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Soft Start Expected For Thai Stock Market

(RTTNews) – The Thai stock market headed south again on Thursday, one session after it had ended the two-day slide in which it had fallen almost a dozen points or 0.8 percent. The Stock Exchange of Thailand now rests just above the 1,530-point plateau and it’s looking at another red light again on Friday.

The global forecast for the Asian markets is soft on renewed concerns about the spread of the coronavirus. The European and U.S. markets were down and the Asian markets figure to follow suit.

The SET finished modestly lower on Thursday following losses from the energy producers and a mixed picture from the financial sector.

For the day, the index shed 7.07 points or 0.46 percent to finish at 1,532.77 after trading between 1,530.44 and 1,542.19. Volume was 16.438 billion shares worth 46.419 billion baht. There were 982 decliners and 600 gainers, with 462 stocks finishing unchanged.

Among the actives, Advanced Info dropped 1.00 percent, while Thailand Airport shed 0.35 percent, Bangkok Dusit Medical sank 0.80 percent, Bangkok Expressway plunged 2.65 percent, BTS Group tumbled 1.54 percent, Charoen Pokphand Foods lost 0.84 percent, Kasikornbank collected 0.35 percent, PTT fell 0.58 percent, PTT Exploration and Production retreated 2.75 percent, PTT Global Chemical declined 2.31 percent, Siam Commercial Bank lost 0.99 percent, Siam Concrete slid 0.82 percent, TMB Bank was down 2.07 percent and Krung Thai Bank, Asset World, Banpu and Bangkok Bank were unchanged.

The lead from Wall Street is negative as stocks opened lower on Thursday, rebounded as the day progressed but then fell into the red towards the end of the session.

The Dow shed 128.11 points or 0.43 percent to end at 29,423.31, while the NASDAQ fell 13.99 points or 0.14 percent to 9,711.97 and the SP 500 shed 5.51 points or 0.16 percent to 3,373.94.

Profit taking contributed to initial weakness on Wall Street, as some traders looked to cash in on recent gains amid news of a jump in new coronavirus cases.

The early weakness on Wall Street was subsequently seen as another buying opportunity for some traders even as a number of companies continue to warn about the impact of the outbreak.

In economic news, the Labor Department reported a modest increase in consumer prices in January, as well as a smaller than expected increase in first-time claims for U.S. unemployment benefits.

Crude oil prices edged higher on Thursday despite lingering concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for March ended up $0.25 or 0.5 percent at $51.42 a barrel.

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

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