Markets

Thai Stock Market May Find Traction On Friday

(RTTNews) - The Thai stock market has moved lower in four straight sessions, skidding more than 25 points or 1.6 percent along the way. The Stock Exchange of Thailand remains just shy of the 1,575-point plateau although it may stop the bleeding on Friday.

The global forecast for the Asian markets is mixed and flat to lower, thanks to concerns over the outbreak of the coronavirus in China. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The SET finished barely lower on Thursday as losses from the energy producers were mitigated by support from the financial shares.

For the day, the index eased 0.89 points or 0.06 percent to finish at 1,573.70 after trading between 1,567.10 and 1,577.92. Volume was 16.851 billion shares worth 61.983 billion baht. There were 900 decliners and 677 gainers, with 477 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.46 percent, while Thailand Airport added 0.35 percent, Asset World dropped 0.84 percent, Banpu sank 0.90 percent, Bangkok Bank tumbled 1.66 percent, Bangkok Dusit Medical soared 3.00 percent, BTS Group gained 0.74 percent, Charoen Pokphand Foods jumped 1.65 percent, Kasikornbank climbed 1.07 percent, PTT skidded 1.08 percent, PTT Exploration and Production retreated 1.53 percent, Siam Commercial Bank fell 0.75 percent, Siam Concrete advanced 1.39 percent, TMB Bank slid 0.65 percent and PTT Global Chemical, Bangkok Expressway and Krung Thai Bank were unchanged.

The lead from Wall Street offers little clarity as stocks fluctuated on Thursday, spending most of the day in the red before finally ending mixed.

The Dow fell 26.18 points or 0.09 percent to finish at 29,160.09, while the NASDAQ added 18.71 points or 0.20 percent to 9,402.48 and the S&P 500 rose 3.79 points or 0.11 percent to 3,325.54.

Lingering concerns about the impact of the Chinese coronavirus have generated negative sentiment on Wall Street; despite efforts to contain the outbreak, deaths from the new coronavirus have risen to 17, with nearly 600 cases confirmed worldwide.

In economic news, the Labor Department reported a modest increase in first-time claims for U.S. unemployment benefits last week. Also, the Conference Board noted a bigger than expected fall by its index of leading U.S. economic indicators.

Crude oil prices declined sharply on Thursday on concerns over the outlook for energy demand following the outbreak of the coronavirus in China. West Texas Intermediate Crude Oil futures for March ended down $1.15 or 2 percent at $55.59 a barrel, the lowest settlement in about eight weeks.

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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