Markets

Lower Open Predicted For Thai Stock Market

(RTTNews) - The Thai stock market has moved lower in two of three trading days since the end of the two-day winning streak in which it had advanced more than 20 points or 1.6 percent. The Stock Exchange of Thailand now sits just above the 1,275-point plateau and the losses could accelerate on Tuesday.

The global forecast for the Asian markets is broadly negative on rising coronavirus concerns and the resulting slide in crude oil prices. The European and U.S. markets were firmly in the red and the Asian bourses are tipped to follow suit.

The SET finished sharply lower on Monday following losses from the financial shares and energy producers.

For the day, the index sank 13.23 points or 1.03 percent to finish at 1,275.16 after trading between 1,273.44 and 1,295.35. Volume was 16.404 billion shares worth 40.183 billion baht. There were 986 decliners and 488 gainers, with 444 stocks finishing unchanged.

Among the actives, Advanced Info dropped 0.84 percent, while Thailand Airport skidded 1.24 percent, Asset World retreated 1.02 percent, Bangkok Bank shed 0.50 percent, Bangkok Dusit Medical sank 0.99 percent, BTS Group advanced 1.00 percent, Charoen Pokphand Foods tanked 2.50 percent, Kasikornbank declined 1.56 percent, Krung Thai Bank tumbled 2.63 percent, PTT lost 0.71 percent, PTT Exploration and Production plunged 2.56 percent, PTT Global Chemical plummeted 3.49 percent, Siam Commercial Bank fell 0.74 percent, Siam Concrete surrendered 2.36 percent, TMB Bank was down 1.10 percent and Bangkok Expressway was unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Monday and remained in the red throughout the day, extending losses to a fourth straight session.

The Dow plummeted 509.72 points or 1.84 percent to finish at 27,147.70, while the NASDAQ dipped 14.48 points or 0.13 percent to end at 10,778.80 and the S&P 500 sank 38.41 points or 1.16 percent to close at 3,281.06.

The sell-off on Wall Street comes amid concerns about a renewed surge in coronavirus cases in Europe, with the U.K. reportedly considering another lockdown.

The death of Supreme Court Justice Ruth Bader Ginsburg may also be weighing on the markets, as a fight over the nomination of her replacement could lead to further delays in the passage of another coronavirus relief bill.

Crude oil prices fell sharply Monday on worries about outlook for energy demand amid rising coronavirus cases in Europe. West Texas Intermediate Crude oil futures for October shed $1.80 or 4.4 percent to settle at $39.31 a barrel.

Closer to home, Thailand will release August figures for imports, exports and trade balance later today. In July, imports were down 26.38 percent on year and exports sank an annual 11.37 percent, resulting in a $3.34 billion trade surplus.

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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