Losses May Accelerate For Thai Stock Market

The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the eight-day losing streak in which it had plummeted almost 65 points or 4 percent. The Stock Exchange of Thailand now rests just beneath the 1,600-point plateau and it’s tipped to open under pressure again on Monday.

The global forecast for the Asian markets is broadly negative on concerns over the outlook for interest rates, while financial shares are especially likely to fall under pressure. The European and U.S. markets finished sharply lower and the Asian markets are tipped to open in similar fashion.

The SET finished modestly lower on Friday following losses from the financial shares, energy producers and service companies.

For the day, the index sank 14.57 points or 0.90 percent to finish at 1,599.65 after trading between 1,596.44 and 1,609.10. Volume was 14.036 billion shares worth 49.265 billion baht. There were 1,213 decliners and 388 gainers, with 398 stocks finishing unchanged.

Among the actives, Advanced Info climbed 0.97 percent, while Thailand Airport stumbled 1.44 percent, Asset World plunged 2.59 percent, Bangkok Bank shed 0.63 percent, Bangkok Expressway was down 0.55 percent, B. Grimm gained 0.66 percent, BTS Group dove 1.95 percent, CP All Public tumbled 1.98 percent, Charoen Pokphand Foods fell 0.45 percent, Energy Absolute dropped 0.97 percent, Kasikornbank skidded 1.09 percent, Krung Thai Bank weakened 1.16 percent, Krung Thai Card surrendered 2.20 percent, PTT Oil & Retail slumped 1.44 percent, PTT slid 0.81 percent, PTT Exploration and Production tanked 2.01 percent, PTT Global Chemical declined 1.56 percent, SCG Packaging lost 0.48 percent, Siam Commercial Bank retreated 1.44 percent, Thai Oil dipped 0.48 percent, True Corporation plummeted 2.40 percent, TTB Bank sank 0.72 percent and Bangkok Dusit Medical, Siam Concrete, Banpu and Gulf were unchanged.

The lead from Wall Street suggests consolidation as the major averages spent the morning session relatively unchanged but plummeted in the afternoon, finishing near session lows.

The Dow plummeted 345.26 points or 1.07 percent to finish at 31,909.64, while the NASDAQ tumbled 199.51 points or 1.76 percent to close at 11,138.89 and the S&P 500 slumped 56.73 points or 1.45 percent to end at 3,861.59.

The weakness on Wall Street came as concerns about the potential fallout from the implosions of Silicon Valley Bank (SVB) and Silvergate Capital triggered a sell-off in the financial sector.

Investors also digested the crucial non-farm payroll data for the month of February. The data showing an acceleration in U.S. job growth raised concerns the Fed will continue to remain aggressive with regard to interest rate hikes.

Crude oil prices climbed higher on Friday on Russia’s decision to trim oil output by 500,000 barrels per day in March. West Texas Intermediate Crude oil futures for April ended higher by $0.96 or 1.3 percent at $76.68 a barrel, rebounding after three successive days of losses.