Markets

Soft Start Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market has finished lower in two of three trading days since the end of the four-day winning streak in which it had advanced almost 40 points or 3 percent. The Stock Exchange of Thailand now sits just beneath the 1,265-point plateau and it's tipped to open in the red again on Thursday.

The global forecast for the Asian markets is negative on rising coronavirus cases and fading optimism for stimulus. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

The SET finished modestly lower on Wednesday following losses from the financial shares and the energy producers.

For the day, the index shed 9.44 points or 0.74 percent to finish at 1,263.99 after trading between 1,257.84 and 1,271.10. Volume was 20.329 billion shares worth 51.802 billion baht. There were 1,061 decliners and 503 gainers, with 379 stocks finishing unchanged.

Among the actives, Advanced Info retreated 1.40 percent, while Thailand Airport shed 0.43 percent, Asset World skidded 1.19 percent, Bangkok Bank tumbled 1.82 percent, Bangkok Dusit Medical declined 1.59 percent, Bangkok Expressway dropped 1.14 percent, BTS Group tanked 2.03 percent, Charoen Pokphand Foods surrendered 1.85 percent, Kasikornbank plunged 3.67 percent, Krung Thai Bank sank 2.23 percent, PTT lost 2.92 percent, PTT Exploration and Production fell 1.82 percent, PTT Global Chemical slid 1.81 percent, Siam Commercial Bank plummeted 3.75 percent, Siam Concrete eased 0.57 percent and TMB Bank was down 1.16 percent.

The lead from Wall Street is soft as stocks moved mostly lower on Wednesday, extending losses from the previous session.

The Dow shed 165.81 points or 0.58 percent to finish at 28,514.00, while the NASDAQ dropped 95.17 points or 0.80 percent to end at 11,768.73 and the S&P 500 fell 23.26 points or 0.66 percent to close at 3,488.67.

The weakness on Wall Street followed comments from Treasury Secretary Steven Mnuchin, which offset recent optimism about a new stimulus bill. He said getting something done on a new stimulus bill before the election "would be difficult."

A negative reaction to the latest batch of earnings news also weighed, with Bank of America (BAC) shares falling sharply after the financial giant reported Q3 earnings that beat estimates but missed on revenues. Wells Fargo (WFC) and UnitedHealth (UNH) also were key drags.

Crude oil prices moved higher Wednesday despite concerns about the energy demand outlook amid a continued surge in coronavirus cases and fresh lockdown restrictions. West Texas Intermediate Crude oil futures for November ended up $0.84 or 2.1 percent at $41.04 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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