The Thai stock market has moved lower in back-to-back trading days, sinking more than 15 points or 1 percent along the way. The Stock Exchange of Thailand now rests just above the 1,570-point plateau and it’s tipped to take further damage again on Thursday.
The global forecast for the Asian markets suggests consolidation on rising inflation and concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were sharply lower and the Asian markets are tipped to open in the red.
The SET finished modestly lower on Wednesday as losses from the financial shares and energy producers were mitigated by support from the technology sector.
For the day, the index shed 7.08 points or 0.45 percent to finish at 1,571.85 after trading between 1,557.94 and 1,578.34. Volume was 34.366 billion shares worth 117.160 billion baht. There were 1,235 decliners and 508 gainers, with 319 stocks finishing unchanged.
Among the actives, Advanced Info dropped 0.88 percent, while Thailand Airport skidded 1.23 percent, Bangkok Asset Management retreated 1.04 percent, Bangkok Bank declined 1.27 percent, Bangkok Dusit Medical surrendered 1.42 percent, Bangkok Expressway shed 0.65 percent, BTS Group lost 0.57 percent, Charoen Pokphand Foods sank 0.84 percent, Delta Electronics skyrocketed 20.26 percent, Gulf fell 0.74 percent, Kasikornbank plunged 4.40 percent, Krung Thai Bank weakened 1.79 percent, PTT Oil & Retail tumbled 1.72 percent, PTT and PTT Exploration and Production both dropped 1.24 percent, PTT Global Chemical declined 1.82 percent, SCG Packaging plummeted 3.11 percent, Siam Commercial Bank retreated 1.75 percent, Siam Concrete lost 1.70 percent, TTB Bank slid 0.87 percent and Asset World was unchanged.
The lead from Wall Street is broadly negative as stocks opened in the red on Wednesday and the losses only accelerated as the day progressed.
The Dow plunged 681.50 points or 1.99 percent to finish at 33,587.66, while the NASDAQ tumbled 357.75 points or 2.67 percent to end at 13,031.68 and the S&P 500 sank 89.06 points or 2.14 percent to close at 4,063.04.
The sell-off on Wall Street came amid concerns about the accelerating pace of inflation after the Labor Department said consumer prices rose much more than expected in April.
The significantly faster price growth raised concerns about the outlook for monetary policy even though the Federal Reserve has repeatedly downplayed the risks of inflation.
Crude oil prices moved higher on Wednesday on optimism about the outlook for energy demand and data showing a drop in crude stockpiles last week. West Texas Intermediate Crude oil futures for June ended up by $0.80 or 1.2 percent at $66.08 a barrel.
Market Analysis
Losing Streak Expected To Continue For Thai Bourse
2021-05-13 02:00:13
