Thai Bourse Expected To Open In The Red
(RTTNews) - The Thai stock market on Tuesday snapped the two-day slide in which it had tumbled almost 60 points or 4.3 percent. The Stock Exchange of Thailand now rests just above the 1,375-point plateau and it's looking at a lower open again on Wednesday.
The global forecast for the Asian markets is negative on rising concerns over the effect of the coronavirus on the global economy. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.
The SET finished sharply higher on Tuesday following gains from the financial shares and energy producers.
For the day, the index spiked 39.30 points or 2.94 percent to finish at 1,375.02 after trading between 1,352.22 and 1,380.39. Volume was 18.414 billion shares worth 70.048 billion baht. There were 1m158 gainers and 500 decliners, with 306 stocks finishing unchanged.
Among the actives, Advanced Info added 1.77 percent, while Thailand Airport gained 2.04 percent, Asset World dropped 0.96 percent, Banpu spiked 2.86 percent, Bangkok Bank collected 1.49 percent, Bangkok Dusit Medical climbed 1.79 percent, Bangkok Expressway accelerated 3.78 percent, BTS Group surged 6.48 percent, Charoen Pokphand Foods rose 3.77 percent, Kasikornbank gathered 1.23 percent, Krung Thai Bank increased 0.72 percent, PTT perked 3.82 percent, PTT Exploration and Production advanced 4.67 percent, PTT Global Chemical soared 6.21 percent, Siam Commercial Bank was up 1.17 percent, Siam Concrete climbed 1.17 percent and TMB Bank was unchanged.
The lead from Wall Street suggests consolidation as stocks moved sharply lower over the course of the trading day on Tuesday.
The Dow shed 785.91 points or 2.94 percent to end at 25,917.41, while the NASDAQ lost 268.08 points or 2.99 percent to 8,684.09 and the S&P fell 86.86 points or 2.81 percent to 3,003.37.
The sell-off on Wall Street came after the Federal Reserve announced a surprise decision to cut interest rates by 50 basis points to 1 to 1-1/4 percent. The move was partly seen as an effort to calm the markets in the wake of the coronavirus outbreak but may have served to raise concerns about how severely the central bank expects the epidemic to impact the economy.
Crude oil prices surged higher on Tuesday amid expectations that OPEC and allies will deepen production cuts during their meeting this week. West Texas Intermediate Crude oil futures for April ended up $0.43 or 0.9 percent at $47.18 a barrel, after having peaking at $48.66 at one point.
