The Thai stock market on Wednesday wrote a finish to the four-day losing streak in which it had dropped more than 30 points or 1.9 percent. The Stock Exchange of Thailand now sits just above the 1,635-point plateau although it may turn lower again on Thursday.
The global forecast for the Asian markets is soft on concerns for rising inflation and slowing growth. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The SET finished modestly higher on Wednesday following mixed performances from the financial shares and energy companies.
For the day, the index added 4.97 points or 0.30 percent to finish at 1,636.89 after trading between 1,631.12 and 1,641.08. Volume was 17.891 billion shares worth 57.187 billion baht. There were 850 gainers and 783 decliners, with 547 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.47 percent, while Thailand Airport gathered 0.73 percent, Banpu tanked 2.26 percent, Bangkok Expressway lost 0.56 percent, B. Grimm rallied 2.21 percent, CP All Public fell 0.39 percent, Charoen Pokphand Foods jumped 1.92 percent, Energy Absolute climbed 1.13 percent, Gulf increased 0.53 percent, IRPC spiked 2.26 percent, Kasikornbank collected 0.35 percent. Krung Thai Bank retreated 1.28 percent, Krung Thai Card slid 0.41 percent, PTT Oil & Retail dropped 0.90 percent, PTT Exploration and Production added 0.59 percent, PTT Global Chemical improved 0.52 percent, Siam Commercial Bank gained 0.46 percent and TTB Bank, Bangkok Dusit Medical, PTT, Bangkok Bank and BTS Group were unchanged.
The lead from Wall Street is negative as the major averages opened lower and spent most of the session in the red before finishing firmly in negative territory.
The Dow shed 269.24 points or 0.81 percent to finish at 32,910.90, while the NASDAQ lost 88.96 points or 0.73 percent to end at 12,086.27 and the S&P 500 sank 44.91 points or 1.08 percent to close at 4,115.77.
The weakness on Wall Street followed lower global growth forecasts by the World Bank and the Organization for Economic Cooperation and Development weighed as well.
Higher treasury yields also caused the market’s decline after they rose above the psychologically important 3 percent level, fueling concerns about inflation.
In economic news, the Commerce Department said wholesale inventories in the United States increased more than expected in April, although they were down from the previous month.
Crude oil prices climbed higher on Wednesday, buoyed by a sharp drop in gasoline inventories in the U.S. last week, and on optimism for increased demand from China. West Texas Intermediate Crude oil futures for July ended higher by $2.70 or 2.3 percent at $122.11 a barrel, hitting a three-week high.
Closer to home, Thailand will see May results for its consumer confidence index later today; in April, the index score was 40.7.
Renewed Selling Pressure Expected For Thai Stock Market
2022-06-09 02:30:10
