Thai Stock Market Tipped To Open Under Pressure

The Thai stock market has finished lower in three straight sessions, sinking nearly 20 points or 1.2 percent along the way. The Stock Exchange of Thailand now sits just shy of the 1,670-point plateau and it’s expected to take further damage again on Tuesday.

The global forecast for the Asian markets is mixed and flat to lower ahead of the start of earnings season. The European markets were up and the U.S. markets were down and the Asian markets figure to split the difference.

The SET finished modestly lower on Monday as losses from the financials were mitigated by support from the energy companies.

For the day, the index lost 6.28 points or 0.38 percent to finish at 1,668.06 after trading between 1,665.25 and 1,675.95. Volume was 18.482 billion shares worth 64.433 billion baht. There were 1,089 decliners and 597 gainers, with 465 stocks finishing unchanged.

Among the actives, Advanced Info sank 0.90 percent, while Thailand Airport skidded 1.10 percent, Asset World rallied 2.04 percent, Banpu soared 3.70 percent, Bangkok Bank fell 0.37 percent, Bangkok Expressway shed 0.60 percent, CP All Public retreated 1.48 percent, Charoen Pokphand Foods added 0.43 percent, Energy Absolute tanked 2.22 percent, Gulf gained 0.51 percent, IRPC climbed 1.16 percent, Kasikornbank stumbled 2.25 percent, Krung Thai Bank collected 0.75 percent, Krung Thai Card dropped 0.85 percent, PTT Oil & Retail lost 0.40 percent, PTT perked 0.68 percent, PTT Exploration and Production surged 4.53 percent, PTT Global Chemical declined 0.51 percent, Siam Commercial Bank plummeted 14.98 percent, Siam Concrete was down 0.55 percent, True Corporation slumped 0.81 percent and TTB Bank, Bangkok Dusit Medical, B. Grimm, BTS Group and SCG Packaging were unchanged.

The lead from Wall Street ends up slightly soft as the major averages spent most of Monday bouncing back and forth across the unchanged line before finally finishing barely in the red.

The Dow shed 39.54 points or 0.11 percent to finish at 34.411.69, while the NASDAQ dipped 18.72 points or 0.14 percent to close at 13,332.36 and the S&P 500 fell 0.90 points or 0.02 percent to end at 4,391.69.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the release of a slew of earnings news this week.

In economic news, the National Association of Home Builders reported continued deterioration in U.S. homebuilder confidence in April.

Crude oil futures settled at a three-week high on Monday as prices rebounded amid concerns about tight supply due to the ongoing Russian invasion of Ukraine and news about the shutdown of Libya’s biggest oil field. West Texas Intermediate Crude oil futures for May ended higher by $1.26 or 1.2 percent at $108.21 a barrel.