Little Movement Expected For Thai Stock Market

The Thai stock market has finished lower in back-to-back trading days, sliding almost 20 points or 1.5 percent along the way. The Stock Exchange of Thailand now rests just above the 1,300-point plateau and it figures to hold steady in that neighborhood again on Monday.

The global forecast for the Asian markets offers little clarity as optimism over reopening economies was tempered by rising tensions between the United States and China. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow suits.

The SET finished sharply lower on Friday following losses from the financial shares and the energy producers.

For the day, the index sank 16.72 points or 1.27 percent to finish at 1,303.97 after trading between 1,286.76 and 1,311.54. Volume was 16.730billion shares worth 64.469 billion baht. There were 941 decliners and 470 gainers, with 317 stocks finishing unchanged.

Among the actives, Advanced Info retreated 1.82 percent, while Thailand Airport tumbled 2.55 percent, Banpu tanked 3.36 percent, Bangkok Bank skidded 1.55 percent, Bangkok Expressway added 0.53 percent, BTS Group declined 1.68 percent, Charoen Pokphand Foods surrendered 1.74 percent, Kasikornbank lost 2.01 percent, Krung Thai Bank sank 2.02 percent, PTT shed 3.38 percent, PTT Exploration and Production plummeted 5.06 percent, PTT Global Chemical plunged 4.44 percent, Siam Commercial Bank fell 1.81 percent, Siam Concrete slid 1.45 percent, TMB Bank dropped 3.81 percent and Asset World and Bangkok Dusit Medical were unchanged.

The lead from Wall Street is murky as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending mixed.

The Dow fell 8.96 points or 0.04 percent to end at 24,465.16, while the NASDAQ added 39.71 points or 0.43 percent to finish at 9.324.59 and the S&P 500 rose 6.94 points or 0.24 percent to end at 2,955.45. For the week, the Dow jumped 3.3 percent, the NASDAQ spiked 3.4 percent and the S&P climbed 3.2 percent.

The choppy trading on Wall Street came as traders were reluctant to make significant moves in light of the volatility seen in recent sessions. Concerns about rising tensions between the U.S. and China also kept traders on the sidelines, as Beijing moved to strengthen control over Hong Kong with new security laws.

The latest developments come after the Senate passed a bill on Wednesday that would potentially delist Chinese stocks from U.S. exchanges.

Crude oil prices drifted lower Friday as concerns about the outlook for energy demand resurfaced due to rising tensions between the U.S. and China over Hong Kong. West Texas Intermediate Crude oil futures for July ended down $0.67 or 2 percent at $33.25 a barrel.

Closer to home, Thailand will see April figures for unemployment later today; in March, the jobless rate was 1.0 percent.

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