Thai Stock Market May Take Further Damage On Monday
(RTTNews) - The Thai stock market has moved lower in two straight sessions, although it has eased just 3 points or 0.2 percent in that span. The Stock Exchange of Thailand remains just above the 1,630-point plateau and the losses could accelerate on Monday.
The global forecast for the Asian markets is soft, thanks to disappointing economic data and ongoing uncertainty over trade negotiations between the United States and China. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.
The KOSPI finished slightly lower on Friday as losses from the financials were offset by support from the energy producers.
For the day, the index eased 1.37 points or 0.08 percent to finish at 1,631.43 after trading between 1,623.38 and 1,637.36. Volume was 27.911 billion shares worth 55.373 billion baht. There were 878 decliners and 550 gainers, with 539 stocks finishing unchanged.
Among the actives, Advanced Info added 0.43 percent, while Thailand Airport rose 0.32 percent, Asset World plunged 3.68 percent, Banpu dropped 0.84 percent, Bangkok Bank collected 0.60 percent, Bangkok Medical retreated 0.85 percent, BTS Group shed 0.73 percent, Charoen Pokphand Foods tumbled 1.89 percent, Kasikornbank sank 1.92 percent, PTT gained 0.56 percent, PTT Exploration and Production was up 0.43 percent, PTT Global Chemical advanced 1.01 percent, Siam Concrete perked 0.82 percent, TMB Bank climbed 0.69 percent and Siam Commercial Bank, Bangkok Expressway and Krung Thai Bank were unchanged.
The lead from Wall Street is negative as stocks opened lower on Friday and stayed that way through the session.
The Dow shed 255.68 points or 0.95 percent to end at 26,770.20, the NASDAQ sank 67.31 points or 0.83 percent to 8,089.54 and the S&P 500 fell 11.75 points or 0.39 percent to 2,986.20. For the week, the Dow eased 0.2 percent, the NASDAQ added 0.4 percent and the S&P rose 0.5 percent.
The weakness on Wall Street reflected concerns about the global economic outlook following soft Chinese data that showed its economy grew at the slowest rate in three decades in Q3.
In U.S. economic news, the Conference Board reported an unexpected drop by its reading on leading U.S. economic indicators in September.
Lingering uncertainty about a possible U.S.-China trade deal and questions about the Brexit deal getting through parliament also weighed on the markets.
Crude oil futures dropped Friday as disappointing GDP data from China added to concerns about the outlook for global energy demand. West Texas Intermediate crude oil futures for November eased $0.15 or 0.3 percent at $53.78 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.