(RTTNews.com) - The Thai stock market headed south again on Tuesday, one session after it had halted the three-day slide in which it had surrendered almost 25 points or 1.4 percent. The Stock Exchange of Thailand now rests just above the 1,610-point plateau and it's tipped to open in the red again on Wednesday.
The global forecast for the Asian markets is weak thanks to disappointing earnings news, plummeting crude oil prices and trade concerns. The European and U.S. markets were down and the Asian bourses figure to follow that lead.
The SET finished sharply lower on Tuesday with damage across the board - particularly among the financial shares and energy producers.
For the day, the index skidded 24.45 points or 1.49 percent to finish at 1,612.03 after trading between 1,610.18 and 1,632.23. Volume was 11.186 billion shares worth 36.386 billion baht. There were 1,241 decliners and 275 gainers, with 269 stocks finishing unchanged.
Among the actives, Advanced Info shed 1.66 percent, while Thailand Airport lost 1.92 percent, Banpu tumbled 2.86 percent, Bangkok Bank eased 0.49 percent, Bangkok Medical climbed 1.00 percent, Beauty Community dropped 2.50 percent, Bangkok Expressway retreated 2.31 percent, Charoen Pokphand Foods fell 0.80 percent, Kasikornbank declined 2.29 percent, Krung Thai Bank gave away 1.52 percent, PTT slid 0.51 percent, PTT Exploration and Production contracted 1.13 percent, PTT Global Chemical plunged 1.61 percent, Siam Commercial Bank plummeted 2.56 percent and Siam Concrete was down 0.91 percent.
The lead from Wall Street is brutal as stocks showed another significant move to the downside on Tuesday, sending the tech-heavy NASDAQ to its lowest closing level in over seven months.
The Dow plunged 551.80 points or 2.21 percent to 24,465.64, while the NASDAQ shed 119.65 points or 1.70 percent to 6,908.82 and the S&P 500 fell 48.84 points or 1.82 percent to 2,641.89.
The continued weakness on Wall Street reflected disappointing earnings news from companies such as Target (TGT), Kohl's (KSS) and Victoria's Secret parent L Brands (LB). A continued decline by Apple ( AAPL ) also weighed on the markets.
On the U.S. economic front, a report from the Commerce Department showed housing starts rebounded in October, although the report also showed a decrease in building permits.
Oil prices plunged sharply on Tuesday as rising concerns about the global economic outlook outweighed optimism of production cuts by OPEC and allies. Crude oil futures for January ended down $3.77 or 6.6 percent at $53.43 a barrel, the lowest settlement price in 13 months.
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