Thai Stock Market Expected To Open Under Pressure

Shutterstock photo

(RTTNews.com) - The Thai stock market headed south again on Wednesday, one day after it had ended the two-day losing streak in which it had fallen more than 25 points or 1.6 percent. The Stock Exchange of Thailand now rests just above the 1,650-point plateau and it's called lower again on Thursday.

The global forecast for the Asian markets remains soft, with technology stocks likely to continue to weigh. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

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

For the day, the index shed 7.48 points or 0.45 percent to finish at 1,652.30 after trading between 1,646.24 and 1,660.74. Volume was 11.813 billion shares worth 44.897 billion baht. There were 887 decliners and 523 gainers, with 413 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.28 percent, while Thailand Airport added 0.38 percent, Banpu jumped 1.73 percent, Bangkok Bank skidded 1.41 percent, Bangkok Medical gained 0.82 percent, Beauty Community tumbled 1.94 percent, Kasikornbank and Krung Thai Bank both lost 0.99 percent, PTT dropped 2.00 percent, PTT Exploration and Production plummeted 4.01 percent, PTT Global Chemical plunged 3.48 percent, Siam Commercial bank collected 0.36 percent, Siam Concrete advanced 0.92 percent and Bangkok Expressway and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is negative as stocks fluctuated wildly on Wednesday after opening higher. The major averages pulled back firmly into negative territory before staging an unsuccessful recovery attempt in the afternoon.

The Dow shed 205.99 points or 0.81 percent to 25,080.50, while the NASDAQ lost 64.48 points or 0.90 percent to 7,136.47 and the S&P 500 fell 20.60 points or 0.76 percent to 2,701.58.

Tech shares remained under pressure as Apple ( AAPL ) extended a recent downtrend following a downgrade amid expectations of a drop in iPhone sales next year.

Negative sentiment may also have been generated by comments by Congresswoman Maxine Waters, D-Calif., who is expected to take over the powerful House Financial Services Committee in the next Congress. Waters suggested she would halt President Donald Trump's efforts to roll back banking regulations.

Crude oil futures managed to close on a positive note on Wednesday after 12 successive days of declines. Crude oil futures for December edged higher Wednesday and settled at $56.25 a barrel, gaining $0.56 or 1 percent for the session.

Read the original article on RTTNews (http://www.rttnews.com/2955266/thai-stock-market-expected-to-open-under-pressure.aspx)

For comments and feedback: contact editorial@rttnews.com

This article appears in: Banking and Loans , US Markets , Oil , Stocks
Referenced Symbols: AAPL ,

More from RTT News


See All RTT news

Research Brokers before you trade

Want to trade FX?