Thai Stock Market May Extend Thursday's Losses

(RTTNews) - The Thai stock market on Thursday halted 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 1,285-point plateau and the losses may accelerate on Friday.

The global forecast for the Asian markets is soft on concerns over the economic recovery following the COVID-19 pandemic. The European and U.S. markets were down and the Asian markets are tipped to open in similar fashion.

The SET finished modestly lower on Thursday following losses from the financials shares and a mixed picture from the energy producers.

For the day, the index shed 9.08 points or 0.70 percent to finish at 1,284.40 after trading between 1,280.11 and 1,292.42. Volume was 17.283 billion shares worth 46.006 billion baht. There were 1,065 decliners and 416 gainers, with 390 stocks finishing unchanged.

Among the actives, Advanced Info tanked 2.20 percent, while Thailand Airport tumbled 2.03 percent, Asset World shed 0.51 percent, Bangkok Bank dropped 1.00 percent, Bangkok Dusit Medical lost 0.48 percent, BTS Group retreated 1.96 percent, Charoen Pokphand Foods sank 0.82 percent, Kasikornbank declined 1.57 percent, Krung Thai Bank fell 0.54 percent, PTT jumped 1.42 percent, PTT Global Chemical surrendered 1.72 percent, Siam Commercial Bank slid 1.09 percent, Siam Concrete plunged 1.16 percent, TMB Bank was down 1.11 percent and Bangkok Expressway and PTT Exploration and Production were unchanged.

The lead from Wall Street is negative as stocks opened lower on Thursday and remained in the red all day, extending losses from the previous session.

The Dow lost 130.40 points or 0.47 percent to finish at 27.901.98, while the NASDAQ tumbled 140.19 points or 1.27 percent to end at 10.910.28 and the S&P 500 fell 28.48 points or 0.84 percent to close at 3,357.01.

The weakness on Wall Street continued after the Federal Reserve revealed plans to leave interest rates at near-zero levels for years to come - suggesting the economic recovery will not be as swift as many were hoping.

Complicating matters, U.S. lawmakers remain at an impasse over a new coronavirus stimulus bill for weeks, and the upcoming elections could make reaching a compromise more difficult.

Negative sentiment was generated in reaction to a report from the Labor Department showing first-time claims for U.S. unemployment benefits fell less than expected last week. Also, the Commerce Department said new residential construction pulled back more than expected in August.

Crude oil prices moved higher on Thursday on reports that OPEC and its allies plan to crack down on countries that failed to comply with output cuts. West Texas Intermediate Crude oil futures for October ended up $0.81 or 2 percent at $40.97 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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