Lower Open Predicted For Thai Stock Market
(RTTNews.com) - The Thai stock market has climbed higher in five straight sessions, advancing nearly 25 points or 1.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,600-point plateau although the win streak is likely to end on Wednesday.
The global forecast for the Asian markets is soft on concerns for the global economy and a slide in crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The SET finished modestly higher on Tuesday following gains from the energy and cement stocks, while the financials came in mixed.
For the day, the index added 13.39 points or 0.84 percent to finish at 1,601.77 after trading between 1,586.19 and 1,601.80. Volume was 12.678 billion shares worth 49.265 billion baht. There were 840 gainers and 486 decliners, with 433 stocks finishing unchanged.
Among the actives, Advanced Info shed 0.29 percent, while Banpu jumped 1.84 percent, Bangkok Bank climbed 1.46 percent, Bangkok Medical surged 5.09 percent, Bangkok Expressway advanced 1.02 percent, Charoen Pokphand Foods perked 1.89 percent, Kasikornbank collected 0.80 percent, Krung Thai Bank skidded 1.01 percent, PTT gathered 1.54 percent, PTT Exploration and Production added 0.39 percent, PTT Global Chemical rose 0.35 percent, Siam Commercial Bank dropped 1.17 percent, Siam Concrete gained 0.45 percent and Thailand Airport was unchanged.
The lead from Wall Street is negative as stocks moved sharply lower on Tuesday, offsetting gains from last week's rally.
The Dow shed 301.87 points or 1.22 percent to 24,404.48, while the NASDAQ lost 136.87 points or 1.91 percent to 7,020.36 and the S&P fell 37.81 points or 1.42 percent to 2,632.90.
The pullback on Wall Street reflected concerns for the global economy after the International Monetary Fund said the global expansion is weakening at a faster rate that than expected.
Adding to the economic worries, the National Association of Realtors reported a steeper than expected drop in U.S. existing home sales in December - which hit their lowest level since November 2015.
Crude oil futures were sharply lower Tuesday as global growth worries resurfaced, raising concerns about energy demand. Crude oil futures for March ended down $1.23 or 2.3 percent at $52.57 a barrel on expiration day.
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