Markets

Soft Start Anticipated For Thai Stock Market

(RTTNews) - The Thai stock market headed south again on Friday, one session after snapping the two-day losing streak in which it had fallen almost 15 points or 1 percent. The Stock Exchange of Thailand now rests just above the 1,520-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is negative on disappointing earnings news and renewed coronavirus concerns. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

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

For the day, the index sank 15.86 points or 1.03 percent to finish at 1,521.92 after trading between 1,516.77 and 1,539.03. Volume was 32.137 billion shares worth 87.720 billion baht. There were 1,417 decliners and 376 gainers, with 355 stocks finishing unchanged.

Among the actives, Advanced Info added 0.56 percent, while Thailand Airport skidded 1.31 percent, Bangkok Dusit Medical retreated 1.32 percent, Bangkok Expressway declined 1.29 percent, BTS Group surrendered 1.16 percent, Charoen Pokphand Foods tumbled 1.89 percent, Gulf sank 0.74 percent, Kasikornbank shed 0.48 percent, Krung Thai Bank plunged 4.72 percent, Krung Thai Card tanked 1.98 percent, PTT Oil & Retail dropped 1.77 percent, PTT cratered 2.11 percent, PTT Exploration and Production plummeted 4.19 percent, PTT Global Chemical lost 1.30 percent, SCG Packaging gained 0.73 percent, Siam Commercial Bank slid 0.80 percent, Siam Concrete advanced 0.98 percent, TTB Bank was down 1.02 percent and Bangkok Bank was unchanged.

The lead from Wall Street is soft as the major averages opened lower on Friday and remained in the red throughout the trading session.

The Dow sank 149.06 points or 0.42 percent to finish at 34,935.47, while the NASDAQ dropped 105.59 points or 0.71 percent to end at 14,672.68 and the S&P 500 fell 23.89 points or 0.54 percent to close at 4,395.26.

For the week, the NASDAQ shed 1.1 percent and the Dow and S&P both eased 0.4 percent. But for the month of July, the S&P spiked 2.3 percent, the Dow rose 1.3 percent and the NASDAQ was up 1.2 percent. A steep drop from Amazon (AMZN) weighed on the markets, with the online retail giant plunging by 7.6 percent to its lowest closing level in well over a month. This came after the company reported second quarter earnings that beat expectations, but its revenues missed estimates for the first time since the third quarter of 2018.

Caterpillar (CAT), Exxon Mobil (XOM) and Chevron (CVX) also moved to the downside despite reporting quarterly results that exceeded analyst estimates.

In economic news, the Commerce Department noted a slight increase in personal income in June and personal spending also increased. Also, the University of Michigan said consumer sentiment in U.S. fell less than estimated in July.

Crude oil futures settled higher Friday amid hopes energy demand will grow faster than supply despite a resurgence in coronavirus infections across the globe. West Texas Intermediate Crude oil futures for September ended up by $0.33 or 0.5 percent at $73.95 a barrel. WTI Crude futures gained 2.6 percent in the week and 0.7 percent in July.

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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