(RTTNews) – Ahead of Friday’s holiday for the Lunar New Year, the Thai stock market had moved lower in back-to-back sessions, sliding almost 10 points or 0.6 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,510-point plateau although it may find traction on Monday.

The global forecast for the Asian markets suggests mild upside in light trade as several bourses remain closed for the Lunar New Year. The European and U.S. markets were modestly higher on Friday and the Asian markets are tipped to open in similar fashion.

The SET finished modestly lower on Thursday as the financial shares and energy producers were mostly in the red.

For the day, the index sank 8.59 points or 0.57 percent to finish at 1,508.35 after trading between 1,503.19 and 1,521.31. Volume was 24.184 billion shares worth 106.410 billion baht. There were 1,049 decliners and 504 gainers, with 465 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.29 percent, while Asset World tanked 2.04 percent, Bangkok Dusit Medical tumbled 1.89 percent, Bangkok Expressway lost 0.62 percent, BTS Group fell 0.53 percent, Gulf sank 0.71 percent, Kasikornbank collected 0.35 percent, PTT skidded 1.23 percent, PTT Exploration and Production added 0.45 percent, PTT Global Chemical and Thailand Airport both dropped 0.78 percent, SCG Packaging gained 0.52 percent, Siam Commercial Bank dropped 0.93 percent, Siam Concrete dipped 0.27 percent, TMB Bank retreated 0.85 percent and Bangkok Asset Management, Bangkok Bank, Charoen Pokphand Foods and Krung Thai Bank were unchanged.

The lead from Wall Street is cautiously optimistic as the major averages shook off a lower open on Friday to finish slightly in the green and at fresh record closing highs.

The Dow added 27.70 points or 0.09 percent to finish at 31,458.40, while the NASDAQ gained 69.70 points or 0.50 percent to end at 14,095.47 and the S&P 500 rose 18.45 points or 0.47 percent to close at 3,934.83. For the week, the Dow jumped 1 percent, the NASDAQ spiked 1.7 percent and the S&P rose 1.2 percent.

Profit taking contributed to modest weakness early in the trading session, although selling pressure remained subdued. The markets have largely maintained their upward momentum amid optimism about more fiscal stimulus and an easing of the coronavirus crisis.

Traders largely shrugged off a preliminary report from the University of Michigan showing an unexpected deterioration in U.S. consumer sentiment in February.

Traders have recently looked at weak economic data as a positive for the markets amid the assumption that it will put pressure on lawmakers to provide more stimulus.

Crude oil prices moved higher on Friday as tensions in the Middle East raised the possibility of disruptions in crude supplies. West Texas Intermediate Crude oil futures for March ended up $1.23 or 2.1 percent at $59.47 a barrel.

Closer to home, Thailand will provide Q4 numbers for gross domestic product later today, with forecasts suggesting an increase of 0.8 percent on quarter and a decline of 5.4 percent on year. That follows the 6.5 percent quarterly increase and the 6.4 percent yearly drop in Q3.

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