Thai Stock Market May Give Up Support At 1,600 Points

(RTTNews) - The Thai stock market headed south again on Thursday, one session after ending the two-day slide in which it had stumbled almost 15 points or 0.9 percent. The Stock Exchange of Thailand now rests just above the 1,605-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets suggests consolidation on concerns over inflation and the outlook for interest rates. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

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

For the day, the index shed 11.30 points or 0.70 percent to finish at 1,605.68 after trading between 1,601.79 and 1,621.15. Volume was 34.584 billion shares worth 90.650 billion baht. There were 1,333 decliners and 470 gainers, with 430 stocks finishing unchanged.

Among the actives, Advanced Info added 0.77 percent, while Thailand Airport retreated 1.61 percent, Bangkok Bank tanked 2.92 percent, Bangkok Dusit Medical climbed 1.33 percent, Bangkok Expressway skidded 1.13 percent, BTS Group shed 0.53 percent, Gulf improved 1.22 percent, Kasikornbank plunged 2.91 percent, Krung Thai Bank tumbled 1.79 percent, Krung Thai Card dropped 0.90 percent, PTT Oil & Retail declined 1.79 percent, PTT lost 0.64 percent, PTT Exploration and Production surrendered 1.26 percent, SCG Packaging lost 1.63 percent, Siam Commercial Bank slid 2.01 percent, TTB Bank plummeted 2.63 percent and Charoen Pokphand Foods, PTT Global Chemical and Siam Concrete were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but quickly fell into the red and ultimately finished in negative territory.

The Dow plunged 546.80 points or 1.59 percent to finish at 33,843.92, while the NASDAQ shed 63.86 points or 0.44 percent to close at 14,448.58 and the S&P 500 lost 51.92 points or 1.19 percent to end at 4,307.54.

For the month of September, the Dow dove by 4.3 percent, while the NASDAQ and the S&P 500 plummeted by 5.3 percent and 4.8 percent, respectively. The S&P 500 saw its worst month since the early days of the coronavirus pandemic.

Concerns about the outlook for inflation continued to weigh on the markets along with indications the Federal Reserve plans to begin scaling back its asset purchases in the near future.

Traders largely shrugged off news that lawmakers in Washington avoided a government shutdown, with the Senate and the House both passing a stopgap spending bill. The legislation, which funds the government through December 3, also includes spending on hurricane relief and Afghan refugee resettlement.

Crude oil futures settled higher Thursday, lifted by reports that China has ordered state-owned energy companies to secure winter supplies. West Texas Intermediate Crude oil futures for November ended higher by $0.20 or 0.3 percent at $75.03 a barrel.

Closer to home, Thailand will see September results for its business confidence index later today; in August, the index score was 40.0.

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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