logo
  

Thai Stock Market Predicted To Open Under Pressure

The Thai stock market on Tuesday wrote a finish to the two-day winning streak in which it had gathered more than 40 points or 2.6 percent. The Stock Exchange of Thailand now rests just beneath the 1,590-point plateau and the losses may accelerate on Wednesday.

The global forecast for the Asian markets is soft on rising geopolitical tensions between the United States and China, and concerns that the economy is slowing. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

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

For the day, the index dipped 4.08 points or 0.26 percent to finish at 1,589.16 after trading between 1,585.71 and 1,598.54. Volume was 18.212 billion shares worth 59.464 billion baht.

Among the actives, Thailand Airport sank 0.70 percent, while Asset World advanced 0.99 percent, Banpu declined 1.50 percent, B. Grim, shed 0.64 percent, CP All Public added 0.42 percent, Energy Absolute rose 0.30 percent, Gulf climbed 1.06 percent, PTT Oil & Retail gained 0.94 percent, PTT Exploration and Production fell 0.31 percent, SCG Packaging strengthened 1.46 percent, Siam Commercial Bank collected 0.50 percent, Siam Concrete lost 0.55 percent, Thai Oil slumped 0.49 percent, True Corporation surged 2.51 percent, TTB Bank retreated 1.68 percent and Advanced Info, Bangkok Bank, Bangkok Dusit Medical, Bangkok Expressway, BTS Group, Charoen Pokphand Foods, IRPC, Kasikornbank, Krung Thai Bank, Krung Thai Card, PTT and PTT Global Chemical were unchanged.

The lead from Wall Street is negative as the major averages opened deep in the red on Tuesday, pared some of the losses but still closed well in negative territory.

The Dow plummeted 402.23 points or 1.23 percent to finish at 32,396.17, while the NASDAQ dipped 20.22 points or 0.16 percent to close at 12,348.76 and the S&P 500 sank 27.44 points or 0.67 percent to end at 4,091.19.

The weakness that emerged on Wall Street came as tensions climbed the U.S. and China due to U.S. House Speaker Nancy Pelosi's visit to Taiwan.

In economic news, the Labor Department said the number of job openings in the United States fell by 605,000 from a month earlier to 10.7 million in June, the lowest in nine months and below market expectations of 11 million.

Crude oil futures settled higher Tuesday, with traders weighing demand and supply prospects and looking ahead to this week's OPEC+ meeting. West Texas Intermediate Crude oil futures for September ended higher by $0.53 or 0.6 percent at $94.42 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT