(RTTNews) – The Thai stock market on Friday wrote a finish to the four-day winning streak in which it had advanced almost 35 points or 2.5 percent. The Stock Exchange of Thailand now sits just beneath the 1,360-point plateau although it’s likely to bounce higher again on Monday.
The global forecast for the Asian markets is positive on upbeat inflation data and support from the oil and technology companies. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.
The SET finished slightly lower on Friday as losses from the industrial, resource, service and technology stocks were mitigated by support from the food and financial sectors.
For the day, the index fell 4.33 points or 0.32 percent to finish at 1,359.94 after trading between 1,358.26 and 1,366.24. Volume was 12.139 billion shares worth 40.183 billion baht. There were 253 decliners and 209 gainers, with 192 stocks finishing unchanged.
Among the actives, Advanced Info slumped 1.27 percent, while Thailand Airport eased 0.39 percent, Asset World added 0.46 percent, Banpu tumbled 1.85 percent, Bangkok Bank fell 0.37 percent, Bangkok Dusit Medical advanced 0.87 percent, Bangkok Expressway weakened 1.22 percent, B. Grimm dropped 0.96 percent, BTS Group skidded 0.79 percent, CP All Public tanked 1.73 percent, Charoen Pokphand Foods strengthened 1.64 percent, Energy Absolute stumbled 1.60 percent, Gulf plunged 3.03 percent, Kasikornbank jumped 1.98 percent, Krung Thai Bank collected 0.61 percent, Krung Thai Card shed 0.58 percent, PTT Oil & Retail gained 0.56 percent, PTT Exploration and Production slid 0.32 percent, SCG Packaging sank 0.77 percent, Siam Commercial Bank rallied 1.43 percent, Siam Concrete fell 0.40 percent, Thai Oil declined 1.32 percent, True Corporation retreated 1.29 percent and TTB Bank, PTT Global Chemical and PTT were unchanged.
The lead from Wall Street is solid as the major averages opened higher on Friday and remained in the green throughout the trading day.
The Dow climbed 153.86 points or 0.40 percent to finish at 38,239.66, while the NASDAQ surged 316.10 points or 2.02 percent to end at 15,927.90 and the S&P 500 rallied 51.54 points or 1.02 percent to close at 5.099.96.
For the week, the NASDAQ spiked 4.2 percent, the S&P 500 jumped 2.7 percent and the Dow added 0.7 percent.
The rally on Wall Street came amid a positive reaction to some of the latest earnings news from big-name tech companies such as Alphabet (GOOGL), software giant Microsoft (MSFT) and Snap (SNAP).
Traders also reacted positively to closely watched readings on inflation released by the Commerce Department showing consumer prices in the U.S. increased in line with estimates in March.
Treasury yields moved lower following the release of the report, which may have helped mitigate any negative response to the data.
Oil prices edged higher on Friday on optimism about the outlook for oil demand and concerns about supply. West Texas Intermediate Crude oil futures for June ended higher by $0.28 or 0.34 percent at $83.85 a barrel. WTI crude futures gained 0.85 percent in the week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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