Thai Stock Market May Tick Higher On Friday

The Thai stock market has finished lower in back-to-back sessions, sliding almost 40 points or 2.4 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,585-point plateau although it may find support on Friday.

The global forecast is murky amidst uncertainties about interest rates and economic growth. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

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

For the day, the index dropped 28.82 points or 1.79 percent to finish at 1,584.52 after trading between 1,580.10 and 1,607.88. Volume was 25.341 billion shares worth 92.529 billion baht. There were 1,654 decliners and 362 gainers, with 235 stocks finishing unchanged.

Among the actives, Advanced Info gained 0.93 percent, while Banpu retreated 2.54 percent, Bangkok Bank skidded 1.18 percent, Bangkok Dusit Medical soared 4.00 percent, B. Grimm advanced 0.79 percent, BTS Group was down 1.13 percent, Charoen Pokphand Foods slid 0.84 percent, Energy Absolute declined 2.42 percent, Gulf slumped 1.08 percent, IRPC plunged 4.35 percent, Kasikornbank dropped 2.06 percent, Krung Thai Bank lost 0.67 percent, Krung Thai Card eased 0.43 percent, PTT Oil & Retail surrendered 1.89 percent, PTT fell 0.68 percent, PTT Exploration and Production sank 2.29 percent, PTT Global Chemical plummeted 6.77 percent, Siam Commercial Bank tumbled 3.11 percent, True Corporation stumbled 1.84 percent, TTB Bank cratered 3.05 percent and CP All Public was unchanged.

The lead from Wall Street offers little clarity as the major averages opened lower on Thursday and spent much of the day bouncing back and forth across the unchanged line before finally ending mixed and little moved.

The Dow dropped 103.81 points or 0.33 percent to finish at 31,730.30, while the NASDAQ rose 6.73 points or 0.06 percent to close at 11,370.96 and the S&P 500 fell 5.10 points or 0.13 percent to end at 3,930.08.

The volatility on Wall Street came as traders continued to debate whether the markets have hit their bottom, with the major averages falling to their worst levels in over a year.

However, recent bargain hunting efforts have largely been thwarted by worries about the Federal Reserve aggressively raising interest rates in an effort to combat elevated inflation.

Adding to the worries, the Labor Department reported that the annual rate of producer price growth slowed less than expected in April. Also, the Labor Department unexpectedly showed a slight increase in first-time claims for U.S. unemployment benefits last week.

Crude oil futures ended modestly higher on Thursday as the European Union's proposal to ban Russian oil offset concerns of prolonged Covid-19 lockdowns in China. West Texas Intermediate Crude oil futures for June ended higher by $0.42 or 0.4 percent at $106.13 a barrel.

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