(RTTNews) – The Thai stock market has moved higher in three straight sessions, advancing almost 6 points or 0.4 percent along the way. The Stock Exchange of Thailand now rests just shy of the 1,620-point plateau, although the rally may stall on Tuesday.
The global forecast for the Asian markets calls for mild consolidation thanks to geopolitical concerns, although gold and oil prices offered support. The European markets were down and the U.S. bourses were on holiday, and the Asian markets are eying a soft start on Tuesday.
The SET finished barely higher on Monday as gains from the food and cement stocks were capped by weakness from the energy producers and a mixed bag from the financial sector.
For the day, the index added 0.69 points or 0.04 percent to finish at 1,619.11 after trading between 1,614.30 and 1,621.37. Volume was 8.979 billion shares worth 44.872 billion baht. There were 707 decliners and 477 gainers, with 446 stocks finishing unchanged.
Among the actives, Advanced Info added 0.79 percent, while Thailand Airport skidded 1.36 percent, Bangkok Medical advanced 0.97 percent, Bangkok Expressway tumbled 1.28 percent, Charoen Pokphand Foods spiked 2.78 percent, PTT shed 0.25 percent, PTT Exploration and Production lost 0.28 percent, PTT Global Chemical dropped 1.32 percent, Siam Commercial Bank gave away 0.99 percent, Siam Concrete advanced 0.81 percent and Krung Thai Bank, Kasikornbank, Banpu and Bangkok Bank were unchanged.
There is no lead from Wall Street, which was shuttered Monday for the Labor Day holiday, while the European markets finished in the red.
Germany’s DAX was down 40.43 points or 0.33 percent to 12,102.21, while London’s FTSE lost 27.03 points or 0.36 percent to 7,411.47 and the CAC 40 in France fell 19.29 points or 0.38 percent to 5,103.97.
Gold miners were on the rise as gold prices hit a 10-month high after the North Korean nuclear test and amid economic policy uncertainty in the United States. Mining stocks also traded higher as copper jumped more than 1 percent to its highest level in three years.
Crude oil prices were higher on Monday while gasoline prices fell as oil refineries and pipelines in the U.S. Gulf Coast resumed activity, easing supply concerns. U.S. West Texas Intermediate crude futures gained 8 cents to $47.37 per barrel.
In economic releases, Eurozone investor morale improved unexpectedly in September, the Sentix research group noted. Also, HIS Markit said that U.K. construction activity growth eased to a one year low in August.
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