Higher Open Called For Thai Stock Market

(RTTNews) - The Thai stock market turned lower again on Monday, one session after ending the two-day slide in which it had given up more than 45 points or 2.8 percent. The Stock Exchange of Thailand now sits just beneath the 1,625-point plateau although it's likely to move back to the upside again on Tuesday.

The global forecast for the Asian markets is upbeat on sinking crude oil prices and optimism for an end to the conflict in the Middle East. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished slightly lower on Monday as losses from the industrials and technology stocks were offset by gains among the financials and properties.

For the day, the index dipped 1.74 points or 0.11 percent to finish at 1,621.90 after trading between 1,610.63 and 1,628.49. Volume was 10.480 billion shares worth 74.735 billion baht. There were 316 gainers and 160 decliners, with 181 stocks finishing unchanged.

The lead from Wall Street is solid as the major averages opened higher and continued to accelerate throughout the trading day, ending at session highs.

The Dow rallied 693.38 points or 1.32 percent to finish at 53,178.41, while the NASDAQ surged 540.04 points or 2.13 percent to end at 25,913.90 and the S&P 500 jumped 110.78 points or 1.48 percent to close at 7,600.50.

The rally on Wall Street came as crude oil prices have plummeted amid renewed optimism about an end to the conflict in the Middle East.

Crude oil prices plummeted on Monday, with supply disruption threats diminishing after U.S. President Donald Trump called off a planned attack on Iran. West Texas Intermediate crude for September delivery was down $4.77 5.63 percent at $79.90 per barrel.

Trump later claimed that talks between the U.S. and Iran would begin Monday afternoon, although Tehran has denied there are plans for direct negotiations with the U.S.

In U.S. economic news, the Institute for Supply Management said U.S. manufacturing activity increased more than expected in July.