Thai Bourse May Extend Losing Streak

(RTTNews) - The Thai stock market has moved lower in three straight sessions, giving away more than 15 points or 1.0 percent along the way. The Stock Exchange of Thailand now rests just above the 1,590-point plateau and it's likely to open under pressure again on Friday.

The global forecast for the Asian markets is soft on continued concerns over the prospects for a trade deal between the United States and China. The European and U.S. markets were down and the Asian markets are expected to follow suit.

The SET finished modestly lower on Thursday following mixed performances from the financial shares and energy producers.

For the day, the index fell 4.97 points or 0.31 percent to finish at 1,591.86 after trading between 1,583.77 and 1,595.77. Volume was 17.092 billion shares worth 47.152 billion baht. There were 1,039 decliners and 535 gainers, with 455 stocks finishing unchanged.

Among the actives, Advanced Info plunged 3.08 percent, while Thailand Airport shed 0.31 percent, Asset World jumped 1.69 percent, Banpu added 0.88 percent, Bangkok Bank advanced 0.85 percent, BTS Group skidded 1.42 percent, Charoen Pokphand Foods spiked 1.96 percent, Kasikornbank accelerated 1.70 percent, Krung Thai Bank fell 0.61 percent, PTT rose 0.58 percent, PTT Exploration and Production lost 0.85 percent, PTT Global Chemical dipped 0.48 percent, Siam Commercial Bank collected 0.86 percent, Siam Concrete gained 0.26 percent and TMB Bank, Bangkok Dusit Medical and Bangkok Expressway were unchanged.

The lead from Wall Street continues to be negative as stocks opened lower on Thursday and stayed that way throughout the day, extending losses from the previous session.

The Dow shed 54.80 points or 0.20 percent to finish at 27,766.29, while the NASDAQ lost 20.52 points or 0.24 percent to 8,506.21 and the S&P 500 fell 4.92 points or 0.15 percent to 3,103.54.

The continued weakness on Wall Street reflected renewed uncertainty about the U.S. and China finalizing a phase one trade deal after reports said completion of a phase one U.S.-China trade deal could slide into next year.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits were unchanged last week. Also, the National Association of Realtors said U.S. existing home sales rebounded more than expected in October.

Crude oil prices rebounded from early losses and moved higher to their best levels in two months on Thursday, on news that OPEC and its allies will likely extent output cuts beyond March 2020. West Texas Intermediate Crude oil futures for January ended up $1.57 or 2.8 percent at $58.58 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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