S.-China trade deal also kept traders on the sidelines.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits fell to their lowest level in nearly 50 years last week. Also, the Labor Department said a spike in energy prices contributed to a bigger than expected increase in U.S. producer prices in March.

Crude oil futures tumbled on Thursday on worries about a possible drop in demand for crude due to slowing global economy. West Texas Intermediate Crude oil futures for May ended down $1.03 or 1.6 percent at $63.58 a barrel.
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