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Little Movement Expected For Thai Stock Market

The Thai stock market has moved lower in two of three trading days since the end of the five-day winning streak in which it had advanced more than 40 points or 2.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,660-point plateau and it's likely to remain in that neighborhood again on Tuesday.

The global forecast for the Asian markets is negative on concerns over the outlook for interest rates. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SET finished barely lower on Monday following mixed performances from the financial shares and the energy producers.

For the day, the index dipped 0.56 points or 0.03 percent to finish at 1,657.06 after trading between 1,654.05 and 1,664.23. Volume was 27.661 billion shares worth 79.544 billion baht. There were 1,062 decliners and 605 gainers, with 517 stocks finishing unchanged.

Among the actives, Advanced Info dropped 0.90 percent, while Thailand Airport sank 0.82 percent, Asset World retreated 1.32 percent, Bangkok Bank climbed 1.20 percent, Bangkok Dusit Medical added 0.44 percent, Bangkok Expressway skidded 1.20 percent, Energy Absolute declined 1.03 percent, Gulf gained 0.54 percent, IRPC improved 0.51 percent, Kasikornbank collected 0.35 percent, Krung Thai Bank spiked 2.22 percent, Krung Thai Card rallied 1.66 percent, PTT shed 0.65 percent, PTT Exploration and Production slumped 1.21 percent, PTT Global Chemical jumped 1.27 percent, SCG Packaging rose 0.38 percent, Siam Commercial Bank increased 0.40 percent, Siam Concrete was up 0.53 percent, True Corporation stumbled 0.87 percent, TTB Bank lost 0.69 percent and Banpu, BTS Group, CP All Public, Charoen Pokphand Foods and PTT Oil & Retail were unchanged.

The lead from Wall Street is mostly soft as the major averages opened sharply lower on Monday. They showed improvement as the session progressed, with the NASDAQ creeping up over the unchanged line.

The Dow dropped 162.79 points or 0.45 percent to finish at 36,068.87, while the NASDAQ rose 6.93 points or 0.05 percent to close at 14,942.83 and the S&P 500 dipped 6.74 points or 0.14 percent to end at 4,670.29.

The early weakness on Wall Street reflected lingering concerns about the economic impact of the Omicron variant of the coronavirus and the likelihood the Federal Reserve will raise interest rates in the near future.

Treasury yields have moved sharply higher in recent sessions, with the yield on the benchmark ten-year note reaching its highest levels since January of 2020.

The jump in yields comes amid a more hawkish tone from the Fed after the minutes of the central bank's latest meeting indicated plans to accelerate monetary policy normalization.

Crude oil prices drifted lower Monday on concerns about the outlook for energy demand due to the rapid surge in the Omicron variant of the coronavirus across the globe. A firm dollar amid rising prospects for a series of interest rate hikes weighed as well on crude oil prices. West Texas Intermediate Crude futures for February slipped $0.67 or 0.9 percent at $78.23 a barrel.

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