The Thai stock market headed south again on Wednesday, one session after snapping the four-day losing streak in which it had fallen more than 20 points or 1.2 percent. The Stock Exchange of Thailand now rests just above the 1,610-point plateau although it’s likely to rebound again on Thursday.
The global forecast for the Asian markets is upbeat after the Federal Reserve said to scale back stimulus as expected and not worse – although weakness from crude oil may limit the upside. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SET finished lower on Wednesday, dragged into the red by losses from the energy producers and from True Corporation.
For the day, the index slipped 5.97 points or 0.37 percent to finish at 1,611.92 after trading between 1,607.72 and 1,623.08. Volume was 32.052 billion shares worth 84.727 billion baht. There were 1,403 decliners and 397 gainers, with 445 stocks finishing unchanged.
Among the actives, Advanced Info retreated 1.30 percent, while Thailand Airport fell 0.38 percent, Bangkok Dusit Medical declined 1.26 percent, Bangkok Expressway skidded 1.11 percent, Charoen Pokphand Foods advanced 1.00 percent, Gulf surrendered 1.74 percent, IRPC plummeted 4.13 percent, PTT Oil & Retail tumbled 1.85 percent, PTT shed 0.66 percent, PTT Exploration and Production sank 0.84 percent, PTT Global Chemical lost 0.81 percent, SCG Packaging rose 0.40 percent, Siam Commercial Bank collected 1.15 percent, Siam Concrete advanced 1.02 percent, True Corporation plunged 8.33 percent, TTB Bank dropped 0.86 percent and Bangkok Bank, BTS Group, CP All Public, Kasikornbank, Krung Thai Bank and Krung Thai Card were unchanged.
The lead from Wall Street ends up positive as the major averages opened lower on Wednesday and languished in the red before a late rally sent them into the green at fresh record closing highs.
The Dow climbed 104.95 points or 0.29 percent to finish at 36,157.58, while the NASDAQ jumped 161.98 points or 1.04 percent to close at 15,811.58 and the S&P 500 gained 29.92 points or 0.65 percent to end at 4,660.57.
The late-day advance on Wall Street came after the Fed announced its widely expected decision to begin scaling back its asset purchases later this month.
The Fed said it plans to reduce its $120 billion in monthly bond purchases by $15 billion per month, citing the substantial further progress the economy has made toward its goals of maximum employment and price stability.
In economic news, payroll processor ADP said private sector employment in the U.S. increased more than expected in October. Also, the Institute for Supply Management showed growth in U.S. service sector accelerated to a new record high last month.
Crude oil futures settled sharply lower Wednesday after data showed a significant jump in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for December ended down by $2.74 or 3.3 percent at $81.17 a barrel.
Closer to home, Thailand will see October figures for its consumer confidence index later today; in September, the index score was 41.4.
Market Analysis
Thai Stock Market Tipped To Bounce Higher Again On Thursday
2021-11-04 02:30:27
