The Thai stock market headed south again on Thursday, one session after halting the six-day losing streak in which it had dropped more than 40 points or 2.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,635-point plateau and it’s likely to remain in that neighborhood again on Friday.
The global forecast for the Asian markets is volatile, with weakness from oil and technology stocks likely to limit any upside. The European markets were up and the U.S. bourses were down and the Asian markets figure to at least open lower.
The SET finished modestly lower on Thursday following losses from the financial shares and the energy producers.
For the day, the index dipped 9.27 points or 0.56 percent to finish at 1,634.17 after trading between 1,617.87 and 1,635.14. Volume was 33.193 billion shares worth 93.866 billion baht. There were 1,357 decliners and 468 gainers, with 439 stocks finishing unchanged.
Among the actives, Advanced Info climbed 1.36 percent, while Thailand Airport added 0.40 percent, Bangkok Dusit Medical shed 0.44 percent, Bangkok Expressway retreated 1.22 percent, B. Grimm Power plunged 3.47 percent, CP All Public skidded 1.26 percent, Charoen Pokphand Foods dropped 0.97 percent, Energy Absolute plummeted 4.38 percent, Gulf declined 1.01 percent, IRPC surrendered 1.55 percent, PTT Oil & Retail tanked 3.20 percent, PTT lost 0.64 percent, PTT Exploration and Production fell 0.39 percent, SCG Packaging advanced 0.80 percent, Siam Commercial Bank slid 0.40 percent, Siam Concrete spiked 1.83 percent, True Corporation surged 3.73 percent and TTB Bank, Asset World, Banpu, Bangkok Bank, BTS Group, Kasikornbank, Krung Thai Bank, Krung Thai Card and PTT Global Chemical were unchanged.
The lead from Wall Street is negative as the major averages opened higher on Thursday but watched those gains evaporate as the markets slid into the red as the day progressed.
The Dow dipped 7.31 points or 0.02 percent to finish at 34,160.78, while the NASDAQ plummeted 189.34 points or 1.40 percent to close at 13,352.78 and the S&P 500 lost 23.42 points or 0.54 percent to end at 4,326.51.
Stocks continued to experience intense volatility as traders weighed upbeat fourth quarter GDP against the prospect of higher interest rates.
The markets initially showed a positive reaction to a Commerce Department report showing stronger than expected GDP growth in the fourth quarter of 2021. However, traders have recently shown a reluctance to maintain any meaningful moves, resulting in another rollercoaster ride.
In other economic news, the Labor Department said initial jobless claims pulled back last week, while the Commerce Department and the National Association of Realtors noted steeper than expected drops in durable goods orders and pending home sales in December.
Crude oil prices retreated Thursday as the dollar climbed after the Fed signaled that it would start raising interest rates in March. West Texas Intermediate Crude oil futures for March ended lower by $0.74 or 0.9 percent at $86.61 a barrel.
Market Analysis
Little Movement Anticipated For Thai Stock Market
2022-01-28 02:30:12
