Markets

Lower Open Expected For Thai Stock Market

(RTTNews) - The Thai stock market on Tuesday ended the two-day slide in which it had fallen almost 10 points or 0.6 percent. The Stock Exchange of Thailand remains just shy of the 1,210-point plateau and it's expected to see more selling on Wednesday.

The global forecast is mostly negative on continued concerns about the resurgence of the coronavirus and the growing unlikelihood of any stimulus to counter it. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to follow the former lead.

The SET finished barely higher on Tuesday following mixed performances from the financial shares and energy producers.

For the day, the index rose 0.98 points or 0.08 percent to finish at 1,208.95 after trading between 1,197.74 and 1,212.03. Volume was 18.467 billion shares worth 45.732 billion baht. There were 862 decliners and 554 gainers, with 506 stocks finishing unchanged.

Among the actives, Advanced Info fell 0.29 percent, while Thailand Airport advanced 0.93 percent, Asset World shed 0.68 percent, Bangkok Bank rose 0.27 percent, Bangkok Expressway sank 0.61 percent, Bangkok Dusit Medical and BTS Group both lost 0.56 percent, Charoen Pokphand Foods tanked 2.88 percent, Kasikornbank slid 0.34 percent, PTT dropped 0.78 percent, PTT Exploration and Production dipped 0.31 percent, PTT Global Chemical gained 0.62 percent, Siam Commercial Bank collected 0.77 percent, Siam Concrete jumped 1.76 percent and TMB Bank and Krung Thai Bank were unchanged.

The lead from Wall Street is inconclusive as stocks turned in a mixed performance on Tuesday and ended on opposite sides of the unchanged line.

The Dow dropped 222.19 points or 0.80 percent to finish at 27,463.19, while the NASDAQ gained 72.41 points or 0.64 percent to end at 11,431.35 and the S&P 500 sank 10.29 points or 0.20 percent to close at 3,390.68.

The ragged trade on Wall Street came on concerns about the recent spike in coronavirus cases as well as growing uncertainty about the prospects for a new stimulus bill.

Traders were also reacting to mixed economic data, with separate reports showing a jump in durable goods orders and an unexpected dip in consumer confidence.

Crude oil prices moved higher Tuesday, lifted by reports about evacuation of over 150 offshore facilities along the U.S. Gulf Coast due to Hurricane Zeta. West Texas Intermediate Crude oil futures for December ended higher by $1.01 or 2.6 percent at $39.57 a barrel.

Closer to home, Thailand will see September numbers for industrial production later today; in August, production was down 9.34 percent on year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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