The Thai stock market has moved lower in back-to-back trading days, sinking almost 40 points or 2.5 percent along the way. The Stock Exchange of Thailand now rests just above the 1,610-point plateau and it’s expected to extend its losses again on Monday.
The global forecast for the Asian markets is broadly negative on fears of lockdown measures following the rapid spread of a new COVID variant. The European and U.S. markets were sharply lower and the Asian bourses figure to open in similar fashion.
The SET finished sharply lower on Friday following losses from the financial shares and energy producers.
For the day, the index tumbled 37.85 points or 2.30 percent to finish at 1,610.61 after trading between 1,608.55 and 1,640.91. Volume was 38.132 billion shares worth 123.472 billion baht. There were 1,823 decliners and 377 gainers, with 182 stocks finishing unchanged.
Among the actives, Advanced Info shed 2.38 percent, while Thailand Airport tanked 5.62 percent, Bangkok Bank tumbled 3.19 percent, Bangkok Dusit Medical fell 1.28 percent, Bangkok Expressway surrendered 2.84 percent, BTS Group declined 2.59 percent, CP All Public retreated 2.44 percent, Charoen Pokphand Foods slid 1.20 percent, Gulf skidded 2.40 percent, IRPC sank 2.48 percent, Kasikornbank dropped 3.06 percent, Krung Thai Bank lost 2.54 percent, Krung Thai Card slumped 2.60 percent, PTT Oil & Retail stumbled 1.92 percent, PTT weakened 1.99 percent, PTT Exploration and Production eased 1.27 percent, PTT Global Chemical cratered 2.92 percent, SCG Packaging dipped 1.56 percent, Siam Commercial Bank plunged 2.68 percent, Siam Concrete was down 1.53 percent, Sri Trang Agro surged 3.31 percent, Sri Trang Gloves skyrocketed 9.82 percent, True Corporation softened 1.27 percent and TTB Bank plummeted 2.40 percent.
The lead from Wall Street suggests heavy selling pressure as the major averages opened sharpy lower on Friday and remained that way throughout the session.
The Dow plummeted 905.04 points or 2.53 percent to finish at 34,899.34, while the NASDAQ plunged 353.57 points or 2.23 percent to close at 15,491.66 and the S&P 500 tumbled 106.84 points or 2.27 percent to end at 4,594.62.
For the week, the NASDAQ dropped 3.5 percent, the Dow sank 2.2 percent and the S&P retreated 2.0 percent.
The sell-off on Wall Street followed reports a new coronavirus variant has been detected in South Africa. The news, which comes amid a surge in new Covid-19 cases in Europe, raised concerns the pandemic could continue to wreak havoc on the global economy.
Crude oil prices plummeted on Friday, sending the most active crude futures contract to their biggest single-session fall this year as reports of the new coronavirus variant raised concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for December ended down $10.24 or 13 percent at $68.15 a barrel, the biggest single-session loss since April 2020.
Market Analysis
Thai Stock Market Likely To Give Up Support At 1,600 Points
2021-11-29 02:32:37
