Continued Chaos Likely For Thai Stock Market
(RTTNews) - The Thai stock market has moved lower in three straight sessions, sliding more than 40 points or 3.3 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,235-point plateau and it's likely to move lower again Monday due to the ongoing pro-democracy protests.
The global forecast for Asian markets is murky, clouded by uncertainty regarding stimulus in the United States. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SET finished modestly lower on Friday following losses from the energy producers and a mixed picture from the financial shares.
For the day, the index shed 9.28 points or 0.75 percent to finish at 1,233.68 after trading between 1,226.95 and 1,247.89. Volume was 18.804 billion shares worth 44.575 billion baht. There were 1,088 decliners and 405 gainers, with 438 stocks finishing unchanged.
Among the actives, Advanced Info skidded 1.14 percent, while Thailand Airport added 0.45 percent, Asset World plummeted 6.02 percent, Bangkok Dusit Medical dropped 1.08 percent, Bangkok Expressway gained 0.59 percent, CP All Public surrendered 1.27 percent, Charoen Pokphand Foods advanced 0.96 percent, Kasikornbank rose 0.34 percent, Krung Thai Bank collected 0.57 percent, PTT shed 0.76 percent, PTT Exploration and Production fell 0.31 percent, PTT Global Chemical retreated 1.20 percent, Siam Commercial Bank declined 1.55 percent, Siam Concrete tanked 2.05 percent and TMB Bank, Bangkok Bank and BTS Group were unchanged.
The lead from Wall Street is uninspired after stocks opened higher on Friday but faded as the day progressed, eventually ending mixed.
The Dow added 112.11 points or 0.39 percent to finish at 28,606.31, while the NASDAQ sank 42.34 points or 0.36 percent to end at 11,671.56 and the S&P 500 rose 0.47 points or 0.01 percent to close at 3,483.81. For the week, the Dow rose 0.1 percent, the NASDAQ gained 0.8 percent and the S&P was up 0.2 percent.
The late-day pullback on Wall Street reflected lingering uncertainty about a new stimulus bill, with the slump also being attributed to the expiration of equity options.
The rally in early trading came as better than expected retail sales data tempered concerns the economic recovery may be stalling. Also, the University of Michigan reported a bigger than expected improvement in consumer sentiment in October.
Buying interest was also generated after Pfizer (PFE) Chairman and CEO Albert Bourla said the drug giant will apply for emergency use of the Covid-19 vaccine it is developing with BioNTech (BNTX) soon after the safety milestone is achieved in the third week of November.
Crude oil prices ended marginally lower on Friday as worries about the demand outlook amid the continued surge in coronavirus cases weighed on the commodity. West Texas Intermediate Crude oil futures for November ended down $0.08 or 0.2 percent at $40.88 a barrel.
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