Ahead of Monday’s holiday for Wesak Day, the Thai stock market had finished lower in three straight sessions, sinking almost 40 points or 2.4 percent. The Stock Exchange of Thailand now sits just beneath the 1,585-point plateau although it’s expected to stop the bleeding on Monday.
The global forecast for the Asian markets is mixed, with support from energy stocks likely limited by weakness from technology companies. The European and U.S. markets were mixed and the Asian markets figure to follow suit.
The SET finished barely lower on Friday following losses from the financials and a mixed picture from the energy producers.
For the day, the index eased 0.14 points or 0.01 percent to finish at 1,584.38 after trading between 1,578.11 and 1,597.58. Volume was 22.376 billion shares worth 75.432 billion baht. There were 920 gainers and 872 decliners, with 442 stocks finishing unchanged.
Among the actives, Advanced Info was down 0.46 percent, while Thailand Airport strengthened 1.52 percent, Banpu advanced 0.87 percent, Bangkok Bank sank 0.79 percent, Bangkok Dusit Medical spiked 3.85 percent, B. Grimm jumped 1.57 percent, BTS Group lost 0.57 percent, CP All Public dipped 0.39 percent, Charoen Pokphand Foods soared 4.66 percent, Energy Absolute climbed 0.93 percent, IRPC improved 0.65 percent, Kasikornbank fell 0.35 percent, Krung Thai Bank tumbled 2.03 percent, Krung Thai Card slid 0.43 percent, PTT Oil & Retail accelerated 1.92 percent, PTT shed 0.68 percent, PTT Exploration and Production gathered 1.34 percent, PTT Global Chemical skidded 1.12 percent, Siam Commercial Bank retreated 1.38 percent, True Corporation rallied 1.88 percent, TTB Bank plunged 3.15 percent and Gulf and Bangkok Expressway were unchanged.
The lead from Wall Street is inconsistent as the major averages opened lower on Monday but saw time on both sides of the unchanged line, eventually ending mixed.
The Dow rose 26.76 points or 0.08 percent to finish at 32,223.42, while the NASDAQ plummeted 142.21 points or 1.20 percent to end at 11,662.79 and the S&P 500 sank 15.88 points or 0.39 percent to close at 4,008.01.
Disappointing economic data from the U.S., Europe and China weighed on sentiment, prompting investors to largely stay cautious.
A downward revision in EU growth forecast by the European Commission, as did data showing German wholesale price inflation hitting a record high.
In U.S. economic news, the Federal Reserve Bank of New York said manufacturing activity unexpectedly contracted in May.
Crude oil futures shrugged off early weakness and settled sharply higher on Monday, buoyed by rising gasoline prices after a drop in stockpiles. West Texas Intermediate Crude oil futures for June ended higher by $3.71 or 3.4 percent at $114.20 a barrel.
Closer to home, Thailand will on Tuesday release Q1 figures for gross domestic product later today. GDP is expected to rise 0.9 percent on quarter and 2.1 percent on year after gaining 1.8 percent on quarter and 1.9 percent on year in the three months prior.
Market Analysis
Thai Stock Market Expected To Snap Losing Streak
2022-05-17 02:32:29
