Thai Stock Market Tipped To Open Under Pressure On Tuesday

The Thai stock market on Monday halted the two-day slide in which it had fallen almost a dozen points or 0.7 percent. The Stock Exchange of Thailand now rests just beneath the 1,615-point plateau although it’s likely to see renewed consolidation on Tuesday.

The global forecast for the Asian markets suggests major consolidations in the face of rising bond yields. The European and U.S. markets finished solidly lower and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly higher on Monday following gains from the financial shares and energy producers.

For the day, the index added 9.31 points or 0.58 percent to finish at 1,614.48 after trading between 1,610.96 and 1,619.62. Volume was 29.827 billion shares worth 78.693 billion baht. There were 883 gainers and 781 decliners, with 577 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.51 percent, while Thailand Airport rallied 2.45 percent, Bangkok Bank dropped 0.85 percent, Bangkok Dusit Medical climbed 1.33 percent, Bangkok Expressway added 0.57 percent, BTS Group lost 0.53 percent, IRPC jumped 1.43 percent, Kasikornbank spiked 1.86 percent, Krung Thai Bank advanced 0.91 percent, Krung Thai Card fell 0.45 percent, PTT perked 0.65 percent, PTT Exploration and Production accelerated 1.70 percent, PTT Global Chemical gained 0.79 percent, SCG Packaging strengthened 2.07 percent, Siam Commercial Bank collected 0.81 percent, TTB Bank improved 0.90 percent and Charoen Pokphand Foods, Gulf, PTT Oil & Retail and Siam Concrete were unchanged.

The lead from Wall Street is broadly negative as the major averages opened mixed on Monday but quickly headed sharply lower and stayed that way, finishing deep in the red.

The Dow plummeted 323.54 points or 0.94 percent to finish at 34,002.92, while the NASDAQ tumbled 311.21 points or 2.14 percent to close at 14,255.48 and the S&P 500 sank 56.58 points or 1.30 percent to end at 4,300.46.

The heavy selling pressure on Wall Street came as investors continued to cycle out of technology stocks in the face of rising bond yields. Inflation woes and uncertainty regarding the debt limit also weighed on investors.

In economic news, the Commerce Department reported that new orders for U.S. manufactured goods jumped by more than expected in August.

Crude oil prices rose sharply on Monday, riding on the decision of OPEC to stick to its current output policy amid rising demand for petroleum products across the world. West Texas Intermediate Crude oil futures for November jumped $1.74 or 2.2 percent at $77.62 a barrel, the highest settlement since November 2014.

Closer to home, Thailand will provide September data for consumer prices later today; in August, overall inflation was down 0.02 percent on year, while core CPI rose an annual 0.07 percent.