Markets

Thai Stock Market May See Renewed Selling Pressure

(RTTNews) - The Thai stock market on Wednesday wrote a finish to the two-day losing streak in which it had stumbled almost 15 points or 1 percent. The Stock Exchange of Thailand now rests just above the 1,640-point plateau although it may head south again on Thursday.

The global forecast for the Asian markets is negative on concerns for overall economic growth amid the latest coronavirus wave. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The SET finished slightly higher on Wednesday following mixed performances from the financial shares and the energy producers.

For the day, the index gained 4.00 points or 0.24 percent to finish at 1,640.45 after trading between 1,627.17 and 1,641.29. Volume was 36.297 billion shares worth 89.924 billion baht. There were 1,102 decliners and 645 gainers, with 480 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 1.77 percent, while Bangkok Bank dropped 0.88 percent, Bangkok Expressway skidded 1.18 percent, BTS Group retreated 1.60 percent, Charoen Pokphand Foods shed 0.47 percent, Gulf lost 0.60 percent, Kasikornbank collected 0.84 percent, Krung Thai Card tanked 2.28 percent, PTT sank 0.67 percent, PTT Exploration and Production declined 1.39 percent, PTT Global Chemical gained 0.42 percent, SCG Packaging surged 3.86 percent, Siam Commercial Bank added 0.49 percent, Siam Concrete was down 0.95 percent and TTB Bank, Thailand Airport, Bangkok Dusit Medical, Krung Thai Bank and PTT Oil & Retail were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages opened lower on Wednesday and largely stayed that was throughout the session, ending with modest losses.

The Dow shed 68.93 points or 0.20 percent to finish at 35,031.07, while the NASDAQ sank 87.69 points or 0.57 percent to close at 15,286.64 and the S&P 500 fell 5.96 points or 0.13 percent to end at 4,514.07.

The weakness on Wall Street partly reflected concerns the rapid spread of the delta variant of the coronavirus may slow the global economic recovery.

Worries about the Federal Reserve scaling back its asset purchases also contributed to the selling pressure. The lower close by stocks also came after the Federal Reserve's Beige Book said U.S. economic growth downshifted slightly to a moderate pace in early July through August.

The Beige Book also said inflation was reported to be steady at an elevated pace, as half of the districts characterized the pace of price increases as strong, while half described it as moderate.

Crude oil futures settled higher on Wednesday as prices rose on reports of slow progress in the restoration of crude output in the Gulf of Mexico. West Texas Intermediate Crude oil futures for October ended up $0.95 or 1.4 percent at $69.30 a barrel.

Closer to home, Thailand will see August results for its consumer confidence index later today; in July, the index score was 40.9.

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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