Lower Open Called For Thai Stock Market

Shutterstock photo

(RTTNews.com) - Ahead of Tuesday holiday for Chulalongkorn, the Thai stock market had moved lower in four straight sessions - sliding almost 40 points or 2.5 percent along the way. The Stock Exchange of Thailand now rests just shy of the 1,660-point plateau, and the losing streak is expected to continue on Wednesday.

The global forecast for the Asian markets remains grim thanks to geopolitical concerns, economic outlook and plummeting crude oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The SET finished modestly lower on Monday as the financials were mostly in the red and the energy producers were mixed.

For the day, the index sank 9.35 points or 0.56 percent to finish at 1,658.56 after trading between 1,654.90 and 1,674.25. Volume was 12.751 billion shares worth 40.735 billion baht. There were 1,108 decliners and 351 gainers, with 380 stocks finishing unchanged.

Among the actives, Advanced Info dropped 1.02 percent, while Thailand Airport added 0.82 percent, Banpu skidded 1.13 percent, Bangkok Bank shed 0.47 percent, Beauty Community tumbled 2.76 percent, Bangkok Expressway lost 0.60 percent, Charoen Pokphand Foods declined 1.23 percent, Kasikornbank soared 2.48 percent, Krung Thai Bank fell 1.00 percent, PTT dipped 0.50 percent, PTT Exploration and Production gained 0.35 percent, PTT Global Chemical perked 0.65 percent, Siam Commercial Bank contracted 1.06 percent, Siam Concrete eased 0.48 percent and Bangkok Medical was unchanged.

The lead from Wall Street is negative as stocks opened sharply lower on Tuesday. They made back considerable ground in afternoon trade but still ended in the red.

The Dow shed 125.98 points or 0.50 percent to finish at 25,191.43, while the NASDAQ lost 31.09 points or 0.42 percent to 7,437.54 and the S&P 500 fell 15.19 points or 0.55 percent to 2,640.69.

The early sell-off reflected an extension of the significant weakness seen in overseas markets, which came amid worries about global economic growth and mounting geopolitical tensions.

A negative reaction to quarterly results from some big-name companies also contributed to sharp decline by stocks - including Caterpillar (CAT) and 3M Co. (MMM), although McDonald's (MCD) beat the street.

Crude oil prices plunged sharply on Tuesday amid speculation of a possible drop in demand due to uncertainty about the outlook for global economic growth. Crude oil futures for December delivery were down $2.93 or 4.2 percent at $66.43 a barrel, the lowest settlement since August 20.

Read the original article on RTTNews (http://www.rttnews.com/2946498/lower-open-called-for-thai-stock-market.aspx)

For comments and feedback: contact editorial@rttnews.com

This article appears in: World Markets , Banking and Loans , US Markets , Oil , Stocks

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?