Renewed Consolidation Tipped For Thai Bourse

The Thai stock market bounced higher again on Friday, one session after it had ended the three-day winning streak in which it had gathered almost 40 points or 2.5 percent. The Stock Exchange of Thailand now rests just above the 1,680-point plateau although it’s expected to head south again on Monday.

The global forecast for the Asian markets is soft, with technology stocks expected to weigh amid profit taking and concerns over the outlook for interest rates. The European markets were mixed and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

The SET finished modestly higher on Friday following gains from the financial shares and the energy producers.

For the day, the index advanced 14.29 points or 0.86 percent to finish at 1,681.84 after trading between 1,672.09 and 1,687.76. Volume was 15.333 billion shares worth 60.886 billion baht. There were 1,012 gainers and 444 decliners, with 404 stocks finishing unchanged.

Among the actives, Advanced Info plunged 3.82 percent, while Thailand Airport added 0.78 percent, Banpu climbed 1.14 percent, Bangkok Bank collected 0.94 percent, Bangkok Expressway gained 0.58 percent, Charoen Pokphand Foods advanced 1.00 percent, Kasikornbank perked 0.49 percent, Krung Thai Bank gathered 0.99 percent, PTT rose 0.51 percent, PTT Exploration and Production surged 2.17 percent, PTT Global Chemical jumped 1.30 percent, Siam Commercial Bank soared 2.90 percent, Siam Concrete spiked 2.40 percent and Bangkok Medical and Beauty Community were unchanged.

The lead from Wall Street is soft as stocks shrugged off a positive open, moving lower as the day progressed and ending in the red.

The Dow fell 109.91 points or 0.43 percent to 25,270.83, while the NASDAQ slumped 77.06 points or 1.04 percent to 7,356.99 and the S&P slid 17.31 points or 0.63 percent to 2,723.06. For the week, the NASDAQ

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