Thailand’s stock market could be set for rebound Friday


On Thursday the Thai stock market’s two-day winning streak came to an end in which it had gained 0.9 percent. The Stock Exchange of Thailand (SET) is now just above the 1,410 point mark, and is expected to recover on Friday.

The overall forecast for Asian markets is mixed, with bargains capped by concerns over the UK’s “Brexit” vote next week. European markets were down and US bourses slightly higher.

The SET finished sharply down on Thursday after heavy damage among financial shares and energy companies.

For the day, the index fell 23.70 points or 1.65 percent to finish at 1,411.19 after trading between 1,410.26 and 1,429.74. Volume was 12.291 billion shares worth 46.764 billion baht. There were 974 decliners and 309 gainers, with 199 stocks finishing unchanged.

Among the movers, Advanced Info fell 4 percent, while coal miner Banpu lost 3.12 percent, Bangkok Bank dropped 3.65 percent, Kasikornbank lost 2.99 percent, energy giant PTT fell 1.88 percent, PTT Exploration and Production tumbled 2.71 percent, PTT Global Chemical retreated 1.65 percent, Siam Commercial Bank dipped 2.22 percent and Siam Concrete eased 0.85 percent.

The lead from Wall Street is cautiously optimistic as stocks rebounded on Thursday after opening sharply lower.

The Dow climbed 92.93 points or 0.5 percent to 17,733.10, while the NASDAQ edged up 9.98 points or 0.2 percent to 4,844.92 and the S&P 500 rose 6.49 points or 0.3 percent to 2,077.99.

Early selling pressure followed inaction by global central banks, including the Bank of Japan and the Federal Reserve.

The inaction was partly attributed to concerns over next week’s referendum on Britain’s membership in the European Union. The Bank of England also maintained its monetary policy amid concerns about the vote on the so-called Brexit.

In economic news, the US Labor Department said consumer prices rose by less than expected in May, while other reports showed larger than expected increase in jobless claims in the week ended June 11.