The Thai stock market has finished lower in two straight sessions, sinking almost 15 points or 0.9 percent along the way. The Stock Exchange of Thailand now rests just above the 1,620-point plateau and it’s expected to see continued selling pressure again on Wednesday.
The global forecast for the Asian markets is soft ahead of the FOMC statement later today. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The SET finished modestly lower on Tuesday following losses from the financial shares and energy producers.
For the day, the index dropped 10.75 points or 0.66 percent to finish at 1,622.31 after trading between 1,618.60 and 1,636.10. Volume was 28.626 billion shares worth 90.036 billion baht. There were 1,292 decliners and 420 gainers, with 392 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.57 percent, while Thailand Airport rose 0.37 percent, Asset World skidded 0.99 percent, Bangkok Asset Management retreated 1.53 percent, Bangkok Bank declined 1.63 percent, Bangkok Expressway added 0.58 percent, Charoen Pokphand Foods advanced 0.92 percent, Gulf gained 0.74 percent, Kasikornbank plummeted 3.85 percent, Krung Thai Bank dropped 0.88 percent, Krung Thai Card plunged 3.11 percent, PTT Oil & Retail sank 0.80 percent, PTT tumbled 1.81 percent, PTT Exploration and Production fell 0.42 percent, PTT Global Chemical tanked 2.07 percent, Siam Commercial Bank surrendered 2.84 percent, Siam Concrete lost 1.41 percent, TTB Bank was down 0.85 percent and Bangkok Dusit Medical, BTS Group and SCG Packaging were unchanged.
The lead from Wall Street is soft as the major averages opened lower on Tuesday and remained in the red throughout the trading day.
The Dow shed 94.42 points or 0.27 percent to finish at 34,299.33, while the NASDAQ dropped 101.29 points or 0.71 percent to end at 14,072.86 and the S&P 500 fell 8.56 points or 0.20 percent to close at 4,246.59.
The selling pressure on Wall Street came as traders looked ahead to the Federal Reserve’s monetary policy announcement later today.
The two-day Fed meeting that began today is not likely to result in any changes to monetary policy, but the central bank could signal that it is beginning to think about scaling back its asset purchases.
The Fed announcement on Wednesday is likely to acknowledge the recent increase in inflation, which was highlighted by Tuesday’s Labor Department report showing record annual producer price growth.
In other economic news, the Commerce Department said retail sales tumbled by more than expected in May, while the Fed said industrial production increased more than expected last month.
Crude oil prices rose sharply on Tuesday, with traders betting on hopes demand for oil will see a significant increase in the second of this year amid signs of a strong economic rebound from the pandemic. West Texas Intermediate Crude oil futures for July ended up $1.24 or 1.8 percent at $72.12 a barrel, the highest settlement in more than years.
Market Analysis
Thai Stock Market Tipped To Open In The Red
2021-06-16 02:30:06
