(RTTNews) - The Thai stock market on Tuesday snapped the two-day winning streak in which it had risen almost 7 points or 0.5 percent. The Stock Exchange of Thailand now sits just beneath the 1,450-point plateau although it's likely to rebound on Wednesday.
The global forecast for the Asian markets is upbeat on optimism for an end to hostilities in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The SET finished slightly lower on Tuesday as losses from the technology shares were offset by support from the industrial and property sectors. For the day, the index slipped 1.48 points or 0.10 percent to finish at 1,448.14 after trading between 1,439.46 and1,454.16. Volume was 10.014 billion shares worth 71.800 billion baht. There were 316 gainers and 161 decliners, with 186 stocks finishing unchanged. Among the actives, Advanced Info improved 0.81 percent, while Thailand Airport advanced 0.97 percent, Asset World surged 3.88 percent, Banpu tumbled 2.42 percent, Bangkok Dusit Medical accelerated 2.17 percent, Bangkok Expressway gained 1.94 percent, B. Grimm expanded 4.39 percent, BTS Group elevated 4.85 percent, CP All Public rallied 2.25 percent, Energy Absolute strengthened 1.49 percent, Gulf rose 0.42 percent, Kasikornbank collected 0.53 percent, Krung Thai Card vaulted 1.71 percent, PTT Oil & Retail skyrocketed 6.50 percent, PTT sank 0.71 percent, PTT Exploration and Production perked 0.31 percent, PTT Global Chemical soared 2.82 percent, Siam Commercial Bank shed 0.69 percent, Siam Concrete added 0.49 percent, Thai Oil plunged 2.99 percent, True Corporation spiked 2.86 percent, TTB Bank jumped 1.77 percent and Charoen Pokphand Foods, Bangkok Bank, Krung Thai Bank and SCG Packaging were unchanged.
The lead from Wall Street is broadly positive as the major averages opened higher on Tuesday and continued to accelerate throughout the day, ending at session highs.
The Dow surged 1,125.37 points or 2.49 percent to finish at 46,341.51, while the NASDAQ rallied 795.99 points or 3.83 percent to end at 21,590.63 and the S&P 500 jumped 184.80 points or 2.91 percent to close at 6,528.52.
Despite the rally on the day, the major averages all posted steep losses for the month of March. The Dow plummeted 5.4 percent, the S&P 500 plunged 5.1 percent and the NASDAQ tumbled 4.8 percent.
The rally on Wall Street followed reports that U.S. President Donald Trump is looking to end the war in the Middle East even if the Strait of Hormuz remains largely closed.
Bargain hunting also contributed to the strength on Wall Street, with the NASDAQ and the S&P 500 bouncing off their lowest closing levels in almost eight months.
Crude oil plummeted Tuesday on reports that Trump was willing to push Iran to reopen the Strait of Hormuz through diplomatic efforts. West Texas Intermediate crude for May delivery was down $1.28 or 1.24 percent at $101.60 per barrel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
