Losses May Accelerate For Thai Stock Market
(RTTNews) - The Thai stock market has finished lower in two straight sessions, although it has eased just a little more than one point in that span. The Stock Exchange of Thailand remains just above the 1,620-point plateau and it may take further damage again on Tuesday.
The global forecast for the Asian markets is mixed to lower, with technology and oil stocks expected to fall under considerable pressure. The European markets were up and the U.S. bourses were mostly down and the Asian markets are tipped to follow the latter lead.
The SET finished barely lower on Monday as losses from the energy producers were mitigated by support from the financial sector.
For the day, the index eased 1.35 points or 0.08 percent to finish at 1,620.22 after trading between 1,612.17 and 1,627.33. Volume was 15.759 billion shares worth 57.812 billion baht. There were 717 decliners and 588 gainers, with 458 stocks finishing unchanged.
Among the actives, Advanced Info added 0.52 percent, while Thailand Airport plunged 4.14 percent, Banpu shed 0.67 percent, Bangkok Bank advanced 1.03 percent, Bangkok Medical tumbled 1.92 percent, BTS Group sank 1.72 percent, Charoen Pokphand Foods soared 2.78 percent, Kasikornbank climbed 1.08 percent, Krung Thai Bank collected 0.53 percent, PTT Exploration and Production shed 0.79 percent, PTT Global Chemical lost 0.82 percent, Siam Commercial Bank rose 0.78 percent, Siam Concrete was up 0.44 percent and TMB Bank, Bangkok Expressway and PTT were unchanged.
The lead from Wall Street is ominous thanks to a steep drop from the tech-heavy NASDAQ - while the Dow and the S&P were mixed and little changed.
The Dow added 4.74 points or 0.02 percent to 24,819.78, while the NASDAQ plummeted 120.13 points or 1.61 percent to 7,333.02 and the S&P 500 fell 7.61 points or 0.28 percent to 2,744.45.
The steep drop by the NASDAQ came as tech stocks came under pressure following reports of antitrust investigations involving several big-name companies like Google parent Alphabet (GOOGL), Facebook (FB), Amazon (AMZN) and Apple (AAPL).
Trade concerns also continued to weigh on the markets after an official document from the Chinese government blamed the U.S. for the escalating trade dispute between the world's two largest economies.
The escalating global trade tensions led St. Louis Federal Reserve President James Bullard to suggest a reduction in interest rates "may be warranted soon."
In U.S. economic news, the Institute for Supply Management said the pace of growth in manufacturing activity unexpectedly saw a continued slowdown in May.
Crude oil futures ended lower Monday, extending losses to a fourth straight session amid continued worries about energy demand due to fears of global economic slowdown. West Texas Intermediate (WTI) crude oil futures for July ended down $0.25 or 0.5 percent at $53.25 a barrel.
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