Recovery Tipped For Thai Stock Market – Nasdaq

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(RTTNews.com) – The Thai stock market on Tuesday ended the two-day winning streak in which it had gathered almost 8 points or 0.5 percent. The Stock Exchange of Thailand now rests just beneath the 1,580-point plateau although it may rebound on Wednesday.

The global forecast for the Asian markets is suddenly upbeat after U.S. index provider MSCI said early this morning that it will add mainland Chinese stocks to one of its key benchmarks – although the upside may be limited by another sharp drop in the price of crude oil. The European and U.S. markets were down but the Asian bourses may find support.

The SET finished slightly lower on Tuesday as losses from the cement and energy stocks were tempered by support from the financial sector.

Among the actives, Thailand Airport dropped 1.08 percent, while Bangkok Bank added 0.28 percent, Bangkok Medical shed 0.53 percent, Bangkok Expressway tumbled 1.38 percent, Krung Thai Bank jumped 1.08 percent, PTT climbed 1.05 percent, PTT Exploration and Production perked 0.56 percent, PTT Global Chemical fell 0.72 percent, Siam Concrete dipped 0.39 percent and Kasikornbank, Advanced Info and Banpu were unchanged.

The lead from Wall Street is weak as stocks moved lower on Tuesday, pulling back after a strong showing in the previous session.

The Dow dipped 61.85 points or 0.3 percent to 21,467.14, while the NASDAQ slid 50.98 points or 0.8 percent to 6,188.03 and the S&P 500 fell 16.43 points or 0.7 percent to 2,437.03.

The pullback came amid a sharp drop in the price of crude oil, with crude for July delivery tumbling $0.97 to $43.23 a barrel. That’s the lowest closing level for a front-month contract since last September.

The drop pulled crude oil into bear territory, as the price is down by nearly 22 percent compared to the 52-week high of $55.24 a barrel hit in early January.

Overall trading activity remained somewhat subdued, however, with a lack of major U.S. economic data keeping traders on the sidelines.

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