Narrow Range Likely To Continue For Thai Shares

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last five trading days since the end of the three-day winning streak in which it had gathered more than 25 points or 1.8 percent. The Stock Exchange of Thailand now rests just below the 1,525-point plateau, and the market figures to remain rangebound on Monday.

The global forecast for the Asian markets suggests consolidation, thanks to hawkish remarks from Federal Reserve Chair Janet Yellen. The European and U.S. markets ended slightly lower, and the Asian bourses figure to follow that lead.

The SET finished slightly lower on Friday as the energy producers were slightly soft and the financials came in mixed.

For the day, the index eased 2.39 points or 0.16 percent to finish at 1,523.86 after trading between 1,522.06 and 1,536.30. Volume was 6.925 billion shares worth 38.512 billion baht. There were 511 decliners and 385 gainers, with 244 stocks finishing unchanged.

Among the actives, coal miner Banpu was unchanged, while Bangkok Bank eased 0.28 percent, Kasikornbank collected 0.25 percent, energy giant PTT lost 1.10 percent, PTT Exploration and Production was flat, PTT Global Chemical dropped 1.51 percent, Siam Commercial Bank was unchanged and Siam Concrete gave away 0.73 percent.

The lead from Wall Street is slightly negative as stocks moved lower on Friday, handing back some of the gains from earlier in the week.

Speaking to the Chamber of Commerce in Providence, R.I., Yellen said the central bank will likely raise interest rates this year, as long as economic activity picks up. She added that transitory factors were mostly to blame for first quarter weakness.

The S&P 500 was down 4.76 points or 0.2 percent to 2,126.06 but gained 0.2 percent for the week. The Dow dipped 0.3 percent or 53.72 points to 18,232.02 for a 0.2 percent weekly loss. The NASDAQ eased 1.43 points to 5,089.36, but added 0.8 percent for the week.

The choppy trading also followed the Labor Department's report on consumer price inflation, which rose in line with estimates, although core prices rose by more than expected.

The U.S. markets are closed on Monday for the Memorial Day holiday, and will re-open on Tuesday.