Renewed Selling Pressure Predicted For Thai Stock Market

(RTTNews) - The Thai stock market bounced higher again on Friday, one day after halting 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 beneath the 1,290-point plateau although it's likely to head south again on Monday.

The global forecast for the Asian markets is soft with continued pressure expected on the technology stocks, along with concerns over the economic recovery. The European and U.S. markets were down on Friday and the Asian markets are tipped to follow that lead.

The SET finished slightly higher on Friday following gains from the financial shares and a mixed performance from the energy producers.

For the day, the index rose 3.99 points or 0.31 percent to finish at 1,288.39 after trading between 1,280.43 and 1,293.29. Volume was 15.678 billion shares worth 49.975 billion baht. There were 834 decliners and 562 gainers, with 506 stocks finishing unchanged,

Among the actives, Advanced Info added 0.85 percent, while Bangkok Bank spiked 2.02 percent, Bangkok Dusit Medical tumbled 1.93 percent, Bangkok Expressway skidded 1.12 percent, Charoen Pokphand Foods dropped 0.83 percent, Kasikornbank accelerated 2.23 percent, Krung Thai Bank rallied 3.83 percent, PTT retreated 1.40 percent, PTT Exploration and Production gained 0.57 percent, PTT Global Chemical rose 0.58 percent, Siam Commercial Bank sank 0.74 percent, Siam Concrete lost 0.29 percent, TMB Bank collected 2.25 percent and Thailand Airport, Asset World and BTS Group were unchanged.

The lead from Wall Street is negative as stocks initially showed a lack of direction on Friday but fell firmly under pressure as the day progressed, extending recent losses.

The Dow dropped 244.58 points or 0.88 percent to finish at 27,657.42, while the NASDAQ skidded 117.02 points or 1.07 percent to end at 10,793.28 and the S&P 500 fell 37.54 points or 1.12 percent to close at 3,319.47. For the week, the Dow fell 0.1 percent and the NASDAQ and S&P both sank 0.6 percent.

The weakness on Wall Street was due to a continued slump by technology stocks, with tech giant Apple (AAPL) showing a significant drop. Big-name tech companies like Google parent Alphabet (GOOGL), Amazon (AMZN), and Microsoft (MSFT) also posted notable losses.

Traders also expressed concerns for the economic outlook following the Federal Reserve's latest monetary policy announcement and economic assessment. With the elections less than two months away, lawmakers seem unlikely to pass another stimulus bill to help the economy recover from the coronavirus pandemic.

In economic news, the Conference Board noted a continued increase in its leading U.S. economic indicators in August. Also, the University of Michigan saw a bigger than expected improvement in consumer sentiment in September.

Crude oil futures settled higher on Friday as prices edged up following a sharp drop in U.S. crude stockpiles and OPEC's move to press for better compliance with output cuts. West Texas Intermediate Crude oil futures for October ended higher by $0.14 or 0.3 percent at $41.11 a barrel.

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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