The Thai stock market has moved lower in five straight sessions, sinking almost 35 points or 2.1 percent along the way. The Stock Exchange of Thailand now rests just above the 1,590-point plateau although it may find traction on Thursday.
The global forecast for the Asian markets is mixed and flat amidst a lack of strong catalysts. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SET finished modestly lower on Wednesday following losses from the financial shares and a mixed picture from the energy producers.
For the day, the index shed 7.15 points or 0.45 percent to finish at 1,592.08 after trading between 1,590.63 and 1,606.39. Volume was 25.903 billion shares worth 77.735 billion baht. There were 1,226 decliners and 364 gainers, with 460 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.58 percent, while Thailand Airport fell 0.38 percent, Asset World advanced 0.87 percent, Bangkok Asset Management and BTS Group both skidded 1.04 percent, Bangkok Bank lost 0.43 percent, Bangkok Dusit Medical dropped 0.87 percent, Bangkok Expressway tumbled 1.76 percent, Charoen Pokphand Foods and Krung Thai Bank both retreated 0.93 percent, Gulf sank 0.74 percent, Kasikornbank slid 0.83 percent, PTT Oil & Retail declined 0.81 percent, PTT Global Chemical gained 0.43 percent, SCG Packaging climbed 0.88 percent, Siam Commercial Bank was down 0.75 percent, Siam Concrete perked 0.49 percent, TTB Bank plunged 2.61 percent and Krung Thai Card, PTT and PTT Exploration and Production were unchanged.
The lead from Wall Street offers little guidance as the major averages opened mixed on Wednesday and hugged the unchanged line throughout the session, finally finishing that way.
The Dow shed 71.34 points or 0.21 percent to finish at 33,874.24, while the NASDAQ added 18.46 points or 0.13 percent to end at 14,271.73 and the S&P 500 dipped 4.60 points or 0.11 percent to close at 4,241.84.
The lackluster performance on Wall Street came as traders seemed reluctant to make significant moves amid uncertainty about the near-term outlook for the markets following recent volatility.
Recent comments from Federal Reserve Chair Jerome Powell have eased some concerns about the outlook for monetary policy that weighed on the markets last week; Powell downplayed the risk of inflation and stressed the central bank would not raise rates preemptively.
In economic news, the Commerce Department unexpectedly showed another steep drop in new home sales in the U.S. in May.
Oil prices rose on Wednesday after data showed a larger than expected decline in U.S. crude inventories last week. However, the possibility of increased output from major oil producers limited oil’s surge. West Texas Intermediate crude oil futures for August ended up $0.23 or 0.3 percent at $73.08 a barrel.
Market Analysis
Thai Stock Market Overdue For Support On Thursday
2021-06-24 02:30:09
