Thai Stock Market Tipped To Extend Losing Streak

(RTTNews) – The Thai stock market has moved lower in three straight sessions, sinking almost 25 points or 1.6 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,640-point plateau and it’s expected to open under pressure again on Friday. The global forecast for the Asian markets suggests consolidation on concerns for the outlook for interest rates and the global economy.

The European and U.S. markets were solidly lower and the Asian bourses are tipped to open in similar fashion. The SET finished modestly lower on Thursday following losses from the financials and a mixed picture from the energy producers. For the day, the index shed 8.99 points or 0.54 percent to finish at 1,643.30 after trading between 1,643.17 and 1,667.12.

Volume was 23.022 billion shares worth 77.457 billion baht. There were 1,208 decliners and 562 gainers, with 479 stocks finishing unchanged. Among the actives, Advanced Info retreated 1.42 percent, while Banpu strengthened 1.64 percent, Bangkok Bank sank 0.77 percent, Bangkok Dusit Medical declined 1.39 percent, B.

Grimm stumbled 1.54 percent, CP All Public jumped 1.53 percent, Energy Absolute dipped 0.29 percent, Gulf skidded 1.04 percent, IRPC lost 0.57 percent, Kasikornbank tanked 2.32 percent, Krung Thai Bank shed 0.67 percent, PTT Oil & Retail added 0.40 percent, PTT perked 0.67 percent, PTT Exploration and Production soared 4.04 percent, PTT Global Chemical improved 0.70 percent, Siam Commercial Bank surrendered 1.70 percent and TTB Bank, Thailand Airport, Krung Thai Card and BTS Group were unchanged. The lead from Wall Street is broadly negative as the major averages opened under pressure and saw the losses accelerate as the day progressed, finishing deep in the red. The Dow plummeted 1,063 points or 3.12 percent to finish at 32,997.97, while the NASDAQ plunged 647.16 points or 4.99 percent to close at 12,317.16 and the S&P 500 tumbled 153.30 points or 3.56 percent to end at 4,146.87.

The sell-off on Wall Street came as traders cashed in on the rally that followed the Federal Reserve’s monetary policy announcement on Wednesday, which was less hawkish than some had feared. But concerns about higher rates, inflation, the economic outlook and the ongoing war in Ukraine remain, contributing to the sharp pullback on Wall Street. A sharp increase in treasury yields also weighed as the yield on the benchmark ten-year note hit to its highest levels in three years.

Traders were also looking ahead to the release of the Labor Department’s closely watched monthly jobs report later today. Crude oil futures settled higher Thursday, benefitting from the European Union proposal to impose sanctions on Russian oil, although prices pared some gains as the dollar rebounded on safe haven buying. West Texas Intermediate Crude oil futures for June ended higher by £0.45 or 0.4 percent at £108.26 a barrel.

Closer to home, Thailand will see April results for its business confidence index later today; in March, the index score was 50.7.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.