(RTTNews) - The Thai stock market on Friday snapped the two-day winning streak in which it had gathered more than 35 points or 2.2 percent. The Stock Exchange of Thailand now sits just beneath the 1,680-point plateau although it figures to see renewed support on Monday.
The global forecast for the Asian markets suggests a higher opening, although last week's relief rally appears to be losing stream with tech and oil stocks figure to provide support. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SET finished slightly lower on Friday following mixed performances from the financial shares and energy producers.
For the day, the index dipped 3.25 points or 0.19 percent to finish at 1,678.51 after trading between 1,677.16 and 1,685.68. Volume was 26.901 billion shares worth 98.135 billion baht. There were 1,144 decliners and 629 gainers, with 579 stocks finishing unchanged.
Among the actives, Advanced Info sank 0.85 percent, while Asset World advanced 0.81 percent, Banpu improved 0.91 percent, Bangkok Bank collected 0.73 percent, Bangkok Dusit Medical climbed 0.99 percent, Bangkok Expressway retreated 1.69 percent, BTS Group stumbled 1.61 percent, CP All Public fell 0.37 percent, Charoen Pokphand Foods dropped 0.81 percent, Energy Absolute shed 0.56 percent, Gulf lost 0.50 percent, IRPC declined 1.11 percent, Kasikornbank slumped 0.92 percent, Krung Thai Bank weakened 0.72 percent, Krung Thai Card surrendered 0.79 percent, PTT Oil & Retail slid 0.98 percent, PTT dipped 0.64 percent, PTT Exploration and Production improved 1.05 percent, SCG Packaging gave away 0.85 percent, Siam Commercial Bank tumbled 1.66 percent, Siam Concrete tanked 1.04 percent, True Corporation was down 0.81 percent, TTB Bank slipped 0.75 percent and Thailand Airport, B. Grimm and PTT Global Chemical were unchanged.
The lead from Wall Street is positive as the major average shook off early weakness on Friday to finish well into the green.
The Dow jumped 274.13 points or 0.80 percent to finish at 34,754.93, while the NASDAQ spiked 279.04 points or 2.05 percent to end at 13,893.84 and the S&P 500 climbed 51.45 points or 1.17 percent to close at 4,463.12. For the week, the NASDAQ surged 8.1 percent, the Dow spiked 5.4 percent and the S&P gained 5.5 percent.
The markets continued to benefit from recent upward momentum, with the major averages recovering from the sell-off sparked by Russia's invasion of Ukraine, although ongoing peace talks have thus far failed to yield a breakthrough.
President Joe Biden spoke with Chinese President Xi Jinping about the conflict on Friday, with the White House saying Biden described the implications and consequences if China provides material support to Russia.
In U.S. economic news, the National Association of Realtors noted a sharp pullback in U.S. existing home sales in February. Also, the Conference Board's U.S. leading economic index rose more than expected last month.
Crude oil futures settled sharply higher on Friday but still posted a weekly loss due to concerns about outlook for energy demand and recent data showing a jump in U.S. crude inventories. West Texas Intermediate Crude oil futures for April ended higher by $1.72 or 1.7 percent at $104.70 a barrel. WTI crude oil futures shed more than 3 percent in the week.
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