Thai Stock Market Poised To End Losing Streak

The Thai stock market has finished lower in three straight sessions, sinking almost 30 points or 1.8 percent along the way. The Stock Exchange of Thailand now sits just above the 1,660-point plateau although it’s expected to stop the bleeding on Thursday/

The global forecast for the Asian markets is mixed to higher thanks mainly to bargain hunting after heavy selling in the region. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

The SET finished modestly lower on Wednesday following losses from the financial shares and energy producers.

For the day, the index shed 7.08 points or 0.42 percent to finish at 1,661.89 after trading between 1,655.25 and 1,670.22. Volume was 23.883 billion shares worth 76.764 billion baht. There were 1,321 decliners and 461 gainers, with 444 stocks finishing unchanged.

Among the actives, Bangkok Bank fell 0.38 percent, while CP All Public declined 0.76 percent, Energy Absolute sank 0.85 percent, Gulf lost 0.52 percent, IRPC tanked 2.31 percent, Kasikornbank shed 0.66 percent, Krung Thai Bank retreated 1.34 percent, PTT Oil & Retail dipped 0.41 percent, PTT sank 0.68 percent, PTT Exploration and Production spiked 2.42 percent, PTT Global Chemical slumped 0.72 percent
SCG Packaging, Siam Commercial Bank skyrocketed 60.56 percent and TTB Bank, Krung Thai Card, Charoen Pokphand Foods, Thailand Airport, Banpu and B. Grimm were unchanged.

The lead from Wall Street ends up mixed and flat after the major averages shook off early support on Wednesday, fading late and ending on opposite sides of the unchanged line.

The Dow added 61.75 points or 0.19 percent to finish at 33,301.93, while the NASDAQ eased 1.81 points or 0.01 percent to close at 12,488.93 and the S&P 500 rose 8.76 points or 0.21 percent to end at 4,183.96.

The markets had opened higher on bargain hunting and earnings optimism but gave back most of those gains as the day progressed on worries over a Covid-fueled economic slowdown and the outlook for interest rates.

In economic news, the National Association of Realtors said that pending home sales fell for the fifth straight month in March, although the decline was less than expected.

Crude oil prices climbed higher on Wednesday, lifted by data showing a drop in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures for rose $0.32 or 0.3 percent at $102.02 a barrel.

Closer to home, Thailand will provide March numbers for industrial production later today, with forecasts suggesting an increase of 2.15 percent – slowing from 2.75 percent in February.